Boyd Group Services (TSX: BYD.TO), the Canada-based parent company of Gerber Collision & Glass, reported in mid-August that its Q2 2025 sales were up modestly, just 0.2%, compared to the same period the prior year. Its same-store sales were down 2.1% — after a 1% drop the prior quarter — but that was offset by $21 million in revenue from new locations. The company added eight collision repair locations during the quarter, half through acquisition and half start-up locations.
Thanks in part to cost-saving actions — including layoffs of some non-production employees in April — the small increase in sales to $780.4 million helped the company see a 2.8% increase in gross profit for the quarter of $365.4 million, the equivalent of 46.8% of sales. Adjusted net earnings decreased to $10.8 million, compared to $11.9 million in the same period of 2024.
“During the second quarter, we continued to realize the benefits of further internalization of scanning and calibration services, and made additional headway on our Project 360 cost transformation plan,” Brian Kaner, Boyd Group Services’ CEO, said during the company’s quarterly earnings call in mid-August.
The company has set a target of doing at least 80% of its scanning and calibrations in-house within two or three years. It is currently doing about 67%, and Kaner said hitting the goal requires keeping up with the continued growth in ADAS adoption in the vehicle population, as well as getting “to a position where we’ve got coverage in all of our markets.”
“We’re extremely pleased with the progress that we’ve made on our scanning and calibration business,” he said. “The leader who runs that business for us, and the team, have done a phenomenal job.”
He also pointed to improvements in the company’s “performance-based pricing” with its insurance partners, and “increased parts margins as a result of initiatives to enhance direct parts procurement to drive cost efficiencies.”
“Despite ongoing industry headwinds, our adjusted EBITDA margin in the second quarter was the highest quarterly performance since 2023,” Kaner said.
Kaner also said that early in Q3 2025, Boyd Group was beginning to see “a modest amount of positive same-store sales growth.”
He said the total cost of repairs, as reported by CCC Intelligent Solutions, is still down from its recent peak, and as that rebounds, there “still remains an opportunity for us to continue to experience more growth.”
To date, he said, Boyd hasn’t seen any “significant impact from tariffs,” though he couldn’t say that wouldn’t change “as the clarity around tariffs becomes more real.”
Boyd is the second-largest shop operator in North America, behind Caliber Collision, hitting the 1,000-shop mark in August with its acquisition of the eight-location L&M Body Shop MSO in Virginia. More than 100 of its shops are in Canada, operating under the trade names Boyd Autobody & Glass and Assured Automotive. The company earlier this year said it held about 6% market share in the industry, and the company’s five-year growth plans call for it to reach about 10% market share by 2029.
Kaner said he expects more collision repair business owners may take a new look at selling their business as they weigh the current decline in claims count “against the backdrop of having to make investments to keep up with the changing vehicle population.”
“We are well positioned to execute on our growth strategy and continue to be a strategic buyer for multi-location acquisitions at the right economics,” Kaner said.
John Yoswick