CARSTAR reports strong 2011 financial results
Feb. 10, 2012—CARSTAR Auto Body Repair Experts exceeded its financial objectives for 2011 with $600 million in sales, the company announced Thursday during a teleconference.
CARSTAR said it outperformed the industry on same store sales during 2011. The company achieved double-digit same store sales increases, compared to a roughly 2 percent increase for the industry overall.
In addition, CARSTAR said its corporately managed insurance sales obtained double-digit growth in 2011. That marks the second highest annual increase in the company’s history.
CARSTAR added 17 new locations in 2011 throughout Texas, Florida, Washington, Missouri, New Mexico and Massachusetts. New store revenues increased by 50 percent compared to 2010, according to CARSTAR.
“During 2011, we made a number of changes to strengthen the foundation of CARSTAR and set the stage for growth as the economy improves,” said David Byers, CEO of CARSTAR. “We surpassed our financial objectives for the year and continue to operate with a strong balance sheet and an overall strong financial position. This year, we are optimistic about the growth opportunities in the marketplace, both for our current store owners and new store additions, and look forward to fulfilling our potential as North America’s largest MSO network.”
CARSTAR currently operates nearly 400 collision repair locations throughout 31 states and 10 Canadian provinces. The company said it expects to add more than 50 new locations during 2012.
“We have an incredible network of independent store owners across the country, and we’re proud of what we’ve accomplished working together over the past year,” Byers said. “This shared vision and united focus on achieving our goals will deliver new growth for their businesses this year, and help build the entire organization for the future.”
For more information, visit carstar.com.