Friday, Apr. 17, 2020, 10:57 AM
A new exclusive agreement between IAA and NASCAR Enterprises LLC allows IAA to use NASCAR facilities for total loss vehicle storage after a catastrophe.
IAA said the agreement further increases its catastrophe capacity footprint and expands an already long-term relationship between the two organizations.
In addition to the company’s other catastrophe acreage, the 14 NASCAR properties included in the agreement are part of IAA’s total U.S. catastrophe capacity of more than 4,000 acres.
IAA says that is the most expansive catastrophe footprint in the industry.
The company notes that a rapid increase in insurance vehicle claim volume occurs during catastrophic weather events.
The proximity of storage yards to the event and how safely accessible they are to insurance professionals is extremely important, IAA said, adding that it has invested a great deal of research and resources in developing its catastrophe response strategy over the past 10-plus years.
IAA uses a Flexible Capacity Model in alignment with nearly all emergency response models and because of how weather-related catastrophes show extremely unpredictable behavior.
With the model, IAA can 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,” IAA chief executive officer and president John Kett said in a news release.
Kett continued, “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.”