Industry-first technology improves vehicle merchandising and drives higher selling prices
WESTCHESTER, IL – October 24, 2019 – IAA, Inc. (NYSE: IAA), a leading global marketplace connecting vehicle buyers and sellers, today announced the introduction of the salvage auction industry’s first 360° walk-around digital experience, IAA 360 View. Powered by SpinCar’s virtual photo imagery technology, IAA 360 View provides online vehicle buyers with a 360° viewing experience for both the vehicle exterior and interior. The technology was developed based on extensive buyer research coupled with collaboration with SpinCar at the IAA Engine House innovation center located at Chicago’s 1871. IAA 360 View allows the buyer to rotate an image providing an interactive visual of a vehicle’s interior and exterior similar to physically walking around the car.
In a measured pilot, the photo imagery technology resulted in higher selling prices, ranging from $300 to $600 on average, per vehicle, when compared to the control group. Results were dependent on age, condition and geography. In addition, the pilot showed increased buyer confidence and additional bidding activity. Currently, IAA 360 View is offered in all IAA US branches for vehicles 11 years and newer.
The technology’s benefits include:
- For vehicle buyers, IAA 360 View offers an enhanced vehicle research, bidding and buying experience. Buyers can spin the image in a complete circle to fully view the exterior and a panorama of the vehicle interior. They can also zoom in on critical areas of the vehicle for additional detail and high resolution views.
- For vehicle sellers, the technology provides a more accurate visual and improved merchandising of their assets, resulting in additional bids and higher returns.
“The launch of IAA 360 View is truly the best-in-class way to show and merchandise vehicles,” said John Kett, Chief Executive Officer and President of IAA. “Leveraging this photo imagery technology is a result of listening to our buyers describe what they need, then reimagining how to provide the most consistent, detailed vehicle imagery. From nearly a year of pilot programs, we know that our global buyers have greater trust and confidence in their bidding and buying as a result of IAA 360 View.”
IAA worked with SpinCar, an automotive industry leader in digital merchandising, to enable the 360 degree imagery technology that captures both vehicle interiors and exteriors during IAA’s check-in and inventory process. The two companies formed an exclusive partnership to bring digital merchandising technology and products to the salvage auto auction industry.
More information can be found at https://iaa-auctions.com/introducing-iaa-360-view/.
IAA, Inc. (NYSE: IAA) is a leading global marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique multi-channel platform processes approximately 2.5 million total-loss, damaged and low-value vehicles annually. Headquartered near Chicago in Westchester, IL, IAA has over 3,600 talented employees and over 190 facilities throughout the US, Canada and the United Kingdom. IAA serves a global buyer base and a full spectrum of sellers, including insurers, dealerships, fleet lease, rental car companies, and charitable organizations. IAA offers customers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering customers the highest economic returns. Buyers have access to industry leading, innovative vehicle evaluation and bidding tools, enhancing the overall purchasing experience.
SpinCar offers automotive dealers, wholesalers and OEMs the industry’s most advanced platform for digital automotive merchandising. The company’s 360° WalkArounds® and Feature Tour® products build trust between buyers and sellers by bringing the physical showroom experience to car shoppers wherever and whenever they want. SpinCar’s proprietary shopper behavioral data and VINtelligent® Retargeting solution enable vehicle sellers to deliver hyper-personalized interactions across the entire car shopping journey. To date, more than 370 million virtual WalkArounds have been experienced by car shoppers across 20 countries. To learn more about SpinCar, visit SpinCar.com.
Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements made that are not historical facts may be forward-looking statements and can be identified by words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions. In this release, such forward-looking statements include statements regarding the expected benefits of, and higher selling prices resulting from, IAA 360 View™. 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: the loss of one or more significant customers; our ability to meet or exceed customers’ expectations, as well as develop and implement information systems responsive to customer needs; significant current competition and the introduction of new competitors; 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 and to implement and maintain measures to protect against cyberattacks; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; fluctuations in consumer demand for and in the supply of damaged and total loss vehicles and the resulting impact on auction sales volumes; competitive pricing pressures; the ability of consumers to lease or finance the purchase of new and/or used vehicles; changes in the market value of vehicles auctioned, including changes in the actual cash value of damaged and total loss vehicles; 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 “Risk Factors” in our information statement filed as Exhibit 99.1 to our Registration Statement on Form 10 filed with the SEC on June 13, 2019. Additional information regarding risks and uncertainties will also be contained in subsequent quarterly and annual reports we file with the SEC. The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information or events, except as required by law.
SVP, Global Marketing and Communications