Archive for October 2024

Boaz Mizrachi, Co-founder and CTO of Tactile Mobility, highlights the transformative role of sensors in modern vehicles. These advanced technologies, including lidar, radar, and virtual tactile sensors, are revolutionizing road safety. By providing real-time data on road conditions, vehicle health, and potential hazards, sensors empower drivers to make informed decisions and avoid accidents. For instance,…

Progressive Corporation, a leading personal auto insurance provider, experienced significant growth in its policies in force and premiums during the third quarter of 2024. The company’s total personal auto policies in force increased by 16.8% year-over-year in September, reaching a new record high. This growth was driven by both agency and direct sales channels. In…

Mitchell International has partnered with Collective Sourcing to introduce a new virtual estimating service for U.S. auto insurers. This innovative service aims to expedite claims processing by combining Mitchell’s damage appraisal technology with Collective’s auto technical specialists. By leveraging advanced technology and expert knowledge, the service enables insurers to deliver a more streamlined and efficient…

EV sales in the U.S. continued to rise in Q3 2024, driven by incentives, discounts, and the availability of more affordable models. Despite slower year-over-year growth, the EV market share reached a new high of 8.9%. Tesla remained the leader, boosted by strong Cybertruck sales, while GM and Hyundai also saw significant growth. Electric vehicle…

The Volkswagen Group plans to use vehicle data to improve driver assistance systems and automated driving functions. Vehicle software updates will enhance driving comfort and traffic safety. High-quality data from real traffic situations is crucial for optimizing these systems. The initiative will start in Germany with Volkswagen and Audi models, and other brands will gradually…

The market penetration of advanced driver assistance systems (ADAS) in passenger vehicles has grown significantly in recent years. A new report by the Partnership for Analytics Research in Traffic Safety (PARTS) reveals that 10 out of 14 ADAS features surpassed 50% market penetration in the 2023 model year, with five features exceeding 90%. This represents…

The average interest rate on new car loans rose 7.1% in July 2024, the highest since the Great Recession. Used car loan rates reached 11.4%, significantly higher than in recent years. This increase in interest rates has led to higher monthly payments for car buyers, with nearly 18% of new car loans now having a…