2021 mPower Virtual Conference
On-Demand
The Mitchell | Genex | Coventry team looks forward to connecting with you at the 2021 mPower Conference, taking place virtually October 12–14, 2021.
Long-Lasting Pandemic Trends That Might Surprise You
It is no surprise that the COVID-19 pandemic has changed much about the way we live and do business.
The Shift in Mobility Patterns
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
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
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.
Average Length of Rental for Repairable Vehicles: Q4 2020
As 2020 drew to a close, Enterprise Rent-A-Car analyzed results by state and vehicle condition to determine any significant increases or decreases in Length of Rental (LOR).
Current Used Vehicle Market Conditions: Q4 2020
Average wholesale used vehicle prices fell from their August peak for the fourth month in a row in December, yet finished out the year almost 10% higher than year-ago levels.