Insurance Auto Auction: Get the Advantage

Insurance Auto Auctions Inc is a leading salvage auto auction of North America having the largest footprint of facility, return on high auction and a strong base of buyers. Prime focus area is the automotive industry of total lost, and we have more than 150 facilities owned by corporate in Canada and US and. IAAI provides the buyers and sellers the best option for acquiring and processing total-loss, trade in of dealer, fleet lease, recovered-theft as well as rental vehicles which are collision damaged.

Insurance auto auction has a hybrid model for auction which includes the internet, proxy and live bidding which also combines with the diverse inventory and good buyer base which produces good return from every sale. IAAI has an experience of twenty five years in this industry and have the comprehensive warehouse having automatic auction data of total-loss.

Important things about IAA

Payment:  The payment is made within three working days for any vehicle awarded which includes auction day and two working days. For example, if action is on Tuesday, the payment due will be by the close of business hours of Wednesday. If the payment is not made within this timeframe for the vehicle, then it is subjected to a late fee of two percent of the vehicle’s selling price or $50, whichever is greater. The payments are done through wire transfer, money order or cashier’s check. Acceptance of company’s checks is subjected to the prior approval from the IAA. If any check is returned to the IAA for the restitution would need receiving at IAA within the 2 working days. However, if a check is returned for NSF would include the NSF processing fee of IAA and all costs of collection which includes the fees of a collection agency or/and fee of attorney and costs of court.

Storage fees: It is required to pick up vehicles within the five working days which includes the day of auction plus four working days. However, if the vehicle is not picked up in this time frame, then it will be subjected to storage fee per day and per vehicle. The vehicles can be picked up only during the yard hours. It is recommended by the IAA that successful bidders should pick their vehicles soon after the sale for ensuring their protection. If the vehicle remains in the facility of IAA after sale is over, then it will be solely the risk of the buyer. After awarding the vehicles, IAA would not entertain any claim for the damage or theft for whole or part of the vehicle.

Renege Fee: The buyer reneges on any vehicle then buyer needs to pay the fee of reneging to IAA, which is 15% of sale price or $1000, whichever is greater. It is also the responsibility of the buyer to pay the collection cost which includes the court cost and attorney fees.

Buyer’s Fee: Download PDF File

Bid N Drive helps you to buy salvage vehicles from Insurance Auto Auction without any restrictions or open direct account