Dedicated to serving all those involved in the collision repair of heavy- and medium-duty vehicles, the provides attendees with a vast network of suppliers and experts, as well as information on the latest industry trends. The conference will include speaker presentations on the collision repair industry, the newest technologies, and repair business management. There will also be focused learning sessions and networking opportunities between attendees to encourage partnerships.
Be sure to visit Mitchell, an ¶¶ÒõÆƽâ°æ company, for more information on our latest solution, Mitchell Cloud Estimating TruckMax, which helps streamline the appraisal process for collision-damaged trucks!
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Plugged-In: EV Collision Insights Q1 2024
In Q1 2024, electric vehicle (EV) repairable claims frequency rose to 2.26% in the United States and 3.41% in Canada, an increase of approximately 40% and 38% respectively over Q1 2023. Tesla price reductions late last year spurred precipitous price drops throughout the EV segment. As a result, price parity between EVs and vehicles with an internal combustion engine (ICE) may be coming faster than previously predicted.
Decrease in Used Electric Vehicle Prices Coincides with an Increase in Total Loss Claims
Mitchell today released its Q1 2024 trends report: Plugged-In: EV Collision Insights. This quarter’s report provides an update on EV total loss frequency, which has risen since late last year as the price of used EVs has fallen. In the U.S. and Canada, EV total loss rates were 9.93% and 7.48% respectively—an increase of approximately 8% from Q4 2023 and 30% from Q3 2023 in both regions.