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Saturday, 10 March 2012 00:52

LKQ Corp. Reports Record Results in 2011

LKQ Corp. has announced results for its fourth quarter and full year ended Dec. 31, 2011. Income from continuing operations for the fourth quarter was $56.1 million and diluted earnings per share were 38 cents, a 36 percent increase over the 28 cents per share reported for 2010. For the full year 2011, income from continuing operations was $210.3 million and diluted earnings per share were $1.42, a 23 percent increase over the $1.15 reported for 2010.

"We completed a successful 2011 with a solid fourth quarter," said Robert Wagman, president and CEO of LKQ Corp. "In 2011, the company surpassed $3 billion in revenue for the first time, and achieved double digit total organic revenue growth and diluted EPS growth despite the headwinds of high fuel costs, the high cost of salvage vehicles and the reduction in miles driven that we faced throughout the year."

Wagman added, "We made 21 acquisitions in 2011 including the purchase of Euro Car Parts. The financial performance of these businesses and their integration into our existing operations is progressing as expected."

For the fourth quarter of 2011, revenue was $939.6 million compared with $674.1 million for the fourth quarter of 2010, an increase of 39.4 percent.

For the full year of 2011, revenue was $3.27 billion compared with $2.47 billion in 2010, an increase of 32.4 percent. Acquisition revenue growth for 2011 was 21.5 percent.

During the fourth quarter, LKQ acquired four businesses including the previously announced Euro Car Parts acquisition, the largest automotive aftermarket parts distributor in the United Kingdom. In North America, the company acquired a heavy-duty truck business in Colorado, a wholesale salvage business in Idaho and a classic vehicle restoration parts and accessories distribution business in Georgia.

Based on current conditions and excluding restructuring expenses and any gains or losses related to acquisitions or divestitures (including changes in the fair value of contingent consideration liabilities), LKQ anticipates full year 2012 organic revenue growth from parts and services will be in the range of 5.5 percent to 7.5 percent, income from continuing operations will be in the range of $258 million to $278 million and diluted earnings per share from continuing operations will be in the range of $1.72 to $1.85.

In recent months, two of the most popular Mexican destinations for US and Canadian tourists have passed new laws requiring drivers to carry auto liability insurance at all times. Baja California Norte (home of destinations such as Tijuana, Ensenada, Rosarito, and San Felipe) and Jalisco (home of destinations such as Guadalajara, Lake Chapala, and Puerto Vallarta) have passed laws requiring that all drivers carry liability insurance. Other states have had similar mandatory auto liability insurance laws in place for some time.

Friday, 09 March 2012 23:29

Nissan Leaf Now Available Nationwide

Nissan opened up sales for their Leaf all-electric vehicle to all states in the US on March 1, 2012. After the EV's initial launch in limited markets at the end of 2010 and a piecemeal, state-by-state roll out throughout 2011, the Nissan Leaf will finally be available to order all around the U.S.

Nissan sent out a statement saying in part, "We are officially a 100% electric nation. Look out for an e-mail around 3/1/12 detailing when you can order your Nissan Leaf."

Nissan had told Autoblog in a previous interview about the EV that they had about 2,000 customers who had reserved a Leaf in the last states of the roll out months prior to the March 1 launch date.

Nissan points out that "Limited quantities will be available in launch markets through the Nissan Leaf online reservation system." Alaska and Wyoming residents are told to  call 1-877-NO GAS EV (664-2738) for help with their orders.

For more information please visit www.nissanusa.com.

CARSTAR Auto Body Repair Experts is expanding its corporate leadership and service teams to add new levels of collision, insurance and franchising industry experience and expertise, naming David B. James as VP of Marketing and Sharon Mazanec as Regional Service Manager for the Midwest.

James, an award-winning marketing professional with over 15 years of experience leading corporate strategy and marketing initiatives, brings his extensive expertise and background to North America’s largest collision repair company. James brings a broad background in traditional and online marketing, as well as quantitative and analytical focus in building business cases and measuring program performance to achieve business objectives.

James’ background includes extensive senior-level marketing expertise with Wolters Kluwer and H&R Block, as well as franchise ownership experience with Great Clips and insurance experience as a claims adjuster for Progressive Insurance.

Florida Senate Bill 540, the companion bill to Florida House Bill 885, is set to be taken up in the Senate in the near future.

Wednesday, 07 March 2012 16:05

CCC Releases 2012 Crash Course Report

CCC Information Services Inc. has released its 2012 annual Crash Course report, which explores key trends and business drivers impacting the automotive claims and collision repair industries. CCC compiles Crash Course by drawing upon its data warehouse of auto claims and repair information.

"'Disruption' is the central theme for the 2012 Crash Course report, because it, more than any other concept, defines how a broad range of factors impacted the automotive claims and collision repair industry," said Susanna Gotsch, Lead Analyst for CCC Information Services Inc.

"Some disruption is good, if you consider how technology has interrupted otherwise linear processes and made us more efficient. However, other disruptions such as the devastating tsunami in Japan, the flooding in Thailand, and the significant catastrophe activity in 2011, negatively impacted the entire parts supply chain, depleting inventory and driving up costs."

The 2012 Crash Course report examines these and other factors, including the continued impact of the global economic meltdown of 2008, and the many technology innovations changing consumer expectations, and provides insights as to how repairers and carriers can continue to compete in today's environment.

For a copy of the 2012 Crash Course report, please visit the CCCIS website News & Insight link.

For more information about CCC Information Services Inc. visit www.cccis.com.