Cracking the Code: What DTCs Tell Us About Vehicle Repair Trends
Diagnostic scanning has become a critical first—and last—step in the repair process. While mechanics have long relied on it to identify emission system malfunctions, collision repairers are now more routinely performing pre- and post-scans.
Getting Into Insurance? The Insurance Industry Outlook is Brighter than Ever
Over the last decade, the insurance industry has undergone dramatic changes that have catapulted it to the forefront of the American consciousness, driven by advancements in technology, shifts in consumer demand and growth in creative advertising. Now the last several months have brought a tidal wave of new changes upon us, and forced the industry to innovate and operate in ways we never thought possible.
Average Length of Rental for Repairable Vehicles: Q1 2020
The quarterly LOR summary is produced by Greg Horn, Chief Innovation Officer for PartsTrader. Length of Rental Data provided by Enterprise. Enterprise provides collision repair facilities with free cycle time reporting with market comparisons, free text/email capability to update their customers on vehicle repair status, and online reservations.
Surviving and Thriving During Challenging Times
COVID-19 has changed our world...literally. In just four months, we’ve seen businesses close, manufacturing plants halt production and the unemployment rate skyrocket. The collision repair market has been especially hard hit due to shelter-in-place mandates that have resulted in fewer cars on the road and far fewer accidents. According to a recent survey, 52% of U.S. repair facilities reported a decline in sales in March 2020 as compared to March 2019 and 43% have had to reduce their workforce. In Canada, the effects are similar.
Current Used Vehicle Market Conditions: Q1 2020
After a strong start to 2020 in January and February, the COVID-19 crisis wiped out gains in wholesale prices in virtually all categories.
Total Loss Trends Emerge Amidst the Pandemic
Every industry has been impacted by actions taken to control the spread of COVID-19, including the automotive industry. Growing unemployment, coupled with a pivot to remote working, has changed consumer priorities and curtailed car-buying habits. The decline in miles traveled has also resulted in less wear and tear on vehicles, thereby reducing the replacement rate. Additionally, like many other manufacturers, some automakers temporarily closed or repurposed plants to produce ventilators and personal protective equipment. They also closed dealer showrooms to protect employees and the public. Amidst the COVID-19 response, these and other changes in market dynamics are giving rise to new emerging total loss trends.
Reduce In-Person Interactions and Improve Efficiency with Virtual Claims
1 MIN READ
In March, Ryan Mandell, director of Claims Performance for Mitchell’s Auto Physical Damage business unit, identified the market drivers converging to make the concept of claims virtualization a reality.