Industry-First Technology Improves Vehicle Merchandising and Drives Higher Selling Prices
IAA, Inc., a leading global marketplace connecting vehicle buyers and sellers, recently announced the introduction of the salvage auction industry’s first 360° walk-around digital experience, IAA 360 View. Powered by SpinCar’s virtual photo imagery technology, IAA 360 View provides online vehicle buyers with a 360° viewing experience for both the vehicle exterior and interior. The technology was developed based on extensive buyer research coupled with collaboration with SpinCar at the IAA Engine House innovation center located at Chicago’s 1871. IAA 360 View allows the buyer to rotate an image providing an interactive visual of a vehicle’s interior and exterior similar to physically walking around the car.
In a measured pilot, the photo imagery technology resulted in higher selling prices, ranging from $300 to $600 on average, per vehicle, when compared to the control group. Results were dependent on age, condition and geography. In addition, the pilot showed increased buyer confidence and additional bidding activity. Currently, IAA 360 View is offered in all IAA U.S. branches for vehicles 11 years and newer.
The technology’s benefits include:
- For vehicle buyers, IAA 360 View offers an enhanced vehicle research, bidding and buying experience. Buyers can spin the image in a complete circle to fully view the exterior and a panorama of the vehicle interior. They can also zoom in on critical areas of the vehicle for additional detail and high-resolution views.
- For vehicle sellers, the technology provides a more accurate visual and improved merchandising of their assets, resulting in additional bids and higher returns.
“The launch of IAA 360 View is truly the best-in-class way to show and merchandise vehicles,” said John Kett, CEO and president of IAA. “Leveraging this photo imagery technology is a result of listening to our buyers describe what they need, then reimagining how to provide the most consistent, detailed vehicle imagery. From nearly a year of pilot programs, we know that our global buyers have greater trust and confidence in their bidding and buying as a result of IAA 360 View.”
IAA worked with SpinCar, an automotive industry leader in digital merchandising, to enable the 360-degree imagery technology that captures both vehicle interiors and exteriors during IAA’s check-in and inventory process. The two companies formed an exclusive partnership to bring digital merchandising technology and products to the salvage auto auction industry.
