DDI Technology (“DDI”), a leading electronic vehicle title and registration technology firm and a subsidiary of IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces the expansion of its electronic lien and title (ELT) services and Premier eTitleLien® product into the state of Michigan. DDI will become one of just two certified ELT service providers approved by the Michigan Secretary of State (SOS).
“DDI has 22 years of experience bringing its industry-leading ELT solutions to lenders across the U.S.,” said Troy Moore, DDI Technology Senior Director and Head of Business Development. “Beginning in March, lenders in Michigan will join a growing market of institutions receiving the value-added benefits of an electronic lien filing process supported by our exceptional product and customer service teams.”
DDI’s Premier eTitleLien® solution streamlines lenders’ title and lien release management, simplifying the title process by reducing fraud and errors while allowing lenders to eliminate paper title storage, such as lien cards, and receive quicker confirmation of lien placement. The platform provides electronic lien processing, including electronic filing of liens for certain refinance transactions available through the Michigan ELT program. Additionally, the Michigan Title Inquiry transaction is built into Premier eTitleLien®, reducing fraud for lienholders as well as delivering time and cost savings.
“We are excited to welcome Michigan lenders to the growing list of institutions connecting through electronic processes,” said Tab Edmundson, IAA Vice President of Client Solutions and DDI President. “DDI’s growing national footprint is not only creating numerous time-saving benefits for individual lenders but is also driving faster claims processing times across the industry.”
Features of DDI Technology’s leading ELT services include:
- Premier eTitleLien® solution offering powerful built-in tools to deliver value-added benefits.
- Competitive transaction-based pricing with no monthly user fees, support fees or monthly minimums.
- Customized workflow and process options.
- Exceptional customer support.
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. For more information on DDI visit DDITechnology.com, and follow DDI on Facebook, Twitter, and LinkedIn.
Forward-Looking Statements
Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements made that are not historical facts may be forward-looking statements and can be identified by words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions. In this release, such forward-looking statements include statements regarding the expected timing and associated benefits with respect to DDI’s expansion of Electronic Lien and Title (ELT) services into Michigan on our business and plans regarding our growth strategies and margin expansion plan, and to our customers and company generally. Such statements are based on management’s current expectations, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties regarding the duration and severity of the COVID-19 pandemic, and the measures taken to reduce its spread, on our business and the economy generally; the loss of one or more significant vehicle seller customers or a reduction in significant volume from such sellers; our ability to meet or exceed customers’ demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in our industry; the risk that our facilities lack the capacity to accept additional vehicles and our ability to obtain land or renew/enter into new leases at commercially reasonable rates; our ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; our ability to successfully implement our business strategies or realize expected cost savings and revenue enhancements, including from our margin expansion plan; business development activities, including acquisitions and integration of acquired businesses; our expansion into markets outside the U.S. and the operational, competitive and regulatory risks facing our non-U.S. based operations; our reliance on subhaulers and trucking fleet operations; changes in used-vehicle prices and the volume of damaged and total loss vehicles we purchase; economic conditions, including fuel prices, commodity prices, foreign exchange rates and interest rate fluctuations; trends in new- and used-vehicle sales and incentives; and other risks and uncertainties identified in our filings with the Securities and Exchange Commission (the “SEC”), including under “Risk Factors” in our Form 10-K for the year ended December 27, 2020 filed with the SEC on February 22, 2021. Additional information regarding risks and uncertainties will also be contained in subsequent annual and quarterly reports we file with the SEC. The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information or events, except as required by law.
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