WESTCHESTER, Ill. – IAA, Inc. (NYSE: IAA), a global digital marketplace connecting vehicle buyers and sellers, announces the enhancement of its Loan Payoff tool with the ability for insurance carriers to pay off leases from participating lenders.
IAA estimates well over 5 million vehicles are declared a total loss each year, with up to 70% of those vehicles carrying a loan. Leases account for about 30% of new vehicle purchases, adding a level of complexity to the total loss process that can increase cycle time. IAA Loan Payoff, the industry’s premier technology connecting insurance companies and automotive lenders to pay off loans on total loss vehicles, is the first platform in the vehicle salvage industry to extend that functionality to pay off leases on total loss vehicles to its partners. The portal creates a seamless process for insurance providers to communicate with lenders and financial institutions that support vehicle leasing.
“With each new digital claims solution, IAA strives to ease pain points for its insurance provider customers,” said Tim O’Day, President of U.S. Operations for IAA. “Offering the ability to pay off leases is yet another way IAA is reducing cycle times for its customers and streamlining the total loss claims process for both providers and lenders.”
Launched in November of 2019, IAA Loan Payoff has thousands of lenders in its multi-tiered network and has shown continuous growth. The platform has demonstrated unrivaled benefits by significantly reducing cycle time on positive and negative equity files. For more information on IAA Loan Payoff, visit IAAI.com.