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WESTCHESTER, Ill. — Insurance Auto Auctions Inc. (IAA), a North American automotive and specialty vehicle salvage auction company, said the recent passage of Ohio Senate Bill 129 will streamline an insurer’s ability to auction vehicles in the state. The bill addresses insurance companies’ and subrogees’ ability to auction vehicles holding a clear certificate of title that have come into their possession through an insurance contract.
Revisions to the code clarify that licensed motor vehicle auctions can sell vehicles holding a clear certificate of title on behalf of insurance companies and subrogees.
IAA said it led the effort to amend and revise the code and lobbied for its passing within the general assembly. The revised code ensures insurance companies can better manage the disposition of vehicles within their possession regardless of title.
In cases of vehicles with a clear certificate of title, IAA’s relationship with ADESA whole car auctions provides an option for sale of the vehicle, the company said.
“We vigilantly monitor the codes and laws that can affect the salvage auto auction industry within all 50 states,” says Tom O’Brien, CEO of IAA. “Ohio Senate Bill 129 ensures our clients can easily manage all their assets including the disposition of them.”
“Revisions to the code allow insurance companies operating in Ohio to efficiently administer the disposition of vehicles in their possession,” says Élise Spriggs, Ohio lobbyist and director at Columbus law firm Kegler, Brown, Hill & Ritter. “It can also help decrease claim settlement time for insured consumers in the state.”
IAA said it aims to work 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 reviewing bills in several other states.
IAA focuses on the salvage auto auction industry and has more than 150 corporate owned facilities across the United States and Canada to process and acquire total-loss, recovered-theft, fleet lease and rental vehicles. The company’s hybrid auction model includes live, Internet and proxy bidding.
