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Premium Growth Slows and Combined Ratio Creeps Up for Property/Casualty Insurers in 2015

May 17, 2016 By CollisionWeek Editor

Net Income after Taxes

Net written premium growth declined to 3.4 percent in 2015. Profits up due to capital gains increases. Auto frequency and severity trends part of challenging environment for insurers. Private U.S. property/casualty insurers saw their net written premium growth slow to 3.4 percent in 2015 from 4.2 percent a year earlier, while their net income after […]

Filed Under: News Tagged With: Earnings, Property Casualty Insurance

Car Guys Collision Repair Acquires Sixth Location in Florida

May 17, 2016 By CollisionWeek Editor

Car Guys Collision Repair logo

Car Guys Collision Repair, a Florida-based multiple collision repair facility operator, announced the acquisition of Justice Collision in Spring Hill, Fla. Justice Collision and the Justice family have been serving the Spring Hill area since 1991. The expansion into the Spring Hill market will be Car Guys Collision Repair third new location since the third […]

Filed Under: News Tagged With: Acquisitions, Car Guys Collision Repair, Florida

OEM Auto Parts Supplier to Pay $66.5 Million for Fixing Parts Prices

May 17, 2016 By CollisionWeek Editor

The ongoing price fixing investigations being conducted by the U.S. Department of Justice Antitrust Division and the Federal Bureau of Investigation netted its latest guilty pleas. Corning International Kabushiki Kaisha (Corning International K.K.) has agreed to plead guilty and pay a $66.5 million criminal fine for conspiring to fix prices, rig bids and allocate the […]

Filed Under: News Tagged With: Antitrust, U.S. DOJ

NADA Used Car Guide Price Index Falls for Fifth Straight Month

May 17, 2016 By CollisionWeek Editor

May 2016 NADA Used Car Guide Price Index

While used cars prices are diving, large utility and pickup truck prices mitigate downward trend. According to the May edition of NADA Used Car Guide’s Guidelines report, wholesale used vehicle prices fell by an average of 1.7 percent in April largely due to a poor performance across car segments. As a result of the occurrence, […]

Filed Under: News Tagged With: J.D. Power, NADA Used Car Guide

Automotive Industries Association of Canada Elects New Board of Directors

May 17, 2016 By CollisionWeek Editor

The Automotive Industries Association (AIA) of Canada announced the election of two new directors, along with other changes to its Board at the 74th Annual General Meeting held in Montreal, Québec on May 11, 2016. The new members are Susan Hitchon from Schrader Performance Sensors and Simon Weller from NAPA Canada. Hitchon is the Canadian […]

Filed Under: News Tagged With: Automotive Industries Association of Canada, Board of Directors

Maryland Makes Selling and Installing Fake Airbags a Crime

May 16, 2016 By CollisionWeek Editor

Selling and installing non-functioning airbags is now a crime in Maryland. Maryland Gov. Larry Hogan’s signing Senate Bill into law May 9 that makes it a crime to install or sell counterfeit airbags. Conviction earns up to five years in state prison and up to $5,000 in fines. Making airbag scams a specific crime in […]

Filed Under: News Tagged With: Airbag, legislation, Maryland

Automotive Industries Association of Canada to Launch Collision Repair Industry Accreditation Program

May 16, 2016 By CollisionWeek Editor

The Automotive Industries Association (AIA) of Canada announced May 13 that it will be launching a nation-wide collision repair facility accreditation program in the fall of 2016. Tony Canade, AIA Canada Chair and President of Assured Automotive, provided some background on the decision, “The industry is seeing a rapid growth in OE certified repair network […]

Filed Under: News Tagged With: Accreditation, Automotive Industries Association of Canada, OEM Certification

Federal-Mogul Joins ASA as Corporate Member

May 16, 2016 By CollisionWeek Editor

The Automotive Service Association (ASA) has announced one of its latest corporate members: Federal-Mogul Motorparts. Corporate membership provides an opportunity for companies to expand their relationships with ASA and its leaders in the collision repair and automotive service segments of the industry. Brent Berman, director of training and consumer experience, said about its new membership […]

Filed Under: News Tagged With: Automotive Service Association

New AAA Survey Reveals Drivers’ Frustrations with Crumbling Infrastructure

May 16, 2016 By CollisionWeek Editor

About 70 percent of drivers traveling this summer are concerned about poor road conditions or traffic congestion, according to a new survey from AAA. The survey revealed that 56 percent of U.S. consumers will be hitting the road for summer vacation, but only 1 in 5 think the roads are in great driving condition. Some […]

Filed Under: News Tagged With: AAA, Infrastructure

Boyd Group Reports Same Store Sales Up 7.4% in First Quarter

May 13, 2016 By CollisionWeek Editor

Overall sales increased by 24.3 percent. Softening demand in second quarter could result in lower growth. Added 20 collision repair centers since start of year. The Boyd Group Income Fund (TSE:BYD.UN) today reported its financial results for the three-month period ended March 31, 2016. Sales increased by 24.3 percent to CA$350.4 million ($270.6 million) from […]

Filed Under: News Tagged With: Boyd Group, Earnings

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