Current Used Vehicle Market Conditions: 2021 Year-End
3 MIN READ
Average wholesale prices softened modestly through year-end after reaching new highs in early November. Nevertheless, prices remained dramatically higher than year-ago and pre-pandemic levels, as demand continues to outstrip supply. Retail used vehicle sales and CPO sales also softened at year-end, but were solid on a full-year basis and may have been stronger if used vehicle supply was more plentiful.
Episode 5: Evolution and Growth in the Collision Industry
Ryan and Ben Clymer, Jr.—CEO of the five-location MSO, Ben Clymer’s The Body Shop—discuss today’s challenges with the efficient delivery of proper, safe repair, including the ongoing impact of supply chain disruptions. They also uncover new growth opportunities and even potential roadblocks for the collision industry.
Long-Lasting Pandemic Trends That Might Surprise You
5 MIN READ
It is no surprise that the COVID-19 pandemic has changed much about the way we live and do business.
Episode 4: What Vehicle Lightweighting Means for Collision Repair
Ryan and Edwin Pope, principal analyst at IHS Markit, discuss the growing use of lightweight materials in new automobile design and construction. While these alternatives are helping to improve safety, boost fuel economy and reduce costs, they are also creating new challenges affecting insurance claims and the delivery of proper and safe repair.
The Shift in Mobility Patterns
5 MIN READ
Just two years ago, some experts predicted the end of private vehicle ownership and the growth of shared mobility or Mobility as a Service (MaaS). Then came COVID-19. Three trends have emerged, however, that are shaping mobility’s “next normal” and promising to have a long-lasting impact on the collision repair and auto insurance industries.
AI and Its Impact on Automotive Claims
6 MIN READ
For more than six decades, innovators have attempted to unlock the full potential of artificial intelligence (AI). That dramatic growth has only accelerated over the last year due, in part, to the pandemic and a “new reality”. According to one report, 87% of carriers are now spending in excess of $5 million annually on these technologies, which is more than in the banking and retail sectors.
Average Length of Rental for Repairable Vehicles: Q1 2021
6 MIN READ
Overall U.S. LOR for Q1 2021 remained stable compared to Q1 2020, with an increase of only 0.1 days. Since COVID’s impact on 2020 LOR was most evident in April’s increases, we may see a larger difference when analyzing LOR next quarter.