Insurance Auto Auctions Launches Salvage Floorplan Initiative
Insurance Auto Auctions, Inc., a leader in automotive and specialty vehicle auction services in the United States and Canada, today announced a comprehensive floorplan financing solution with Automotive Finance Corporation (AFC), a twenty-year veteran of the wholesale floorplanning industry. Through the AFC plan which was introduced to all IAA locations over the last two weeks, qualified IAA buyers have the option to finance payments for vehicles purchased at either the live auction or via the internet. Under this new arrangement, AFC has been given unparalleled access to IAA’s buyer base and the ability to market directly to buyers at IAA’s auction facilities across North America. Both IAA and AFC are owned by KAR Holdings, Inc. and are uniquely positioned to leverage the significant synergy opportunity that exists between the two organizations.
“Offering our buyers a floorplanning option through an industry leader like AFC will help stimulate additional purchases from buyers who can now leverage their capital and expand their purchasing power,†said Tom O’Brien, President and CEO of IAA. “We believe that AFC’s services will help broaden our buyer base, generate incremental bid activity and play an important role in the expanding services available to our buyers. After the initial rollout, we’re excited to see that 92 of our 137 auction sites have already had floorplanning activity as a result of this new program.â€
“In a recent survey conducted jointly by our two companies, we asked salvage buyers what we could do to help them grow their businesses,†said Curt Phillips, AFC’s CEO and President. “Based upon their input we designed unique products to offer salvage buyers for financing their acquired inventory. We believe this new offering shows our continued commitment to servicing the automotive industry and are excited to offer salvage buyers financing options tailored to their unique needs.â€
The floorplan financing option provided by AFC is currently available to IAA buyers at all IAA locations in the United States and at all Impact Auto Auctions locations in Canada.
About Automotive Finance Corporation
Automotive Finance Corporation is the leading inventory funding resource for the North American used car industry. Founded in 1987 and based in Carmel, Indiana, AFC’s core business is to provide floorplan financing to used car dealers and salvage buyers. With 90 strategically located branch offices servicing dealers through more than 700 auctions in the United States and Canada, AFC offers innovative financial products and services including 24-hour account management online at www.AFCdealer.com.
About Insurance Auto Auctions
Insurance Auto Auctions, Inc., founded in 1982, is a leader in automotive total loss and specialty salvage services. IAA provides insurance companies with cost-effective, turnkey solutions to process and sell total-loss and recovered-theft vehicles. The Company currently has 137 sites across North America: 125 in the United States, and 12 in Canada which operate under the name “Impact Auto Auctions.â€
Additional information about Insurance Auto Auctions, Inc. is available on the World Wide Web at www.iaai.com.
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