WESTCHESTER, IL – Insurance Auto Auctions, Inc., (IAA) has introduced several enhancements to its I-bid LIVE product – the company’s Internet-based tool that allows buyers to join live auctions through any Internet-enabled computer and bid along with both live local bidders and other Internet bidders. The product now provides online bidders the ability to monitor and bid on up to eight live auctions across the country through a single window instead of only one auction per window previously. With this change, a buyer can now bid on multiple cars located at multiple auctions at the same time, creating additional bidding opportunities.
“Improving our buyers’ ability to bid at multiple auctions should have a positive impact on our selling prices, translating into even higher returns for both IAA and our insurance company suppliers,” said Tom O’Brien, CEO of IAA.
Returns at IAA have continued to increase due largely to IAA’s expanded service offerings, increased buyer base and dual bidding strategy in which live auctions are supplemented with a live auction Internet bidding capability.
“We continue to generate the highest industry returns for our suppliers,” said O’Brien. “It has become clear over the past two years that combining live auction Internet bidding with live physical auctions is the optimal method of generating the highest returns. Adding the ability for buyers to now participate in up to eight auctions simultaneously will generate further competition among them and have a positive influence on selling prices.”
Other recent enhancements to the I-bid LIVE product is the addition of two more vehicle images on the primary sale screen, bringing the total to seven. A low-bandwidth bidding option for those buyers who do not have high-speed Internet has also been added. By selecting this option when entering the system, buyers can experience faster page loading times and more easily navigate the I-bid LIVE interface with their current low-bandwidth provider.