Messe Frankfurt, the Germany-based organizer of the Automechanika trade shows, announced growth continued in the past financial year. Speaking at the Corporate Press Conference on June 27, Wolfgang Marzin, President and Chief Executive Officer of Messe Frankfurt announced the company set a new record of approximately €718 million ($812.4 million) in sales. According to the […]
P/C Insurers Report Strong First-Quarter Underwriting Results
Net written premiums down for first time since Great Recession. Private U.S. property/casualty insurers’ profitability as measured by their annualized rate of return on average policyholders’ surplus increased to 9.4 percent, the best first-quarter result since 10.8 percent in 2015, according to Verisk (NASDAQ:VRSK), the data analytics provider, and the American Property Casualty Insurance Association […]
June New Vehicle Sales Projected Down from Year Ago
J.D. Power and LMC Automotive project first half of 2019 to deliver lowest retail new vehicle sales since 2013. Transaction prices, dealer profitability rise to record levels. New-vehicle retail sales in June are expected to fall from a year ago, according to a forecast developed jointly by J.D. Power and LMC Automotive. Retail sales are […]
Average Light Vehicle Age Rises in U.S. to 11.8 Years
The average age of light vehicles in operation (VIO) in the U.S. has risen again this year to 11.8 years, according to new research from business information provider IHS Markit (NASDAQ: INFO). This acceleration of average age can easily be seen when looking across the last 17 years. From 2002-2007, the average age of light […]
EEOC Sues North Carolina Towing Company Alleging Sexual Harassment
Hunter Auto & Wrecker Service, Inc., in Charlotte, N.C. is alleged to have violated federal law when it subjected a female employee to a sexually hostile work environment, the U.S. Equal Employment Opportunity Commission (EEOC) charged in a lawsuit filed June 26. According to the EEOC’s suit, Sharon McInnis worked in a Hunter Auto & […]
IAA Completes Separation from KAR Auction Services
IAA, Inc. (NYSE:IAA) today completed its separation from KAR Auction Services, Inc. (NYSE:KAR). IAA’s common stock will begin trading today on the New York Stock Exchange under the symbol IAA. “We are excited for IAA to enter the public markets as a strong, independent company. As a standalone publicly traded company, IAA will continue to […]
Rhode Island Passes Legislation Clarifying Need for Physical Inspections on Collision Repair Claims Exceeding $2500
Rhode Island amends its unfair claims practice regulations. Jina Petrarca from Auto Body Association of Rhode Island details legislation in interview. The Rhode Island legislature passed House and Senate companion bills that amend and expand the definitions of unfair claims practices committed by insurers with regard to physical inspection, performance of appraisals, retail valuation and […]
MPE Partners Invests in Garmat USA
Private equity firm MPE Partners announced today an investment in Garmat USA, LLC. Located in Englewood, Colo., Garmat USA designs and manufactures paint booths, finishing solutions, and related accessories for the collision repair and industrial end markets. Garmat, founded in 1988, serves collision repair shop customers through a nationwide network of distributor partners. Based in […]
BMW Opens Two New Collision Repair Technician Training Facilities, Expands Two Others
BMW of North America announced the openings of two new auto service and collision repair technician training facilities in Spartanburg, S.C. and Atlanta, Ga., and the expansion of training capacity in Ontario, Calif. and at the company’s headquarters in Woodcliff Lake, N.J. The $56 million investment will support the development of new and existing technicians […]
Iowa Collision Repair Association Golf Tournament August 15
The Iowa Collision Repair Association (ICRA) will hold its golf outing on August 15 at Iowa’s Premier Golf Destination, Riverside Casino and Golf in Riverside, Iowa. The cost to participate is $150 per attendee and includes Golf, box lunch, cart, range balls, and tax. Registration and additional information is available online. The event is sponsors […]
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