Iaa Insurance Auto Auctions: Everything You Need to Know

When it comes to purchasing a used car, one option that many people turn to is attending an auto auction. IAA (Insurance Auto Auctions) is one of the largest and most popular auto auction companies in the United States. In this article, we will cover everything you need to know about IAA insurance auto auctions, including their history, how their auctions work, and frequently asked questions.

History of IAA Insurance Auto Auctions

IAA was founded in 1982 as “North America’s first live auction of total-loss, salvage vehicles.” Since then, they have become a highly reputable company in the auto auction industry. In 1995, they became a subsidiary of KAR Auction Services, Inc. and have continued to expand their business across the country. Today, IAA has over 170 auction locations across North America.

How IAA Auctions Work

IAA auctions are open to both licensed auto dealers and the general public. Before attending an auction, you must first register with IAA and obtain a bidder number. This can be done online or at the auction location. Once you have your bidder number, you can attend any IAA auction.

At the auction, vehicles are typically sold “as is” with no warranty or guarantee. It is up to the bidder to inspect the vehicle before placing a bid. IAA also provides a vehicle history report for each vehicle to give bidders an idea of the vehicle’s condition and any previous damage.

During the auction, the auctioneer will start with a minimum bid price and increase the bid amount until a winner is determined. If you are the winning bidder, you must pay for the vehicle immediately after the auction ends. Payment can be made in cash, credit/debit card, or through a financing option provided by IAA.

After payment is made, the winning bidder must then arrange for transport of the vehicle from the auction location.

FAQ

Advantages of Buying from IAA Insurance Auto Auctions

One advantage of buying from IAA auctions is the potential for getting a good deal on a used vehicle. Since the vehicles are sold “as is” with no warranty or guarantee, the prices are often significantly lower than purchasing from a dealership. Additionally, IAA offers a wide variety of vehicles to choose from, including cars, trucks, motorcycles, boats, and more.

Another advantage of buying from IAA is the convenience of being able to attend auctions in person or online. IAA offers both live auctions at their physical locations and online auctions that can be accessed from anywhere with an internet connection.

Disadvantages of Buying from IAA Insurance Auto Auctions

One disadvantage of buying from IAA auctions is the potential for purchasing a vehicle with hidden damage or issues. Since the vehicles are sold “as is,” it is up to the bidder to inspect the vehicle thoroughly before placing a bid.

Another disadvantage is the additional fees associated with purchasing a vehicle from IAA. In addition to the bid price, winning bidders must also pay a buyer’s fee, documentation fee, and potentially a transport fee if they choose to use IAA’s transport services.

Conclusion

IAA insurance auto auctions are a popular option for those looking to purchase a used vehicle. With over 170 auction locations across North America, IAA offers a wide variety of vehicles to choose from and both in-person and online bidding options. However, it is important to thoroughly inspect any vehicles before placing a bid as they are sold “as is” with no warranty or guarantee. If you are in the market for a used vehicle, attending an IAA auction may be worth considering.