Insurance Auto Auctions Joint Effort Results in Amending Texas Legislation

WESTCHESTER, Ill.--Insurance Auto Auctions, Inc. the leading hybrid model salvage auto auction company today announced their active participation in amending Texas Senate Bill 1095. Insurance Auto Auctions successfully amended a provision to Bill 1095 that specifies salvage dealers and insurance companies that deal in used auto parts will not be required to be licensed as auto recyclers as long as the sale of used parts is incidental to the salvage dealer or insurance company’s business. Additionally, IAA recommended that the definition of a salvage dealer in the proposed rule match the definition of a salvage dealer in the code. The final version of the rule was published on January 8, 2010, and included these amendments.

“Insurance Auto Auctions will continue to support the salvage industry by way of legislation and regulation that responsibly moves the industry forward and benefits participants.”

“We are proactive when it comes to legislative matters that impact our industry throughout the entire country,” said Tom O’Brien, CEO. “Insurance Auto Auctions will continue to support the salvage industry by way of legislation and regulation that responsibly moves the industry forward and benefits participants.”

Insurance Auto Auctions works in concert with state and federal governments and through registered lobbyists to facilitate legislation and regulation that ensures responsible business conduct and healthy expansion of the salvage auto auction industry. IAA vigilantly monitors codes and laws that can impact the salvage auto auction industry throughout the U.S.

Originally Senate Bill 1095 was signed June 19, 2009.

About Insurance Auto Auctions, Inc.

Insurance Auto Auctions, Inc. provides the advantage in salvage auto auctions with their hybrid auction model combining live and live-online auctions, North America’s broadest salvage auction facility footprint, a strong global buyer base and high vehicle returns. IAA’s more than 150 corporate owned facilities across the United States and Canada provide vehicle suppliers and buyers with powerful solutions to process and acquire total-loss, recovered-theft, fleet lease, donation and rental vehicles. The IAA Hybrid Auction Model, including live, live-online, and proxy bidding, united with their mature global buyer base and diverse inventory produce some of the industry’s highest returns for vehicle providers. With over 28 years in the industry, IAA holds the most comprehensive warehouse of salvage auction data. For more information regarding IAA visit our website at www.iaai.com.