For Immediate Release
Vice President, Marketing
Insurance Auto Auctions Helps Amend Arkansas Law to Benefit Buyers
Westchester, Ill. — Insurance Auto Auctions, Inc. (IAA), the leading live and live-online salvage auto auction company and wholly owned subsidiary of KAR Auction Services, Inc. (NYSE: KAR), today announced the passing of Arkansas House Bill 1496. IAA and industry leaders helped to convince lawmakers to repeal requirements for a Buyer Identification (BID) card for the purchase of salvage vehicles at salvage auctions in the state of Arkansas. Under the bill anyone who wants to purchase salvage vehicles may do so. There are no restrictions as to whom salvage vehicles can be sold. This bill was approved by the Governor on March 10, 2011, and will take effect in 90 days.
“Insurance Auto Auctions will continue to work with state and federal government to ensure practical legislation that makes good business sense,” said Tom O’Brien, CEO. “We anticipate the law will have a positive impact by including more buyers in auctions than ever before. We encourage buyers to participate either in-person or on-line at our Little Rock auction facility, or any of our 159 auction facilities throughout North America.”
Insurance Auto Auctions works in concert with state and federal governments to facilitate legislation and regulation that ensures responsible business conduct and continue healthy expansion of the salvage auto auction industry. IAA carefully monitors codes and laws that can impact the insurance claims and salvage auto auction industries throughout the U.S.
With the inception of the National Motor Vehicle Title Information
System (NMVTIS) in 2009, there is more transparency on vehicle
registration and information at a national level. However, titling of
vehicles as well as licensing of vehicle buyers is still managed at the
state level. This means that IAA is well versed in all state titling
laws as well as buyer and seller licensing. We have a dedicated
department that manages and houses all buyer information, as well as a thorough buyer registration process.
Arkansas Bill 1496 was sponsored by Rep. Williams and introduced February 22, 2011.
About Insurance Auto Auctions, Inc.
Insurance Auto Auctions, Inc. (IAAI), a wholly owned subsidiary of KAR Auction Services, Inc. (NYSE: KAR), provides the advantage in salvage auto auctions with their Hybrid Auction Model combining live and live-online auctions, North America’s broadest salvage auction facility footprint, a strong global buyer base and high vehicle returns. IAA’s more than 155 facilities across the United States and Canada provide vehicle suppliers and buyers with powerful solutions to process and acquire total-loss, recovered-theft, fleet lease, donation and rental vehicles. The IAA Hybrid Auction Model, including live, live-online, and proxy bidding, united with their mature global buyer base and diverse inventory, produce some of the industry’s highest returns for vehicle providers. IAA also facilitates the national One Car One Difference™ vehicle donation program www.1car1difference.com. With nearly 30 years in the industry, IAA holds a comprehensive warehouse of salvage auction data. For more information regarding IAA visit our website at www.iaai.com.