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Insurance Auto Auctions collaborates with New York State Department of Motor Vehicles

ABR Staff Writer Published 22 April 2016

Insurance Auto Auctions has signed a Memorandum of Understanding (MOU) with the New York State Department of Motor Vehicles (DMV) which provides the New York State DMV with daily electronic file transfers of information about each salvage certificate for every vehicle IAA acquires by its insurance company clients in settlement of claims for damage or theft.

This service successfully streamlines the overall transfer process for the New York State DMV.

IAA is the first salvage auto auction company actively sharing files with the DMV.

IAA CEO and president John Kett said: "Most importantly, this agreement will ensure increased transparency between the New York State DMV and IAA and reinforces our continued collaboration.

"We are also proud to offer this streamlined process to our clients as it will save time and reduce costs.

These changes will continue to reinforce IAA's overall commitment to a healthy and responsible expansion of our industry."

In addition to delivering an electronic file transfer of the necessary data elements, the scanned images associated with each salvage certificate will also be provided by IAA.

All documents will be stored and maintained by IAA for one year and made available to the New York State DMV upon request.

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.

This growth is good for all participants and ensures greater efficiency for the disposal of assets for our clients.

Source: Company Press Release