Fenix Parts, Inc. announced today the closing of the previously announced transaction to acquire Cox Truck and Van, Inc. (CTV). This is the first acquisition completed to the Fenix Parts platform since the company was acquired by affiliates of Stellex Capital Management LP in April 2018. CTV, founded in 1977, operates a full service auto […]
Fenix Parts to Acquire Cox Truck and Van
Fenix Parts, Inc. today announced the execution of a definitive agreement whereby Fenix Parts will acquire the assets of Cox Truck and Van, Inc. (CTV). The parties expect the acquisition to be completed in July. CTV, founded in 1977, operates a full service auto recycling facility in Gainesville, GA and both full service and self […]
Maryland Used Auto Parts and Scrap Dealers Convicted of Tax Fraud
A married couple in Clinton, Md. were convicted by a federal jury on June 7 of one count of conspiracy to defraud the Internal Revenue Service (IRS) and four counts of filing false income tax returns, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division and U.S. Attorney Robert […]
Texas House Insurance Committee Holds Hearing on Bill That Would Define Collision Repair Labor Rates, OEM Procedure Requirements
Hearing includes an emotional appeal in support of the legislation by Marcia Seebachan, the vehicle owner at the center of the $42 million negligence judgment against a Texas collision repair shop for unsafe collision repairs. At a hearing before the Texas House Insurance Committee on Tuesday, legislators heard from supporters and opponents of Texas House […]
CIECA’s August 28th Webcast Details Improving the Recycled Part Procurement Process
CIECA will hold its next CIECAst webinar on Tuesday, August 28, 2018 at noon EDT. Jim McKinney, owner of EZ Management Solutions, will talk about how to improve the recycled part procurement process. During the presentation, McKinney will discuss the expansions of recycler groups to provide quality parts in a timely fashion. He will also […]
AASP/MA Urges Collision Repair Industry to File Complaints on Damaged Recycled Parts
The Alliance of Automotive Service Providers of Massachusetts (AASP/MA) is urging members of the Massachusetts collision repair industry to file complaints with the state’s Auto Damage Appraiser Licensing Board (ADALB) when they receive original insurance estimates that include damaged recycled parts. During the June 20 ADALB meeting at the Division of Insurance in Boston, AASP/MA […]
CNN Report Highlights Poor Quality Parts and Repairs, Body Shop Lawsuits against Auto Insurers
Collision repair industry reacts to Anderson Cooper 360 segment in prime time warning of unsafe repairs due to poor quality parts and repair work. Antitrust lawsuits against insurers detailed. Viewers of CNN’s Anderson Cooper 360 segment broadcast last night were exposed to the controversies surrounding insurance company referral programs, parts choice and collision repair quality […]
Automotive Recyclers Believe Media and Insurers Fail to Report the Full Parts Story
The Automotive Recyclers Association (ARA) believes that following the verdict against State Farm, many in the media and insurance industry have misled the public about a potential monopoly for new OEM replacement parts absent the availability of aftermarket parts. How so? We have all forgotten about the value of recycled OEM replacement parts as a […]