IAA Partners with Fastlane

By Staff Writer November 19, 2021

IAA Inc., a global digital marketplace connecting vehicle buyers and sellers, has formed a strategic industry partnership with Fastlane, a process automation technology company. IAA’s LossExpress solution connects insurers with the largest active lienholder network in the United States. As the exclusive salvage provider partner to Fastlane, IAA said it is now positioned to become the first salvage company in the industry to reach full lender coverage for total loss claims through its Loan Payoff tool.

In a press release, the company stated that integrating the LossExpress functionality will effectively expand lender coverage to nearly 100% within the IAA Loan Payoff portal while maintaining all the benefits of the existing product. LossExpress will supplement the platform’s fully integrated lender network to provide enhanced lender coverage and expanded data capabilities.

“The integration of our Loan Payoff platform with the innovative process automation technologies of Fastlane and its LossExpress solution – and the subsequent expansion of our lender coverage and data capabilities – will create a more streamlined, fully digital claims process for our customers,” said John Kett, chief executive officer and president of IAA.

According to IAA estimates, approximately 5 million vehicles are declared a total loss each year and up to 70% of those vehicles carry a lien. The IAA Loan Payoff solution can reduce the time to secure a vehicle title for a total loss claim by up to 50%, which can result in greatly reduced vehicle depreciation.

Rate this item
(0 votes)
Last modified on Friday, 19 November 2021 00:39