The Automotive Industries Association of Canada (AIA Canada) is pleased to announce the election of three new directors to the 2024-2025 AIA Canada Board of Directors, as well as changes to the executive committee during the 82nd Annual General Meeting (AGM) held on April 10th, 2024. The event was held virtually to ensure all member […]
U.S. P/C Insurer Personal Lines Recovery to Drive Profitability in 2024
Combined ratio projected below 100% as revenue growth above historic levels. Property/casualty (P/C) insurance statutory earnings will materially improve in 2024 amid recovery in personal lines results and only modest deterioration in commercial lines underwriting, Fitch Ratings says. Personal lines underwriting losses should narrow considerably, particularly in auto and as natural catastrophe losses revert towards […]
AkzoNobel Invests in Dutch Research Labs
Two new research labs are being built by AkzoNobel at its Sassenheim, Netherland site to further propel the company’s product development. Work is about to start on building a technology center for Powder Coatings, while a new polymer lab has just opened which will develop innovative resin technologies for all the company’s businesses. The total […]
DataTouch Launches Data Pump Manager for Collision Repair Facilities
DataTouch LLC announced the commercial release of its Data Pump Manager, a new technology that provides control over software data pumps that have been installed on a collision repair facility’s computer system. Data Pump Manager is designed to share only the correct estimate and needed repair information to conduct business with each service provider. Pete […]
Miami Used Auto Parts Store Owner Charged with Dealing in Counterfeit Airbags
On March 20, a criminal complaint was filed in the Eleventh Judicial Circuit in Miami-Dade County, Florida against Michael Keith Reid, owner of Mike’s Auto Miami, Inc., for dealing with fake airbags, forgery, and counterfeiting more than $20,000. The U.S. Department of Transportation Office of Inspector General (DOT-OIG), Homeland Security Investigations (HSI), Customs and Border […]
Auto Care Association Survey Says 84% of Independent Repair Shops View Vehicle Data Access as Top Issue for Their Business
The Auto Care Association released results from a new nationwide survey of automotive repair shops highlighting the challenges that independent repair facilities face when servicing vehicles, often forcing them to turn away business. The association, a supporter of federal right to repair legislation believes the new survey findings reiterate the need for the REPAIR Act, […]
Stellex Capital Management Announces Closing of Continuation Vehicle and Comprehensive Refinancing of Fenix Parts
Fenix announces acquisition of Illinois auto recycler. Stellex Capital Management, the private equity firm, announced the final closing of a single-asset continuation vehicle that has acquired interests in Fenix Parts. The transaction provides follow-on capital with the aim of driving organic growth initiatives, supporting the continued execution of Fenix Parts’ aquisition pipeline, and capitalizing on […]
Penske Automotive Expands into Australia
Penske Automotive Group, Inc. (NYSE: PAG), the automotive and commercial truck retailers with operations across four continents and nine countries, intends to expand its retail automotive operations into Australia by acquiring two Porsche dealerships along with a Ducati motorcycle dealership in Melbourne, Australia. The Company has signed an agreement to acquire Porsche Centre Brighton, Porsche […]
I-CAR CEO & President John Van Alstyne to Retire in 2025
John Van Alstyne, I-CAR’s CEO & President, announced his intention to retire at the end of 2025. The I-CAR Board has identified a Selection Committee dedicated to hiring a successor who will continue to uphold I-CAR’s values, drive innovation, and lead the organization into its next chapter of growth. Since joining I-CAR in December 2010, […]
Pennsylvania Issues Guidance On Insurers’ Use Of Artificial Intelligence
The Pennsylvania Insurance Department (PID) is the latest state to announce guidance for insurers on the use of Artificial Intelligence (AI). On April 6, the Department issued Notice 2024-04, which includes recommended best practices for how insurers obtain, develop and use certain AI technologies and systems, and advises insurers on what information PID may request […]
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