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 […]
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 […]
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 […]
I-CAR Launches Redesigned Web Site
I-CAR launched a newly redesigned web site yesterday. I-CAR redesigned the navigation, renovated the look, and added many new features. I-CAR uses its web site as a valuable tool to communicate information to the industry and consumers saying the web site is the best source for the latest news and information on courses, programs and […]
Two Insurers Of eAutoclaims.com Customer In Receivership
According to Securities and Exchange Commission Form 8-K filing dated yesterday, April 29, two insurers of David Morse and Associates, eAutoclaims.com’s second largest customer, have been placed in receivership. David Morse and Associates is a third party administrator that is eAutoclaims’ second largest customer. This third party administrator oversees approximately $120 million in Auto property […]
NFIB Comments on Mandatory Mental Health Coverage
NFIB Senior Vice President Dan Danner released the following statement in response to President Bush’s comments in support of legislation that would force employers to offer mental-health benefits: “The road to lost health coverage is paved with good intentions. A well-intentioned costly mandate is still just a costly mandate at its core. No matter how […]