In guest article, David Roberts, Founder and Managing Director, Focus Advisors Automotive M&A, details recent activity, predicts more private equity firms will enter industry. In the last five months, more than $9 billion in capital has been invested into the collision repair industry by private equity firms. The biggest chunk of this new capital was […]
AkzoNobel Italy Site Achieves Highest Automotive Industry Quality Certification
AkzoNobel announced it has been rewarded with automotive industry recognition for the company’s powder coatings site in Como, Italy. The site – which recently completed a major capacity expansion – has received International Automotive Task Force (IATF) 16949 certification. Awarded following an extensive third-party audit, it recognizes the highest levels of product quality and customer […]
Copart Reports Fiscal Third Quarter Fiscal Revenue of $1.13 Billion
Copart, Inc. (NASDAQ: CPRT) reported financial results for its fiscal third quarter ended April 30, 2024. Revenue was $1.13 billion, up $105.4 million or 10.3% from the same period last year. Gross profit and net income attributable to Copart, Inc. were $525.5 million, and $382.3 million, respectively. These represent an increase in gross profit of […]
ASE Spring Testing Underway
Registration ends June 30. The National Institute for Automotive Service Excellence (ASE) reminds service professionals that spring testing is underway. Those who register by June 30 will have 90 days to schedule an appointment to take their selected ASE tests. ASE offers three test-taking options. In-person testing is available for all tests and is held […]
U.S. Auto Body Repair Prices Up Under 2% in April Compared to Last Year
The rate of increase was below the increase in the national consumer price index. The most recent government figures on inflation through April show the rate of growth of auto body repair prices is now below the rate of general inflation after more than 30 months in a row of higher increases. The year-over-year (YoY) […]
Rhode Island OEM Parts Bill Passes State Senate
Bill would prohibit insurers from refusing OEM parts usage on vehicles 48-72 months old. Rhode Island Senate Bill 2440 (SB 2440), that seeks to amend Section 27-10.2-2 of Chapter 27 of the Rhode Island General Laws dealing with motor vehicle replacement parts, was approved by the full Senate on May 7. The bill, introduced on […]
China Motor Insurance Industry Projected to Surpass $158 Billion by 2028
The Chinese motor insurance industry is set to grow at a compound annual growth rate (CAGR) of 5.4% from CNY912.2 billion ($127.4 billion) in 2024 to CNY1,125.7 billion ($158.9 billion) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a leading data and analytics company. GlobalData’s Insurance Database reveals that the Chinese motor […]
Purchasers Considering EV for Next Vehicle Down Year-Over-Year for First Time in U.S.
J.D. Power says purchase consideration ebbs as charging concerns grow. Consumer demand for electric vehicles (EVs) has cooled as the industry grapples with persistent growing pains, according to the J.D. Power 2024 U.S. Electric Vehicle Consideration (EVC) Study, released May 16. For the first time since the study’s inception in 2021, new-vehicle buyer consideration has […]
BASF Supporting WorldSkills Finals Car Painting Competition
From September 10–15, over 1,500 participants from more than 65 countries will compete in 62 skill competitions at WorldSkills Lyon 2024. In 2022, BASF signed a multi-year global industry partnership as the exclusive sponsor of the Car Painting category of WorldSkills International and will be the global silver partner of the 47th WorldSkills Competition in […]
U.S. Consumers Continue to Switch Auto Insurance at Higher Rates
Leading carriers to continue focus on renewal and retention. According to the LexisNexis Insurance Demand Meter, high demand for new policies in the first quarter showed consumers are still not resigned to higher rates as insurers continue to adjust strategies to retain customers for long-term growth. Key findings of the most recent report include: S. […]
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