On today’s show, we’re pleased to welcome Joey Yates, Senior Director of Business Operations for Dealertrack Registration and Title Solutions and Tab Edmundson, Vice President of Client Solutions for IAA.
Late 2019, Dealertrack and IAA announced an integration, bringing together two industry leading technology solutions — IAA Loan Payoff and Dealertrack Accelerated Title. This was designed to help mitigate the time-consuming process of managing a total loss claim requiring loan payoff and title release. Combined, this integration offered lenders and insurers a digital solution for title delivery that provides positive and negative equity functionality, real-time payoff quotes, letters of guarantee, access to title vaults, and direct connection and ACH payments to lenders.
Currently, based on internal analysis and interactions with multiple insurance providers, IAA estimates that there are more than 5 million cars declared a total loss each year and approximately 60 to 70% have loans that need to be paid off. Based on the average price for cars declared total losses, delays in the loan payoff and title transfer processes can tie up billions of dollars and slow consumers from returning to the auto retail market to purchase their next vehicle. Based on the average price for cars declared total losses, delays in the loan payoff and title transfer processes can tie up billions of dollars and slow consumers from returning to the auto retail market to purchase their next vehicle.
Most recently and the catalyst for today’s discussion, IAA’s and Dealertrack’s new expanded agreement, brings speed and efficiency to title delivery for the entire auto industry by allowing for the digital processing of total loss titles. Together, they deliver the most critical components of the process including negative equity functionality, letter of guarantee, instant pay-off amounts, access to vaulted titles, connection to automotive lenders, and ACH payment to lenders.
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