The Canadian CARSTAR franchise network will celebrate its 30th anniversary in Victoria, BC by hosting its annual conference. Over the course of three days, the CARSTAR team, along with professionals from across the industry, will gather to celebrate this milestone, attend informational sessions and strengthen connections with one another during events like the vendor trade show.
The chart below illustrates the total loss data for both vehicle age and actual cash value of total loss vehicles processed through ̽»¨¾«Ñ¡ servers.
Does virtual reality have practical applications for the P&C and collision repair industries? While it may be too soon to say what the overall impact will be, we are seeing interesting applications that go beyond entertainment. Virtual reality is being used to train doctors, create architectural models, and test the safety of new car models in a virtual setting before manufacturing them. It’s easier to see the potential benefits of augmented reality.
The rate of average Length of Rental (LOR) growth declined in Q1 of 2017 for the first time in multiple quarters increasing only a modest .2 days from 11.9 to 12.1. In March, the number was flat, the first month without a year over year increase in more than two years. The data demonstrates very little consistency across and within regions, therefore there doesn’t appear to be a true U.S. trend.
The tale of two markets resumed in March, as wholesale prices were below year-ago levels for cars and above prior year for trucks. Nevertheless, both groups showed price increases versus February’s unseasonably soft results, as retail sales and wholesale activity showed signs of the traditional spring/tax season market typical for used vehicles.
The initial average appraisal value, calculated by combining data from all first and third-party repairable vehicle appraisals uploaded through ̽»¨¾«Ñ¡ systems in Q1 2017, was $3,018, $4 less than this same period last year. However, continued development suggests a final Q1 2017 average appraisal value of $3,047, which represents an increase of the same quarter last year.
This data is the product of upload activity from body shops, independent appraisers, and insurance personnel, more accurately depicting insurance-paid loss activity, rather than consumer direct or retail market pricing.