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IAA and Fastlane Announce Strategic Partnership to Streamline Total Loss Claims Settlements
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WESTCHESTER, Ill.--(BUSINESS WIRE)--
IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces a strategic industry partnership with Fastlane, a leading process automation technology company, to leverage its LossExpress™ solution, a secure industry-leading platform that connects insurers with the largest active lienholder network in the United States. As the exclusive salvage provider partner to Fastlane, IAA is now positioned to become the first salvage company in the industry to reach full lender coverage for total loss claims through its Loan Payoff tool.
Integrating the LossExpress™ functionality will effectively expand lender coverage to nearly 100% within the IAA Loan Payoff portal while maintaining all the benefits of the existing product. LossExpress will supplement the platform’s fully integrated lender network to provide enhanced lender coverage and expanded data capabilities.
“The integration of our Loan Payoff platform with the innovative process automation technologies of Fastlane and its LossExpress solution – and the subsequent expansion of our lender coverage and data capabilities – will create a more streamlined, fully digital claims process for our customers,” said John Kett, Chief Executive Officer and President of IAA. “This relationship reflects our focus on leading the industry in solving major pain points for our partners and reducing cycle times for total loss claims.”
“We’re extremely focused on streamlining business processes across industries with our ubiquitous and intelligent automation technologies,” said Brandon Hall, Fastlane CEO. “We are excited to accelerate the continued adoption of this automation in total loss with IAA as they deliver a best-in-class digital loan payoff to lien release process, reducing cycle times and increasing selling prices, customer satisfaction and retention rates.”
According to IAA estimates, approximately 5 million vehicles are declared a total loss each year and up to 70% of those vehicles carry a lien. By partnering with Fastlane and the lenders that vehicle owners use, the IAA Loan Payoff tool has been shown to deliver improved policy holder satisfaction with total loss claims. The IAA Loan Payoff solution can reduce the time to secure a vehicle title for a total loss claim by up to 50%, which can result in greatly reduced vehicle depreciation. For more information on IAA Loan Payoff, visit IAAI.com.
About IAA
IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base – located throughout over 170 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns. For more information visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn.
About Fastlane
Fastlane modernizes business processes. Fastlane’s intelligent automation technologies help its clients meet challenges with reimagined processes to define transformative experiences, faster and smarter. To learn more about its LossExpress™ solution, visit www.lossexpress.com.
Forward-Looking Statements
Certain statements contained in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made in this release that are not historical facts may be forward-looking statements. Words such as "should," "may," "will," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and similar expressions identify forward- looking statements. Such statements include statements regarding the expected timing and associated benefits with respect to the IAA and Fastlane partnership on our business and plans regarding our growth strategies and margin expansion plan, and to our customers and company generally. Such statements are based on management’s current expectations, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties regarding ongoing surges of COVID-19 infections, including new more contagious and/or vaccine resistant variants, and the impact on the duration and severity of the COVID-19 pandemic and measures intended to reduce its spread, including the availability, rate of public acceptance and efficacy of COVID-19 vaccines; the loss of one or more significant vehicle suppliers or a reduction in significant volume from such suppliers; our ability to meet or exceed customers’ demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in our industry; the risk that our facilities lack the capacity to accept additional vehicles and our ability to obtain land or renew/enter into new leases at commercially reasonable rates; our ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion plan; business development activities, including acquisitions and the integration of acquired businesses, and the risks that the anticipated benefits of any acquisitions may not be fully realized or take longer to realize than expected; risks related to the failure to obtain regulatory approvals related to the acquisition of SYNETIQ Ltd.; our expansion into markets outside the U.S. and the operational, competitive and regulatory risks facing our non-U.S. based operations; our reliance on subhaulers and trucking fleet operations; changes in used-vehicle prices and the volume of damaged and total loss vehicles we purchase; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under Item 1A “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on February 22, 2021, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC, including subsequent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Many of these risk factors are outside of our control, and as such, they involve risks which are not currently known that could cause actual results to differ materially from those discussed or implied herein. The forward-looking statements in this release are made as of the date on which they are made and we do not undertake to update our forward-looking statements.
IAA, Inc. is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA's unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base - located throughout over 170 countries - and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns.
