New York Attorney General Letitia James and New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today secured $11.3 million in penalties from two auto insurance companies, the Government Employees Insurance Company (GEICO) and The Travelers Indemnity Company (Travelers), for having poor data security which led to the personal information of more […]
Consumer Sentiment Up in November
Sentiment was up for the fourth consecutive month. Consumer sentiment inched up 1.3 index points in November compared to the previous month according to the University of Michigan’s Survey of Consumers. In November, sentiment extended a stretch of consecutive incremental increases to a fourth month. The Consumer Sentiment Index rose to 71.8 in the November […]
Classic Collision Acquires Second Repair Facility in Newport News
Classic Collision, LLC announced the acquisition of Bowditch Collision Center, located on J. Clyde Morris Blvd in Newport News, Va. “Their reputation for quality, integrity, and commitment to both teammates and customers aligns perfectly with the values we’ve built our business on. We couldn’t be more excited to join forces with Classic Collision,” stated Casey […]
Wesco Group Acquires 360 Paint Supply
The Wesco Group, the paint, body and equipment distributor in the U.S. and Canada, announced that 360 Paint Supply has joined the Wesco Team. 360 Paint Supply started out as a reconditioning supply store and then moved to also selling paint and body shop supplies. In 2019, they moved their Arlington, Texas store to the […]
A.M. Best Reports U.S. Personal Auto Results Show Significant Improvement
Underwriting results in the U.S. private passenger auto insurance segment has shown further stabilization in first-half 2024 following improvements in 2023, according to a new AM Best report. Due to the improved segment performance and other factors, AM Best has revised its outlook on the personal auto segment to stable from negative. According to the […]
LearnEV+ and CarTechIQ Announce Joint Venture to AI-Enable Heavy-Duty Diagnostics
LearnEV+ and CarTechIQ have joined forces to launch GlobalTechIQ, LLC., a joint venture delivering AI diagnostic technology for heavy-duty and off-highway vehicle repairs. This collaboration, operating under the name HeavyDutyIQ, leverages live, context-based AI solutions to transform repair processes and empower technicians with real-time, accurate recommendations. GlobalTechIQ’s AI assistant processes data from a broad array […]
California Body Shop Owner Pleads Guilty to Underreporting Nearly $1.2 Million in Income
Will pay over $300,000 in back taxes and $250,000 penalty. The Internal Revenue Service Criminal Investigation (IRS-CI) agency announced that the owner of a Fullerton, Calif.-based auto body shop pleaded guilty November 15 to filing false tax returns for tax years for tax years 2015 to 2022, underreporting his income by at least $1,184,914. In […]
Pacific Collision Equipment Acquired by Kalix River Holdings
Focus Advisors, the automotive mergers and acquisitions advisory firm, announced that its client, Pacific Collision Equipment, has been acquired by Kalix River Holdings. Owned and operated by Robert Hornedo, Pacific Equipment sold and serviced Car-O-Liner equipment to collision repairers in Southern California across 1,280 zip codes. “I enjoyed my time in the industry and took […]
Copart Reports Fiscal First Quarter Revenue of $1.15 Billion
Copart, Inc. (NASDAQ: CPRT) reported for its fiscal first quarter ended October 31 revenue was $1.15 billion, gross profit was $512.1 million, and net income attributable to Copart, Inc. was $362.1 million. These represent an increase in revenue of $126.4 million, or 12.4%; an increase in gross profit of $48.1 million, or 10.4%; and an […]
Enterprise and A.D. Banker Announce Refreshed Continuing Education Course for Insurance Professionals
Enterprise and A.D. Banker announced the relaunch of a continuing education course about rental reimbursement coverage for insurance professionals. The refreshed course includes new data and is now available in an on-demand, online format. With costs covered by Enterprise, the course offers a free opportunity for insurance professionals to complete credits toward retaining their license […]
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