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News
Labor Rate Index: National Data Shows Mechanical Labor Rates Rising Faster Than Body, Refinish
11+ hour, 55+ min ago (442+ words) Figures from NABR show mechanical labor rates rose 11.6% year over year in June, nearly double the pace of body and refinish work. Posted labor rates for mechanical repairs at U.S. collision shops are climbing at nearly twice the pace of body…...
Vehicle Repair, Insurance Costs Outpace Vehicle Prices as Inflation Driver, Cox Automotive Finds
3+ week, 13+ hour ago (468+ words) 56% of shoppers said that rising gas prices make them more likely to consider a hybrid or plug-in hybrid. A category of consumer costs that includes vehicle maintenance and repair, insurance, and public transportation has contributed more to U.S. inflation over the…...
Honda Cancels Three EVs, Discloses Up to $15.7B in Losses as Hybrid Sales Hit Record Highs
4+ mon, 4+ day ago (574+ words) Honda's first loss since 1957 adds $15.7 billion to an industry EV retreat reshaping what shops will see. Three Honda electric vehicles that collision repair shops were expecting to see in the coming years won't be built. Honda Motor Co., Ltd. announced…...
October New-Vehicle Average Price Slips Below $50K as EV Sales Plunge
8+ mon, 1+ week ago (298+ words) Full-size pickups reached a record average price of $66,462 in October. Kelley Blue Book (KBB) estimates the average transaction price (ATP) for a new vehicle in the U.S. dipped to $49,766 in October, down 0.4% from September’s record but still 2.1% above a year earlier....
OEM News: Stellantis to Invest $13B in U.S. Manufacturing; GM Takes $1.6B Hit on EVs
9+ mon, 5+ day ago (403+ words) Stellantis is refocusing its efforts after shipments to the U.S. fell about 25% year over year, while GM is dealing with softening EV demand. Stellantis announced a $13 billion investment over four years to expand its U.S. manufacturing capacity, reopen idle plants, launch five…...
Fed Makes First Key Interest Rate Cut of 2025
10+ mon, 3+ day ago (222+ words) The Fed dropped its benchmark interest rate by a quarter point, to 4.00-4.25%. The Federal Reserve on Sept. 17 lowered its benchmark interest rate by a quarter point to a range of 4.00%-4.25%, marking its first cut since December. The move was intended…...