WESTCHESTER, IL – Insurance Auto Auctions, Inc., a leader in automotive and specialty vehicle auction services in the United States and Canada, has implemented a comprehensive floorplan financing solution with Automotive Finance Corporation (AFC), a 20-year veteran of the wholesale floorplanning industry.
Through the AFC plan, which was introduced to all IAA locations over the past two weeks, qualified IAA buyers have the option to finance payments for vehicles purchased at either the live auction or via the Internet. Under this new arrangement, AFC has been given unparalleled access to IAA’s buyer base and the ability to market directly to buyers at IAA’s auction facilities across North America. Both IAA and AFC are owned by KAR Holdings, Inc. and are uniquely positioned to leverage the significant synergy opportunity that exists between the two organizations.
“Offering our buyers a floorplanning option through an industry leader like AFC will help stimulate additional purchases from buyers who can now leverage their capital and expand their purchasing power,” said Tom O’Brien, president and CEO of IAA. “We believe that AFC’s services will help broaden our buyer base, generate incremental bid activity, and play an important role in the expanding services available to our buyers. After the initial rollout, we’re excited to see that 92 of our 137 auction sites have already had floorplanning activity as a result of this new program.”
According to AFC’s CEO and President Curt Phillips, “In a recent survey conducted jointly by our two companies, we asked salvage buyers what we could do to help them grow their businesses. Based upon their input we designed unique products to offer salvage buyers for financing their acquired inventory. We believe this new offering shows our continued commitment to servicing the automotive industry and are excited to offer salvage buyers financing options tailored to their unique needs.”
The floorplan financing option provided by AFC is currently available to IAA buyers at all IAA locations in the United States and at all Impact Auto Auctions locations in Canada.