Revenue increase result of 7% same-store sales growth and 4% net store growth. Paint, Collision & Glass segment same store sales up 6.4%. Driven Brands Holdings Inc. (NASDAQ: DRVN) announced revenue the fiscal year ended December 30, 2023 of $2.3 billion, up 13% versus the prior year. System-wide sales were $6.3 billion, up 12% versus […]
Towing and Recovery Association Responds to Federal Fee Regulation Proposal
The Towing and Recovery Association of America, Inc. (TRAA) has responded to a proposal by the Federal Motor Carrier Safety Administration (FMCSA) that the Federal Trade Commission (FTC) regulate heavy duty towing fees as part of its focus on “junk fees” charged by U.S. businesses. As CollisionWeek reported February 12, the FMCSA expressed strong support […]
EV Manufacturer Rivian to Cut Salaried Workforce 10% in Response to Projection of Flat Production in 2024
Rivian Automotive, Inc. (NASDAQ: RIVN) announced as part of its fourth quarter and year end 2023 financial results, that it would reduce its salaried workforce by approximately 10% due to slower growth expectations for 2024. The company reported it produced 57,232 vehicles and delivered 50,122 during 2023, more than doubling production and deliveries from 2022, […]
California Says ZEVs Were Quarter of Vehicles Sold Last Year
The sales of new zero-emission vehicles have soared 1022% over the past 10 years, according to data from the California Energy Commission. One in four new cars sold in California were zero-emission in 2023. More ZEVs were sold in California in 2023 than at any point in history, including in Q3 when sales hit their […]
LKQ Reports Revenue of $3.5 Billion in Fourth Quarter
Quarterly revenue up over 16% and full year revenue up more than 8% compared to 2022. LKQ Corporation (NASDAQ:LKQ) today reported fourth quarter revenue of $3.5 billion, a 16.6% increase compared to $3.0 billion for the same period of 2022. Annual revenue was $13.9 billion, an 8.4% increase compared to $12.8 billion for the full […]
California Autobody Association Partners with CARS Cooperative
New partnership with CARS Cooperative gives CAA members access to cost saving discounts on 25+ automotive industry products and services. The California Autobody Association announced a new partnership with Collision Automotive Repair Services, Inc. (CARS). The CARS Cooperative provides collision repair shops with complimentary cash back rewards, discounts and exclusive CAA member savings for materials […]
BASF Coatings Signs Partnership Agreement with INEOS Automotive for Global Body and Paint Program
INEOS Automotive and BASF’s Coatings division have signed an agreement on a global automotive refinish body and paint development. The partners will commit to a long-term strategic collaboration that enables them to exceed the industry standard in vehicle body repair and paint refinish. The partnership includes the supply of sustainable refinish solutions, expertise and latest […]
Suncorp Group Partners with Australian Collision Industry Alliance Partnership to Boost Collision Repair Careers
Suncorp Group is the first insurance company to throw its support behind Australia’s newest repair industry advocacy body to help combat the skills shortage and ageing workforce of the motor repair industry. In a two-year sponsorship deal inked with the Australian Collision Industry Alliance (ACIA), Suncorp Group has become the first insurance partner to support […]
U.S. Consumers Continue to Shop and Switch Auto Insurance at Higher Rates
According to the LexisNexis Insurance Demand Meter, a “Hot” Q4 2023 spelled continued rate increases, along with improved combined ratios, and now opens a window for insurers to capitalize on continued shopping as they seek a return to profitability in 2024. Key takeaways from the fourth quarter report include: Year-over-year shopper growth showed the strongest […]
Women’s Industry Network Announces Full Speaker Slate for May 6-8 Annual Conference
2024 WIN Conference to deliver in-depth collision repair industry programming, networking, and mentorship. A full slate of in-depth professional collision repair industry programing, inspiring keynote speakers, and networking and mentoring opportunities is set for the Women’s Industry Network (WIN) 2024 Annual Conference. This year’s conference, themed Dream Out Loud, will be May 6-8, 2024, and […]
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