The is the premier automotive specialty products trade event in the world. SEMA draws the industry’s brightest minds and hottest products to one place, the Las Vegas Convention Center. Additionally, SEMA provides attendees with educational seminars, product demonstrations, special events, networking opportunities and more. Mitchell will once again be attending SEMA as an exhibitor with an interactive exhibit. Visitor’s to Mitchell’s booth will have the opportunity to be among the first to demo the latest Mitchell solutions for the repair industry. We look forward to seeing you on the show floor! Need to schedule a meeting with a sales representative? Contact us today.
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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.