How Does Insurance Auto Auctions Inc Work?

By Cathy Wilson Posted in Car Insurance News



Insurance Auto Auctions Inc. focuses in one industry to better serve vehicle buyers and sellers. The business centers exclusively on total-loss in the automotive industry. The company has over 150 facilities across the United States and Canada. Insurance Auto Auctions Inc. has 25 years in the total-loss and salvage industry. The company uses a hybrid auction model.

Buyers

Buyers can use Insurance Auto Auctions Inc’s Vehicle Locator to find cars from any of its regional branches. Buyers have three ways to bid on the vehicles. They can pre-bid online, bid live at the auction location, or participate in the live auction through the internet. If buyers choose to pre-bid they will have proxy representation at the live auction. If they choose to participate in the live auction through the internet, they will do so using I-bid Live (SM). I-bid Live (SM) allows anyone with an internet connection to see the auctioneer and hear the bids. They will also be able respond through the program.

Buyers do not necessarily have to participate in an auction to purchase a vehicle. Insurance Auto Auctions Inc has the I-Buy-Fast (SM) Immediate Purchase Program. Vehicles available in this program are those that did not sell in a previous auction.

Sellers

Sellers can list their vehicles through CSA Today or BidFast. CSA Today allows sellers to list vehicles with Insurance Auto Auction Inc through the web. Once a vehicle is listed, the seller can track its progress. The seller will be able to watch their progress and see how the vehicle or vehicles are performing financially.BidFast comes with a 60 day guarantee which helps sellers protect themselves. BidFast is optimal for situations where owners decide to retain the vehicle, in conversion to partial loss, or if the file on coverage and subrogation has not been closed.

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