Industry News

A recent survey by The Guardian Life Insurance Company of America revealed that retirement-related concerns are the primary source of stress for American employees. Many worry about having enough money to last through retirement and a guaranteed source of income. This, combined with low overall well-being among Americans, highlights the urgent need for additional support…

The National Federation of Independent Business (NFIB) Small Business Optimism Index rose in July, indicating a slight improvement in sentiment among small business owners. However, numerous challenges persist despite this increase, particularly related to inflation and labor costs. Inflation continues to be a significant concern for small businesses, with 25% of owners identifying it as…

The Michigan Department of Insurance and Financial Services (DIFS) has released guidelines for insurance companies using artificial intelligence (AI). The bulletin aims to protect consumers from potential risks associated with AI, such as discrimination and inaccurate decisions. While acknowledging AI’s potential benefits, DIFS emphasizes the importance of compliance with existing laws and regulations. The department…

Texas Attorney General Ken Paxton has filed a lawsuit against General Motors, accusing the automaker of illegally collecting and selling the private driving data of over 1.5 million Texans to insurance companies and third parties without their consent. The lawsuit alleges that GM deceived consumers by claiming that enrolling in its products, like OnStar Smart…

The U.S. Senate has approved a spending bill providing a modest 1% increase for the Department of Education, starkly contrasting the House’s proposed 14% cut. While this is positive news, the bill still faces hurdles before becoming law. Career and technical education (CTE) saw some gains, with a $35 million increase in the Perkins Basic…

Used vehicle prices, which have been a significant factor in the decline of repairable collision repair claims, showed signs of stabilization in July. While prices were still down year-over-year, the rate of decline has slowed. This is positive news for the collision repair industry as it could potentially lead to an increase in repairable claims.…

GEICO is streamlining the diagnostic, programming, and calibration process for its ARX repair facilities. Due to the increasing complexity of modern vehicles, GEICO has partnered with asTech to standardize pricing and expedite approvals for these services. Utilizing the asTech Rules Engine, this new system will determine appropriate scans and associated costs. While not mandatory, the…

The National Highway Traffic Safety Administration (NHTSA) has issued a grave warning about the dangers of counterfeit air bag inflators. These substandard parts, often manufactured overseas and sold at significantly lower prices, pose a serious threat to the lives of used car owners and buyers. In recent months, three fatalities and two severe injuries have…

A new study by the Insurance Institute for Highway Safety (IIHS) and the Highway Loss Data Institute (HLDI) has cast doubt on the safety benefits of partial automation systems. Despite increasing popularity, these systems have shown little evidence of preventing collisions in older BMW and Nissan models. While crash avoidance features like automatic emergency braking…

Collision repair production surged in May, surpassing previous records. Employment and hours worked both increased compared to April and May 2023. Total production hours reached a new high, though they have declined from peak levels seen in late 2022 and early 2023. While average weekly hours worked dipped slightly, wages for production employees rose compared…