Insurers managed customer expectations as repair cycle times double in two years according to J.D. Power. Amica Mutual ranks highest for second consecutive year. Long repair shop backlogs and lingering parts shortages have caused the average auto insurance repair cycle time to reach 23.1 days in 2023, up 6.2 days from 2022 and more than […]
J.D. Power Acquires Autovista Group
Adds European and Australian automotive data and analytics provider of vehicle valuation and repair estimate data. J.D. Power today announced a definitive agreement to acquire Autovista Group, a pan-European and Australian automotive data, analytics and industry insights provider. The acquisition complements J.D. Power’s strengths in vehicle valuation and detailed vehicle specification data and analytics while […]
J.D. Power Reports America Increasingly Divided on EV Adoption
EV adoption is growing nationally but the bottom ten states recorded year-over-year decline. State disparity in adoption projected to continue through 2035. According to the latest data from J.D. Power, EV adoption in America is growing increasingly divided, with the most active states for EV adoption already on the path to parity with internal combustion […]
New Vehicle Sales Projected Up Over 15% in August Compared to Last Year
J.D. Power and GlobalData forecast fifth consecutive month of double-digit sales growth and record spending on new vehicles. Total new-vehicle sales for August 2023, including retail and non-retail transactions, are projected to reach 1,354,600 units, a 15.4% increase from August 2022, according to a joint forecast from J.D. Power and GlobalData. August 2023 has 27 […]
New-Vehicle Sales Projected Up 21.5% in July
Will mark fourth consecutive month of double-digit percentage growth. Total new-vehicle sales for July 2023, including retail and non-retail transactions, are projected to reach 1,320,982 units, a 21.5% increase from July 2022, according to a joint forecast from J.D. Power and GlobalData. Total sales of new vehicles this month are expected to reach 1,320,982 units, […]
U.S. Auto Sales Projected to Increase Over 22% in June Compared to Last year
Growth continues for third consecutive month. Total new-vehicle sales for June 2023, including retail and non-retail transactions, are projected to reach 1,381,200 units, a 22.6% increase from June 2022, according to a joint forecast from J.D. Power and GlobalData. June 2023 has 26 selling days, the same as June 2022. New-vehicle total sales in Q2 […]
Auto Insurance Customer Satisfaction Plummets as Rates Surge
J.D. Power finds satisfaction dropped the largest amount in the past 20 years. Nearly one-third (31%) of U.S. auto insurance customers say they experienced a rate increase during the past year as the industry raises rates an average of 15.5% and insurers continue to fight the forces of record high loss ratios, according to the […]
More U.S. New-Vehicle Shoppers Dig in Their Heels on Internal Combustion Engine Vehicles
According to the latest research from J.D. Power, while more consumers are considering an electric vehicle (EV) for their next new vehicle, a growing number of consumers say they are very unlikely to consider an EV purchase for their next vehicle purchase. Key Findings of the study include: EV Holdouts Become More Resolute: Despite recent […]
Auto Insurance Shopping and Carrier Switch Rates Reach New Highs as Premiums Increase
J.D. Power finds State Farm ranks highest among large insurers for shopping experience. The Hartford best among midsize insurers. Progressive gaining market share as GEICO raises rates above industry average. The nation’s auto insurers are locked in a vicious cycle of inflation, rising premiums and steadily increasing customer defection rates. The result, according to the […]
March Total New-Vehicle Sales Pace Projected to Increase Over Last Year
Pent up demand buoys sales. Spending on new vehicles projected to set Q1 record. Total new-vehicle sales for March 2023, including retail and non-retail transactions, are projected to reach 1,330,700 units, a 6.2% increase from March 2022, according to a joint forecast from J.D. Power and LMC Automotive. March 2023 has the same number of […]
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