Insurance Auto Auctions, Inc. the leading North American automotive and specialty vehicle salvage auction company, today announced the passing of Ohio Senate Bill 129. The Bill addresses insurance companies’ and subrogees’ ability to auction vehicles holding a clear certificate of title that have come into their possession through the operation of the terms of an insurance contract. Revisions to the code clarify that licensed motor vehicle auctions can in fact sell vehicles holding a clear certificate of title on behalf of insurance companies and subrogees.
IAA led the effort to amend and revise the Code and lobbied for its passing within the General Assembly. The revised code ensures insurance companies can better manage the disposition of vehicles within their possession regardless of title. In cases of vehicles with a clear certificate of title, IAA’s relationship with ADESA whole car auctions provides a best venue option for sale of the vehicle. This results in those vehicles being sold in the auction that will produce the best economic results.
“We vigilantly monitor the codes and laws that can affect the salvage auto auction industry within all 50 states,” stated Tom O’Brien, CEO of IAA. “Ohio Senate Bill 129 ensures our clients can easily manage all their assets including the disposition of them.”
“Revisions to the Code allow insurance companies operating in Ohio to efficiently administer the disposition of vehicles in their possession,” commented Élise Spriggs, Ohio Lobbyist and Director at Columbus law firm Kegler, Brown, Hill & Ritter. “It can also help decrease claim settlement time for insured consumers in the state.”
IAA works in concert with state and federal governments to facilitate legislation and regulation that ensures responsible business conduct and continued healthy expansion of the salvage auto auction industry. IAA is in the process of reviewing bills in several other states to benefit the industry and all of its participants.
Insurance Auto Auctions, Inc. is leading the salvage auto auction industry in North America by providing the largest facility footprint, strongest buyer base and highest selling returns. IAA’s exclusive focus on the salvage auto auction industry and over 150 corporate owned facilities across the United States and Canada provides suppliers and buyers with the best solution to process and acquire total-loss, recovered-theft, fleet lease and rental vehicles. The company’s hybrid auction model, including live, internet and proxy bidding, united with their mature buyer base and diverse inventory produce record setting returns. With over 25 years in the industry, IAA holds the most comprehensive warehouse of salvage auction data. For more information regarding IAA, please visit our website at www.iaai.com.