CCC Announces Availability of 2008 Crash Course: A Report on Factors Driving Auto Collision Repair and Total Loss Costs
Report shows increase in paid claim frequency; dynamic substrate, part usage environment
Chicago – March 12, 2008 – CCC Information Services Inc. today announced the availability of its 2008 Crash Course, an annual report on the many factors impacting collision repair and total loss costs. Among the topics addressed in the report is an increase in paid claim frequency last year, the first such increase in nearly a decade. The report also looks at how the increase in specialty substrate materials and the proliferation of electronics and safety features are impacting the collision repair industry. A full copy of the report, in its 13th year of publication, is available by visiting www.cccis.com.
Additional outside factors such as rising inflation, gas price increases and an injection of new vehicle technology had a strong downstream influence on the auto-physical damage (APD) industry in 2007. These factors were contributable to an increase in claims frequency, an increase in average vehicle repair cost and an invigorated focus on the customer’s insurance and collision repair experience.
“The number of new variables impacting the APD industry in 2007 only stands to grow in 2008, starting with a weary consumer likely to pull back on purchasing big-ticket items like a new vehicle,” said CCC Analyst Director Susanna Gotsch. “This economic reluctance usually makes the consumer take a closer look at their expenses, including insurance and collision repair costs. As this thinking prevails, it forces the APD industry to look for ways to meet the expectations of the customer – that includes delivery of quicker cycle time and a positive customer experience while keeping an eye on the bottom line.”
The 36-page Crash Course begins with a broad overall look of the national economy, followed by detailed analysis of categories affecting vehicle insurance and collision repair. This analysis includes five- and ten-year historical comparisons assembled through myriad industry resources. CCC’s data warehouse, which contains vehicle and repair-related information from 100 million estimates processed through its system, is the primary source of trending information included in Crash Course. CCC also includes third party research to highlight broader industry trends, providing Crash Course readers with a comprehensive view of the auto-claims industry. A mid-year report with year-to-date information will be available in the fall of 2008.
“Crash Course is one of the integral pieces that demonstrates CCC’s extensive view of the auto-physical damage marketspace,” said CCC Vice President of Corporate Marketing, Lou Kikos. “Through the combination of deep thought leadership, a vast data warehouse and longstanding industry presence, we have the ability to deliver market-leading solutions designed to give our clients the information they seek.”
About CCC
CCC Information Services Inc. provides leading automotive claims and repair solutions that drive efficiencies and enable its clients to make smarter decisions in every step of the process. CCC delivers integrated products and deep industry insight to clients through its network of insurers, repair facilities and information providers. CCC’s network includes 350 insurance carriers, in excess of 22,000 repair facilities and information from more than 30 data providers that has resulted in the industry’s most comprehensive data warehouse of claims file information. For more information about CCC Information Services Inc., visit our Web site at www.cccis.com or contact John Harris of CCC at 312-229-2693.
