Bills would prohibit insurers from refusing OEM parts usage on vehicles 48-72 months old. The Rhode Island House of Representatives Corporations Committee recommended passage of an amended Senate Bill 2440 (SB 2440) and its companion bill, House Bill 7264 (HB 7264) that seek to change existing regulations governing motor vehicle replacement parts. SB 2440 was […]
Classic Collision Acquires Repair Center in Bradenton, Florida
Classic Collision, LLC announced the acquisition of Ponto’s Autobody in Bradenton, Fla. Ponto’s Autobody has been serving Manatee County since 1981 and has gained a long list of repeat customers. “Our policy has always been to treat the customer as we would want to be treated, and I believe Classic Collision is known for their […]
Meyer Distributing Acquires Thibert Automotive Accessory Divisions
Christian Thibert, CEO of Robert Thibert Inc., and Jeff Braun the CEO of Meyer Distributing, Inc. announced that they have reached an agreement for the sale of Thibert’s automotive accessory, trailer and recreational vehicle divisions to Meyer. “This strategic decision will mark a major turning point in our history,” said Thibert, whose company has been […]
NOAA Predicts Above-Normal 2024 Atlantic Hurricane Season
La Nina and warmer-than-average ocean temperatures are major drivers of tropical activity. NOAA National Weather Service forecasters at the Climate Prediction Center predict above-normal hurricane activity in the Atlantic basin this year. NOAA’s outlook for the 2024 Atlantic hurricane season, which spans from June 1 to November 30, predicts an 85% chance of an above-normal […]
U.S. Property and Casualty Insurers Projected to Have $21.1 Billion in Underwriting Losses Last Year
Verisk & APCIA estimate shows the industry facing continued challenges from natural catastrophe events, inflation. Verisk (NASDAQ: VRSK), the global data analytics and technology provider, and The American Property Casualty Insurance Association (APCIA), a national trade association for home, auto, and business insurers, today remarked on full-year 2023 losses for the insurance industry, which they […]
Consumer Sentiment Falls on Concerns Labor Markets May Weaken
Sentiment fell back about 10% in May, a departure from three consecutive months of very little change in consumer views, according to the University of Michigan Surveys of Consumers. The Consumer Sentiment Index fell to 69.1 in the May 2024 survey, down 10.5% from 77.2 in April but 17.1% above last May’s 59.0. Although consumers’ […]
NAMIC Voices Concern Over Data Privacy Draft Legislation
The National Association of Mutual Insurance Companies (NAMIC) is urging lawmakers to address what it believes are significant flaws in privacy legislation approved by a U.S. House subcommittee. The American Privacy Rights Act, approved by the House Energy and Commerce Subcommittee on Innovation, Data, and Commerce, seeks to establish a national privacy standard. However, Jimi […]
CAWA to Hold Summer Leadership & Educational Forum June 19-21 in Newport Beach
CAWA, the non-profit trade association representing automotive parts manufacturers, jobbers, warehouse distributors, retailers and program groups, announced that the CAWA Leadership & Educational Forum will be held June 19-21 in Newport Beach, Calif. The two-day business meeting focuses on key sessions and presentations from industry experts who will share insight and critical thinking on contemporary […]
Justice Department and Federal Trade Commission Seeking Information on Competition Impact of Serial Acquisitions and Roll-Up Strategies
Agencies request information on how acquisition strategies impact competition across the economy including aftermarket/repair services. The Justice Department and Federal Trade Commission (FTC) jointly launched a public inquiry May 23 to identify serial acquisitions and roll-up strategies throughout the U.S. economy that the agencies say have led to consolidation and harmed competition. In a joint […]
May U.S. Auto Sales Projected Up 3% Over Last year
S&P Global Mobility projects new U.S. light vehicle sales volume in May 2024 to reach 1.4 million units. This unadjusted volume total would be up approximately 3% from the year-ago total, and up 7% from the April 2024 result. The estimated May sales total would translate to a sales pace of 15.6 million units seasonally […]
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