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Privately-held Carstar Auto Body Repair Experts announced Thursday that its revenues rose nearly 10 percent in 2014 to $712 million.
Direct repair programs helped fuel the growth from Carstar’s $649 million in 2013. The company added 179 DRPs and increased vehicle volume from insurers by 11 percent.
The company also added a few locations to the network last year, though that doesn’t appear to be skewing the growth the way some acquisitions do. Same-store sales rose 11.3 percent.
“That growth is fueled by several key factors,” Carstar CEO David Byers said in a statement. “We’ve seen increases in repair volumes from the top 25 insurance carriers, driven by CARSTAR’s EDGE Performance platform and continued KPI performance. We are seeing higher repair values as consumers continue to purchase new cars. And, weather has played a role, with numerous hail storms, heavy rain in the coastal areas and early snowstorms through the Midwest and northeast.”
The company also improved its bottom line with nearly $6.5 million in perks from vendors.
Carstar touted its network’s aluminum certification program and said it would target specific shops and engage in “load leveling” to them.
“We are already seeing repair volume for aluminum repair grow in key markets, particularly in those areas with higher ownership of the Ford F-150 and more exotic cars like the Tesla,” Byers said in a statement. “As the auto industry evolves to meet CAFÉ standards, and more aluminum vehicles enter the marketplace, the shops that can deliver this advanced service will rise above those who don’t invest in training, technology and shop improvements.”
Featured image: Privately-held Carstar Auto Body Repair Experts announced Thursday that its revenues rose nearly 10 percent in 2014 to $712 million. (Provided by Carstar)