J.D. Power and the National Automobile Dealers Association (NADA) announced an agreement under which J.D. Power will acquire NADA’s Used Car Guide business, a premier source of used-vehicle values. The transaction is expected to close early in the third quarter of 2015 and is subject to Hart–Scott–Rodino Act review. Established by NADA in 1933, NADA […]
Roark Capital Group Acquires Driven Brands
MAACO and Meineke among automotive aftermarket operations sold to private equity firm. Roark Capital Group, an Atlanta-based private equity firm focused on franchise and consumer brands, announced today that its affiliate has acquired Driven Brands, the franchise automotive company, from Harvest Partners, LP. Jonathan Fitzpatrick, Driven Brands’ Chief Executive Officer, will continue to lead the […]
Michael Quinn Named Executive Vice President at Assured Performance
Assured Performance announced the appointment of Michael Quinn as Executive Vice President. Quinn will assume responsibility for the general business operations at Assured Performance including sales, marketing, and business development. He will also maintain a position on their Board of Directors. Quinn has more than 25 years of industry experience. He co-founded a seven shop […]
Carlyle Group Makes Offer for Nationwide Accident Repair Services
UK-based operator of more than 70 collision repair centers, mobile and glass repair businesses and network services makes agreement with Carlyle subsidiary valuing the company at nearly $64 million. The board of Nationwide Accident Repair Services plc (NARS), the UK-based accident repair and management company, announced an agreement for Canaveral Bidco Limited (CSP Bidco), a […]
Transcript of CNN Report
CNN provided a transcript of their complete Anderson Cooper 360° report. It is republished below. TRANSCRIPT – ANDERSON COOPER, CNN HOST: Well, if your car is ever damaged in an accident or repaired through a major insurance company in this country, there are major state and federal lawsuits underway that you should probably know about. […]
Honda Cautions that New Driver Assist/Safety Systems Require OE Parts Replacement
Honda is cautioning collision repairers that while driver assist systems and other safety systems on many late model Honda and Acura automobiles offer heightened safety and convenience for the vehicle driver and passengers, their performance many be comprised if original equipment (OE) parts are not used during the repair process. According to a Honda parts […]
Axalta Launches Initial Public Offering
Axalta Coating Systems Ltd. announced today it has commenced an initial public offering of 45 million of its common shares. The shares will be offered by affiliates of The Carlyle Group. The anticipated initial offering price is between $18.00 and $21.00 per share. The move has been expected since August when CollisionWeek reported the company […]
VeriFacts Announces Award Finalists
VeriFacts Automotive, LLC announced today the finalists for the VeriFacts Automotive Achievement in Collision Repair Excellence (ACE) Awards. The winners of the ACE Awards will be announced on November 6th at the 2014 Collision Industry Conference (CIC) held in conjunction with the Specialty Equipment Market Association (SEMA) tradeshow in Las Vegas, Nevada. Dale Delmege Award […]
Senator Urges FTC to Take Action Against Misleading Warranty Tactics by Vehicle Manufacturers
The Auto Care Association reported that U.S. Senator Richard Blumenthal of Connecticut has written the Federal Trade Commission (FTC) about its lack of urgency in clarifying its interpretation of the Magnuson-Moss Warranty Act. In a letter to the FTC, Sen. Blumenthal said, “Many motorists may have been led to believe… that going to a local […]
Carlyle Sells Majority Stake in Service King
Two years after acquiring the multiple shop operator, the Carlyle Group is selling a majority stake to the private equity firm Blackstone Group LLP that reportedly values the business at $650 million. Service King Collision Repair Centers announced that private equity funds controlled by Blackstone (NYSE: BX) will recapitalize one of the largest independent U.S. […]