WESTCHESTER, Ill. –
The U.S. Patent and Trademark Office has awarded a patent to IAA for information technology systems that IAA says facilitate “participation in multiple auctions offered in different locations at the same time.”
U.S. Patent Number 10,810,659 is for “System and Method of Auction Management.” The patent contains 20 claims protecting and recognizing what IAA says are innovations that it developed for its AuctionNow platform.
Through that platform, according to IAA, online auction participants can monitor and bid in multiple auctions simultaneously.
Providing more details on the system, IAA said the user interface brings instantaneous information exchange for one or more auctions. It also expands information for a selected auction and allows for bidding capabilities across multiple auctions.
IAA said the system also provides “flexible capabilities based on buyer type.”
“In addition to the current patent, IAA has other patent applications pending that cover further innovations,” IAA wrote in a news release.
IAA president and chief executive officer John Kett said IAA AuctionNow, built on the patented technology, is the “cornerstone” of IAA’s global marketplace.
IAA AuctionNow, he said, “provides the unmatched value of a completely customizable, flexible interface for our buying customers.”
Kett continued, “The patent awarded for auction management underscores IAA’s steadfast commitment to providing technology innovation that benefits our customers and the industry.”
With AuctionNow, IAA says buyers can participate in auctions of their choice occurring on the same day at the same time. That, according to the company, ensures they can secure the vehicle inventory they need for their business.
IAA said it conducted thorough research with global buyers in developing the technology to address “how buyers want and need to participate in auctions.”
The company said that helps buyers to participate efficiently in multiple auctions across the United States, Canada and the UK from one screen.
The patent awarded to IAA Inc. names the following inventors: director of operational improvement Jeff Hendershot and director of IT Adam Hillard, both from IAA company, Impact Auto Auctions.
IAA expands Maryland, Virginia branch locations
In other IAA news, the company has expanded its Baltimore.and Culpeper, Va. branch locations.
IAA said the additional acreage at those two locations will accommodate customer demand and increased inventory needs for what it described as “the growing East Coast market.”
The expansions will result in increased capacity of the 60 branches in this market.
“Fueled by our industry-leading service and global buyer base, IAA has continued to see significant volume growth from the East Coast,” said IAA president of U.S. operations Tim O’Day.
O’Day continued, “By investing strategically, we are committed to exceeding our growing customers’ needs in this market. The inventory acreage in Baltimore and Culpeper will provide additional capacity to our sellers while expanding the inventory selection for our buyers.”
A listing of preview days and sales days at the Baltimore and Culpeper branch locations is available.