Insurance Auto Auctions (IAA), a wholly-owned subsidiary of KAR Auction Services, has launched a new title processing capability for its vehicle providers across California.
Provided through a partnership with DealerTrak, the out-of-state title processing services are expected to significantly lower insurance providers’ cycle times and overhead costs, simultaneously providing increased ease and convenience to their salvage handling teams.
Insurance Auto Auctions chief executive officer Tom O’Brien said processing titles for of out-of-state vehicles normally requires up to 30 days, which can now be reduced to two to three days using the new capability.
”This means vehicles spend less time at the salvage facility, potentially reducing the average depreciation for a vehicle,” O’Brien added.
”As a result, insurance companies could realize savings on vehicles that are deemed a total loss.”
Headquartered in Westchester, Insurance Auto Auctions is a live and live-online salvage vehicle auction company providing towing, financing and titling services throughout North America.