CCC Information Services Group has signed a definitive agreement to be acquired by an affiliate of Investcorp, a global investment group. Under the terms of the agreement, CCC stockholders will receive $26.50 in cash for each share of CCC common stock, representing a 10.3 percent premium over the average closing price of CCC’s stock for […]
Illinois Supreme Court Overturns Avery vs State Farm, Non-OEM Parts Suit
After almost three years of deliberation, the Illinois Supreme Court today issued its decision overturning the billion dollar Avery vs State Farm suit alleging that the insurer deceived policyholders by specifying the use of non-OEM parts for collision repairs. Because of differing language in different policies, the court ruled that a Williamson County Circuit Court […]
Missouri and North Carolina Get New Salvage Laws
The legislatures of Missouri and North Carolina have both had salvage vehicles on their agenda this year, and it looks like they will both soon have new laws as a result. Introduced in April, North Carolina House Bill 1152 is aimed squarely at total loss and reconstructed vehicle disclosure. The bill proposes requirements to not […]
SCRS Investigates Blend Panel Refinish Time: The Blend Stops Here
Insurers often reduce refinish time on a panel when they deem it to be a blend panel. Many repairers feel that this term is not completely understood by some insurers, and the use of blend panel refinish time on the estimate is often misused. To shed some light on this issue, the Society of Collision […]
Collision Industry Conference Report – Part 1 of 2
The first day of the two-day meeting presented a debate over refinish labor calculations and a lively panel discussion looking at estimating issues between repairers and insurers. The Collision Industry Conference (CIC) visited Nashville on April 8-9. The meeting was attended by over 200 people from all segments of the industry. Among the topics discussed […]
Massachusetts Court Upholds Shop’s Right to a Reasonable Labor Rate
In what is believed to be the first court ruling in Massachusetts where a court upheld in a first party claim the right of a policyholder to be paid a labor rate other than what the insurer set, District Court Judge Paul V. Buckley, Jr. ruled that Arbella Mutual Insurance Company must pay its insured […]
LKQ Files for Initial Public Offering
LKQ Corp. has filed with the Securities and Exchange Commission (SEC) for an initial public offering. In the prospectus filed with the SEC, the company does not specify the number of shares it is planning to offer nor the estimated share price. Formed in 1998, the auto recycler earned $287.1 million in revenue during 2002, […]
Some Independents Calling OEM’s Service Information Agreement ‘Empty’
David Parde, president of the Coalition for Auto Repair Equality (CARE), said he is “disappointed that the Automotive Service Association (ASA) has accepted a proposal from automobile manufacturers regarding access to vehicle service and repair information.” Parde added that “the agreement is only between ASA and the automobile manufacturers. CARE and other aftermarket organizations were […]
Automakers Agree to Release Service Information to Independents
In a joint letter to U.S. Senator Byron Dorgan, Chairman of the Senate Commerce Subcommittee on Consumer Affairs, Foreign Commerce and Tourism, the Alliance of Automobile Manufacturers, the Association of International Automobile Manufacturers (AIAM) and the Automotive Service Association (ASA) announced Thursday that they have reached an understanding regarding the type of service information and […]
Senate Introduces Right to Repair Act Companion Bill
Minnesota Senator Paul Wellstone yesterday introduced companion legislation to HR 2735 “The Motor Vehicle Owners’ Right to Repair Act” introduced in the House last summer by Reps. Joe Barton (R-TX) and Edolphus Towns (D-NY). The new Senate legislation S 2617 has been referred to the Committee on Commerce, Science, and Transportation. The House bill HR […]