It’s going to cost more for those looking to buy a new car this year. Finance costs on new car purchases have jumped 24% in 2019, according to new AAA research, pushing the average annual cost of vehicle ownership to $9,282, or $773.50 a month. That’s the highest cost associated with new vehicle ownership since […]
Collision and Comprehensive Net Written Premiums in 2018 Grew at Highest Level in Nearly 20 Years
In 2018, combined collision and comprehensive premiums written in the U.S. grew at levels not seen in decades. According to data published by the Insurance Information Institute, private passenger automobile insurance collision and comprehensive coverage premiums in 2018 were up at the highest level since 1999. Net Written Premiums in 2018 for private passenger collision […]
Root Insurance Raises $350 Million in Latest Funding Round
Root Insurance announced it raised $350 million in Series E funding. Root has now raised a total of $523 million in funding, with an additional $100 million in debt financing. This latest round, led by DST Global and Coatue, raises Root’s valuation to $3.65 billion and provides additional capital to accelerate growth in existing markets […]
Tractable Announces AI Photo Appraisal Partnerships
Tractable announced a series of industry partnerships to bring artificial intelligence (AI) photo appraisal to the North America auto collision repair and claim ecosystem, following requests from North American insurers. Key partners include Thatcham Research, LKQ Corporation, and the Automotive Body Parts Association, among others. The new collaborations combine Tractable’s AI algorithms with industry data […]
IBIS 20th Anniversary Global Summit June 8-10 in Monaco
Monaco is the location for the IBIS Global Summit 2020 taking place from June 8-10 at the Le Méridien Plaza hotel. The event marks the 20th anniversary of the IBIS Global Summit series. The theme for next year’s event is Tomorrow’s world, today or Le monde de demain, aujourd’hui. The collision industry’s world influencers, decision […]
California Insurance Commissioner Now Under Fire Over Use of Public Funds for Housing
California Insurance Commissioner Ricardo Lara who apologized last week for taking reelection campaign donations from insurance industry executives and their families is under the spotlight again. Following a report in Politico that Insurance Commissioner Lara billed the state for his Sacramento apartment, a consumer group has called on California officials to investigate to determine the […]
Tony Aquila Sues Solera Alleging Breach of Separation Deal
The founder and former CEO of Solera filed a lawsuit in Delaware State Court alleging company manufactured breach of contract to avoid awarding over $100 million in stock options. Tony Aquila, the founder and former CEO of Solera who left the company earlier this year, filed a lawsuit on September 4, in Delaware state court […]
AASP Massachusetts Urge Members Support 1963 Consent Decree
The Alliance of Automotive Service Providers of Massachusetts (AASP/MA) is urging its membership and collision repair industry members throughout the country to oppose the Department of Justice’s proposed termination of US v. Association of Casualty and Surety Companies, et al, commonly referred to in the collision repair industry as the 1963 Consent Decree. The association […]
Mitchell Third Quarter Industry Trends Report Examines Claim Automation, Economic Trends Impacting Claims and Collision Repair
Mitchell International today released its Industry Trends Report (ITR) for the third quarter of 2019. In this quarter’s report, Mitchell executives share insights on leveraging emerging claims technology to improve strategic decision-making. The report also looks at how current positive economic trends coupled with the growing cost and value of cars are increasing the frequency […]
Fix Auto UK Adds Collision Repair Center to Network Inside London’s M25 Corridor
Fix Auto UK announced its fifth new franchisee from within the M25 corridor surrounding London since the start of the year. H&L Motors (Heathrow) Ltd is the latest collision repair center to join the network and will now operate as Fix Auto Heathrow. The 18,000 sq. ft. three-unit repair center in Hanworth was first opened […]
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