IAA Teams Up with Sister Company to Offer Easier Floor Planning

January 14, 2008

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WESTCHESTER, Ill. — Insurance Auto Auctions announced late last week a new program designed to connect buyers using the I-bid Live bidding application directly to floor planning services.

The feature links buyers to Automotive Finance Corp.'s floor planning program, which now enables buyers to floor plan purchases made through the Internet or at live auctions, officials indicated.

Additionally, AFC now has greater access to all of IAA customers, executives explained.

"Buyers at our live physical auctions have been well exposed to the financing opportunities offered by AFC and are taking advantage of this powerful new financing tool," stated Tom O'Brien, president of IAA.

"The additional exposure now offered to our Internet buyers will help further expand the purchasing power of this significant group of buyers," O'Brien added.

"Floor plan financing enables our buyers to acquire more vehicles, which we believe is one of the reasons we've seen additional bidding activity driven by buyers' increased purchasing power, and we expect this to further strengthen our industry-leading returns," he continued.

According to IAA, since the program began in July, floor-planning services have been present at almost the entirety of its facilities as the program's participation keeps growing.

AFC also offers an exclusive 14-day "Buy & Go" option to IAA buyers, officials stated. The company noted that floor-planning programs are offered to qualified buyers at every IAA auction in the U.S., in addition to the 12 Impact Auto Auction sites in Canada.

For more information, visit www.iaai.com.

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