Settlement will save drivers $1.6 billion over the next two years. Insurance Commissioner Mike Causey announced a settlement with the N.C. Rate Bureau on automobile insurance rates. The settlement is about two-thirds less than the insurance companies had requested. On February 1 the Rate Bureau requested an overall average statewide increase in of 28.4 % […]
1Collision Adds Two Collision Repair Centers to Network in Texas
1Collision announced the addition of On the Road Garage, that operates two collision repair locations in Texas. The Irving facility opened in 2020 and two years later, an additional location was established in Dallas. The company has 40 full-time employees. “We are pleased to be adding our first licensees in the Dallas, Texas area,” said […]
LKQ Donates $50,000 to Support Technician Workforce in Partnership with TechForce Foundation
LKQ Corporation, through the LKQ Community Foundation, and TechForce Foundation have entered into a strategic partnership to support students pursuing a technical education and career as a professional transportation technician. LKQ, the largest provider of alternative vehicle collision replacement products, is concerned over the seriousness of the automotive and collision technician shortage and wants to […]
Inflation and High Catastrophe Losses Projected to Lead to Underwriting Loss for P&C Insurance
The overall P&C industry is forecast to finish 2023 with a net combined ratio at 102.2, nearly identical to the final 2022 result of 102.4. Poor personal lines underwriting performance is the key driver in both years, with personal auto forecast at 109.5 in 2023, according to the latest underwriting projections by actuaries at the […]
SEMA Announces Over $245,000 in Scholarships and Loan Forgiveness Awards to Individuals Pursuing Careers in the Automotive Aftermarket
Scholarship through its SEMA Memorial Scholarship Fund to help 104 individuals pursuing a career in the automotive aftermarket industry. The winners include 87 students who received scholarships ranging from $1,000 to $5,000 and 17 employees of SEMA-member companies who received loan forgiveness awards to help pay off student loans. “SEMA receives a large number of […]
Wholesale Used-Vehicle Prices See Smaller Decline in July
Prices were down over 11% year-over-year. Wholesale used-vehicle prices on a mix, mileage, and seasonally adjusted basis decreased 1.6% in July from June. The Manheim Used Vehicle Value Index (MUVVI) declined to 211.7, down 11.6% from a year ago. Lower used vehicle prices increase pressure on the number of total losses impacting the collision repair […]
Kemper Exiting Preferred Auto Insurance Business
The Kemper Corporation (NYSE:KMPR) announced that it is exiting the preferred home and auto insurance market, sold through its Kemper Personal Insurance brand, and will actively reduce the business immediately, with all policies being non-renewed or canceled in accordance with applicable state regulations. Kemper was the 11th largest private passenger auto insurer in the U.S. […]
Stellantis Announces New Aftermarket Parts Brand in North America
Stellantis announced a new competitively priced, private-label replacement parts brand- bproauto. The new parts line is designed to enhance and expand its replacement parts and service business in North America. The new brand complements Mopar, the company’s global original-equipment parts and authentic accessories brand for Stellantis. The launch of bproauto helps address a key pillar […]
Former Massachusetts Auto Glass Employee Charged with Alleged Embezzlement of More Than $1.3 Million
Holbrook, Mass. Police Department Chief William Smith reported the arrest and charging of a former employee of a local auto glass business after an extensive investigation showed that she had allegedly embezzled more than $1.3 million from the business. Ashley Sumner of Weymouth, Mass. was charged with: Larceny Over $1,200 (Felony) Improper Use of a […]
ASA August 30 Webinar Will Examine New Ways to Find Future Techs for Your Shop
The Automotive Service Association (ASA) announced it will hold a webinar August 30 at 1 p.m. (EDT) featuring Jennifer Maher, Executive Director of TechForce Foundation. The topic for the webinar is New Ways to Find Future Techs for Your Shop. Registration for the webinar is available online. The TechForce Foundation mission is to champion all […]
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