Designed to Help Industry Deliver Safe and Proper Repairs to Today's Increasingly Complex Vehicles
In this brief video, Mitchell President and CEO, Alex Sun, introduces the Q2 2020 Industry Trends Report, which presents current data, important trends, predictions about the future of technology and valuable recommendations for an industry still managing the impacts of COVID-19. Read the Q1 2020 Auto Physical Damage and Casualty Industry Trends Reports now.
COVID-19 has changed our world...literally. In just four months, we’ve seen businesses close, manufacturing plants halt production and the unemployment rate skyrocket. The collision repair market has been especially hard hit due to shelter-in-place mandates that have resulted in fewer cars on the road and far fewer accidents. According to a recent survey, 52% of U.S. repair facilities reported a decline in sales in March 2020 as compared to March 2019 and 43% have had to reduce their workforce. In Canada, the effects are similar.
After a strong start to 2020 in January and February, the COVID-19 crisis wiped out gains in wholesale prices in virtually all categories.
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Every industry has been impacted by actions taken to control the spread of COVID-19, including the automotive industry. Growing unemployment, coupled with a pivot to remote working, has changed consumer priorities and curtailed car-buying habits. The decline in miles traveled has also resulted in less wear and tear on vehicles, thereby reducing the replacement rate. Additionally, like many other manufacturers, some automakers temporarily closed or repurposed plants to produce ventilators and personal protective equipment. They also closed dealer showrooms to protect employees and the public. Amidst the COVID-19 response, these and other changes in market dynamics are giving rise to new emerging total loss trends.
Workers’ comp injuries are unique because they typically require face-to-face visits with medical professionals to evaluate, diagnose and treat. When a provider’s office is closed it can significantly impact an employee’s ability to return to work. As injured workers faced temporary office closures, postponed surgeries and cancelled therapy appointments, we knew that as a workers’ compensation provider network we had to be innovative and lead the charge for their care.