The trade show provides attendees with the opportunity to see thousands of the latest automotive performance products from hundreds of exhibitors, to discover the newest vehicle trends in the industry, and to develop various skills by attending any of the 70+ free educational sessions hosted by top industry professionals!
Be sure to check out Mitchell, an ¶¶ÒõÆƽâ°æ company, and all our latest repair solutions at booth #32245!
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.
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.