WESTCHESTER, IL – Insurance Auto Auctions, Inc. (IAA), a North American automotive and specialty vehicle salvage auction company, announced the passing of Utah Senate Bill 193. The Bill addresses who can purchase salvage vehicles in the state. Revisions to the law expand who can purchase salvage and who is required to obtain a Salvage Buyer License.
IAA led the effort to amend and revise the Utah Law and lobbied for its passing within the General Assembly. The revised laws will continue the responsible expansion of the salvage industry and ensure a healthy, competitive bidding environment for vehicle sellers and buyers.
The revised law expands who can purchase salvage to include any out-of-state or out-of-country buyer that are authorized to purchase salvage in their respective jurisdiction, any in-state buyer registered to do business in Utah or has a Utah sales tax license, and a public buyer with a purchase limit of five vehicles per year.
"We are pleased with our revision efforts and the passing of Utah Senate Bill 193," stated Tom O'Brien, CEO of IAA. "The continued success of the salvage industry depends on its ability to grow and the continued support of a robust selling, bidding and buying environment."
"The passing of Utah Senate Bill 193 is a win for all parties," commented Kate Bradshaw, Utah Lobbyist and Government Relations Specialist with Parsons, Behle & Latimer. "The revisions to this law received early support and will provide the industry with additional growth opportunity."
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. IAA is in the process of reviewing bills in several other states to benefit the industry and all of its participants.
Insurance Auto Auctions, Inc. is leading the salvage auto auction industry in North America by providing the largest facility footprint, strongest buyer base and highest selling returns. IAA's exclusive focus on the salvage auto auction industry and over 150 corporate owned facilities across the United States and Canada provides suppliers and buyers with the best solution to process and acquire total-loss, recovered-theft, fleet lease and rental vehicles. The company's hybrid auction model, including live, internet and proxy bidding, united with their mature buyer base and diverse inventory produce record setting returns. With over 25 years in the industry, IAA holds the most comprehensive warehouse of salvage auction data.
For more information regarding IAA, please visit our website at www.iaai.com.