In a Q3 2025 earnings call with investors in early November, Boyd Group Services Inc. (NYSE: BGSI, TDX: BYD.TO), the Canada-based parent company of Gerber Collision & Glass, reported having completed what it called “one of the most exciting and transformative periods” in the company’s history, including a return to same-store sales growth, topping the 1,000-shop mark, announcing the largest MSO acquisition year to date, and listing its stock on the New York Stock Exchange.
“It’s been an exciting quarter, and I’m proud of what the team has accomplished,” CEO Brian Kaner said as he kicked off the call. “For the third quarter, we generated positive same-store sales growth of 2.4%, with growth coming from continued market share gains as well as an improvement in industry conditions. While it remains early in the fourth quarter, same-store sales for October continued to show positive growth.”
Kaner said there’s been some improvement in “several headwinds that have been negatively impacting repairable claims.” He said auto insurance premium increases have slowed back closer to historical levels, which could lead more drivers to improve their insurance coverage and feel more comfortable filing claims.
“Most recently, we’ve begun to see some insurance carriers in the United States seek regulatory approval to decrease insurance premiums,” Kaner said.
In addition, a return to growth — albeit modest — in used vehicle prices could reduce total losses, shifting more high-dollar claims into the repairable category.
“These trends combined with our return to positive same-store sales support our view that the industry conditions are normalizing,” Kaner said.
Brian Kaner emceed the MSO Symposium in Las Vegas, the week before the company’s Q3 2025 earnings call.
Overall, Boyd Group’s sales increased by 5%, to $790.2 million, in Q3 2025 compared to the same period in 2024. Its gross profit increased by 6.5% to $365.9 million, or 46.3% of sales. Its adjusted EBITDA increased 22.8% to $98.4 million, and adjusted earnings increased to $13.3 million, compared to just $3.2 million in the same period of 2024.
“We also had a busy quarter with new location growth, adding 24 locations, [including] 17 coming from acquisitions…as well as seven new startup locations,” Kaner said.
The company’s announced acquisition of the 258-shop Joe Hudson’s Collision Center business came in late October, after the close of Q3 2025.
“As we’ve mentioned in previous calls, we’ve been patient in waiting for the right complimentary MSO to come along, one that made sense strategically and financially, and Joe Hudson’s checks both boxes,” Kaner said. “This acquisition accelerates our growth, solidifies our position as one of the leading players in the highly-fragmented North American collision industry, and generates meaningful synergies.”
Aside from that, Kaner said, the company still expects to open an average of eight to 10 new locations per quarter, including 13 expected this quarter, with 18 others in development.
He said the company’s listing on the New York Stock Exchange under the symbol BGSI increases Boyd’s visibility, “giving us access to a broader pool of investors.”
Jeff Murray, executive vice president and CFO for Boyd Group, said the company’s strong quarter came at a time when they estimate repairable claims were down between 3% and 5%. But even that level of decline seems like “a meaningful improvement from both the second quarter of 2025, which experienced an estimated decline of 6 to 8%, and the first quarter of 2025, during which claims were down an estimated 9 to 10%,” Murray said.
Boyd remains the second-largest shop operator behind Caliber Collision in North America, with more than 1,100 U.S. shops once the acquisition of Joe Hudson’s closes. It also operates more than 120 shops under other trade names in Canada, including recently a five-shop collision repair business it acquired in Nova Scotia, marking its first entry into that province.
John Yoswick