IAA Awarded Patent for System and Method of Auction Management

Nachrichtenquelle: Business Wire (engl.)
20.10.2020, 22:05  |  101   |   |   

IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announced it has been awarded a patent by the U.S. Patent and Trademark Office for a “SYSTEM AND METHOD OF AUCTION MANAGEMENT.” The patent contains 20 claims that protect and recognize the valuable innovations developed by IAA for the company’s AuctionNow platform, which allows online auction participants to monitor and bid in multiple auctions simultaneously.

U.S. Patent Number 10,810,659 describes information technology systems that facilitate participation in multiple auctions offered in different locations at the same time. In particular, the user interface facilitates instantaneous information exchange for one or more auctions, expands information seamlessly for a selected auction, allows for bidding capabilities across multiple auctions and provides flexible capabilities based on buyer type. In addition to the current patent, IAA has other patent applications pending that cover further innovations.

“IAA AuctionNow, built on this patented technology, is the cornerstone of our global marketplace and provides the unmatched value of a completely customizable, flexible interface for our buying customers,” said John Kett, President and Chief Executive Officer for IAA. “The patent awarded for auction management underscores IAA’s steadfast commitment to providing technology innovation that benefits our customers and the industry.”

AuctionNow allows buyers to participate in auctions of their choice occurring on the same day at the same time – ensuring they can secure the vehicle inventory they need for their business. Through extensive research with global buyers, IAA developed the technology to address how buyers want and need to participate in auctions. This results in an efficient method for buyers to participate in multiple auctions across the U.S., Canada and the UK from one screen.

The patent awarded to IAA, Inc. names inventors Jeff Hendershot, Director of Operational Improvement, and Adam Hillard, Director of IT, both from Impact Auto Auctions, an IAA company.

About IAA

IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base – located throughout over 170 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns. For more information visit IAAI.com, and follow IAA on Facebook, Twitter, Instagram, YouTube and LinkedIn.

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IAA Awarded Patent for System and Method of Auction Management IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announced it has been awarded a patent by the U.S. Patent and Trademark Office for a “SYSTEM AND METHOD OF AUCTION MANAGEMENT.” The patent contains 20 …

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