Partnering to Transform the Claims Journey
Peanut butter and jelly. Bacon and eggs. Coffee and cream. It’s hard to imagine one without the other. In fact, most would agree that they’re better together than apart. When it comes to business, the same can be said of great partners. Through shared vision and collaboration, successful partnerships have the power to delight customers, meet market needs and spark long-lasting transformation with the introduction of new, innovative solutions. Like any other market, the automotive insurance sector is dependent on fruitful alliances, especially those that use technology to enhance the claims process.
Current Used Vehicle Market Conditions: Q2 2020
Building on a May rebound, wholesale prices in June rose by nearly 10% month-over-month.
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.