Mitchell release_notess Industry Trends Report
Aug. 10, 2011 – Mitchell International, Inc. has released the third quarter 2011 edition of its Industry Trends Report.
In the report, Mitchell’s vice president of industry relations Greg Horn explains how this year’s rapid changes to the price of gas are impacting resale values for fuel-efficient cars, hybrids and vehicles commonly referred to as "gas guzzlers."
“To determine the relationship between fuel spikes and values, we examined the Toyota Corolla, Prius and the Ford Expedition as representatives of the fuel efficient, hybrid and gas guzzler vehicle categories,” Horn said. “Our claims data fell in line with other reports and market sources and did show that fuel efficient vehicles tend to rise more quickly and reliably in value during a period of high prices than gas guzzlers, which fall in value.”
Other items mentioned in the report include:
• Mitchell’s Q2-2011 data reflect an initial average gross Collision appraisal value of $2,761, $90 less than this same period last year. Applying an adjusted value of 9 percent suggests a final Q2-2011 average gross collision appraisal value of $3,008. The average Actual Cash Value (ACV) of vehicles appraised for collision losses during Q2-2011 was $13,705, an increase of $500 over the same period last year.
• In Q2-2011, the average gross appraisal value for Comprehensive coverage estimates processed through Mitchell servers was $2,854, compared to $2,625 in Q2-2010. Applying a prescribed development factor of 1 percent for this data set produces an increase in the adjusted value to $2,883, reflecting the strong storm season with many hail claims.
Complete content is available in the latest Industry Trends Report, which may be downloaded in PDF format by visiting Mitchell’s website. First published in April 2001, the report has grown both in content and circulation, now reaching more than 33,000 collision and casualty industry professionals.