Insurance Auto Auctions (IAA) and NASCAR Enterprises, LLC, have announced an exclusive agreement that will enable IAA to leverage NASCAR facilities for total loss vehicle storage after a catastrophe. In addition to the company’s other catastrophe acreage, the 14 NASCAR properties included in the agreement are part of IAA’s total catastrophe capacity in the U.S. of over 4,000 acres – the most expansive catastrophe footprint in the industry.
During catastrophic weather events, there is a rapid increase in insurance vehicle claim volume. The proximity of storage yards to the event and their safe accessibility by insurance professionals is critical. Over the last 10-plus years, IAA has invested significant research and resources in developing its industry-leading catastrophe response strategy. In alignment with nearly all emergency response models, and due to the extremely unpredictable behavior of weather-related catastrophes, IAA utilizes a Flexible Capacity Model. This allows the company to quickly increase capacity wherever and whenever vehicle claims surge.
“Our historical success in managing catastrophes and our capacity to support them is unmatched in our industry,” said John Kett, CEO and president of IAA. “A fixed capacity model may not shift and adjust to meet the dynamic nature of weather-related catastrophes. The IAA Flexible Capacity Model gives us the real-time agility to meet this need, and our exclusive agreement with NASCAR further underscores our continued focus on providing additional vehicle storage for our customers where it is needed – not where it is owned.”