Leveraging IAA’s Global Merchandising Technology
Impact Auto Auctions Ltd., the Canadian business unit of IAA, Inc. (NYSE: IAA), a leading digital global marketplace connecting vehicle buyers and sellers, announces the launch of SpinCar® Feature Tour® within its online auction platform. This state-of-the-art feature enhances the recently introduced Impact 360 View™ and further expands the company’s industry-leading merchandising platform in the Canadian market. This new tool allows buyers to identify value-added features and options quickly on each listed vehicle.
"After a successful launch in the US, we are eager to bring IAA’s industry-leading merchandising technology to Canada," said Maju Abraham, Senior Vice President and Chief Information Officer for IAA. "Leveraging our best-in-class platform across different markets creates greater buyer engagement, delivers a more competitive auction environment, and pushes higher proceeds for our sellers on a global scale."
"IAA’s merchandising technology is helping our buyers build confidence and drives higher sales for our sellers," said Blair Earle, Managing Director of Impact. "Easy access to detailed vehicle information contributes to the buyers’ research process, leading to more informed bidding and buying decisions."
Powered by SpinCar’s cloud-based software platform and comprehensive database of OEM-endorsed multi-media content, Feature Tour provides Impact’s buyers with instant access to each vehicle’s original manufactured features and options. By providing easy-to-understand videos, graphics and content, buyers can make more confident and informed purchase decisions. Feature Tour also provides buyers with the ability to customize their evaluation of vehicles based on specific areas of interest, including safety, performance, technology and convenience features.
This new feature is the latest addition to Impact’s merchandising offering in Canada, which includes:
Enhanced imagery that enables buyers to best assess each unique salvage asset through features including Impact 360 View, Engine Start video, and High-Resolution Images.
Information that provides the buyer with in-depth details on the vehicle including technology and convenience packages as well as safety features. Personalization that delivers curated vehicle content and options based on a buyer’s research, bidding and buying behavior through IAA Buyer Recommendation Engine™.
In 2020, Impact introduced the salvage auction industry’s first 360° walk-around digital experience, IAA 360 View. Capturing both vehicle interiors and exteriors during IAA’s check-in and inventory process, 360 View extends vehicle evaluation tools and capabilities for the buyer beyond traditional condition reports and static photos.
IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base – located throughout over 170 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns. For more information on IAA visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn. For more information on Impact visit ImpactAuto.ca, and follow Impact on Facebook, Instagram, and LinkedIn.
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, the company has delivered nearly 600 million shopper interactions across 20 countries. To learn more about SpinCar, visit SpinCar.com.
Uncertainties Affecting Forward-Looking Statements
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 timing and associated benefits with respect to the integration of SpinCar FeatureTour on our business and plans regarding our growth strategies and margin expansion plan, the prospect of higher proceeds for our sellers on a global scale based on the integration of SpinCar FeatureTour, and the associated benefits to our customers and company generally. 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, but are not limited to: uncertainties regarding the duration and severity of the COVID-19 pandemic and measures intended to reduce its spread; the loss of one or more significant vehicle seller customers or a reduction in significant volume from such sellers; our ability to meet or exceed customers’ demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in our industry; 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; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion program; business development activities, including acquisitions and integration of acquired businesses; our expansion into markets outside the U.S. and Canada, and the operational, competitive and regulatory risks facing our non-U.S. and non-Canadian based operations; our reliance on subhaulers and trucking fleet operations; changes in used-vehicle prices and the volume of damaged and total loss vehicles we purchase; 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 Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 29, 2019 filed with the SEC on March 18, 2020 and in our Quarterly Report on Form 10-Q for the quarter ended March 29, 2020 filed with the SEC on May 6, 2020, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC, including subsequent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Many of these risk factors are outside of our control, and as such, they involve risks which are not currently known that could cause actual results to differ materially from those discussed or implied herein. 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.
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SVP, Global Marketing and Communications