Both retail and total sales projected below 2019 levels but the decline is less than prior months that were impacted by pandemic closures. New-vehicle retail sales in July are expected to be down from a year ago, according to a joint forecast developed jointly by J.D. Power and LMC Automotive. Retail sales are projected to […]
Axalta Reports Second Quarter Sales of $652.7 Million, Down 43.6% in Wake of Pandemic
Axalta Coating Systems Ltd. (NYSE:AXTA) announced net sales of $652.7 million, down 43.6% year-over-year, for its second quarter ended June 30 in the wake of the pandemic. The company also provided an update regarding the ongoing impact of the coronavirus (COVID-19) pandemic on its business, employees, customers, and shareholders and related mitigation actions taken and […]
BASF Announces Preferred Supplier Partnership with Jaguar Land Rover for Asia-Pacific Region
BASF’s Coatings (BASF) division and Jaguar Land Rover’s (JLR) global headquarters have signed a cooperation agreement with Glasurit and R-M, premium refinish paint brands of BASF, to support the development and implementation of JLR’s Global Body & Paint Programme covering 16 importer countries and markets in the Asia-Pacific region. Under the agreement, the partners will […]
Refinish Distributors Alliance August 12 Webinar Provides Update on Collision Repair Industry Disruption
The Refinish Distributors Alliance (RDA) is hosting a Webinar on Wednesday August 12th at 2:00 p.m. EDT that will include a presentation providing an update on the major disruptions the collision industry will face in 2020 and beyond by Frank Terlep, Founder and CEO of Auto Techcelerators, LLC. Registration for the event is available online. […]
Property/Casualty Insurance Industry Surplus Declined $75.9 Billion in the First Quarter
Downturn in stock market in face of pandemic hits insurer investments. Net written premiums were up in calm before the storm. The surplus for the private U.S. property/casualty insurance industry dropped by $75.9 billion in the first quarter of 2020—its largest-ever quarterly decline—as the stock market suffered a major downturn, according to Verisk (NASDAQ:VRSK), the […]
3M Reports Second-Quarter Sales Down 12.2% Versus 2019
3M (NYSE: MMM) today reported second-quarter 2020 results sales of $7.2 billion, down 12.2% compared to last year. Organic local-currency sales declined 13.1 percent, while acquisitions, net of divestitures, increased sales by 2.4 percent. Foreign currency translation reduced sales by 1.5 percent year-on-year. The company noted improving sales trends with July month-to-date sales up low-single […]
Average Age of Cars and Light Trucks in the U.S. Near 12 Years
New research from IHS Markit (NYSE:INFO) shows that the average age of light vehicles in operation (VIO) in the US has risen to 11.9 years this year, about one month older than in 2019. Though slight, the increase can generate new business opportunities for companies operating in the aftermarket and vehicle servicing sector in the […]
CIECA August 11 Webinar Examines OEM Certification Programs
The Collision Industry Electronic Commerce Association (CIECA) announced today that Connor Smith, senior manager of OEM for CARSTAR, will present during the next CIECAST webinar. Smith will discuss “The Importance of OEM Certifications,” on Tuesday, August 11, at 12 p.m. EDT. All industry segments, including CIECA members and non-members, are invited to attend. Registration for […]
Woodland Capital Holdings Acquires The Doan Group
National appraisal company acquired by investment group owned by the Davis Family, founders and owners of SCA Appraisal. The Doan Group, the 40 year old auto, property and heavy equipment appraisal firm, has been acquired by Woodland Capital Holdings. “The Doan Group has a well-established franchise network, dedicated people, efficient systems, and a solid brand […]
LexisNexis Launches Telematics OnDemand with Root Insurance
LexisNexis Risk Solutions launched LexisNexis Telematics OnDemand, a solution that seamlessly integrates telematics-based driving behavior data into insurer rating and underwriting workflows. Root Insurance is the first to adopt Telematics OnDemand. The solution enables U.S. auto insurers to access a consumer’s existing telematics data in near-real time at point of quote in order to more […]
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