CARSTAR Reaches Record Revenue of $712 Million in 2014
Feb. 5, 2015—CARSTAR, North America’s largest multi-store operator (MSO) announced that it finished 2014 with record North American revenue of $712 million, up nearly 10 percent from $649 million in 2013.
CARSTAR also announced that the year ended with same store sales in North America up 11.3 percent over the previous year.
In addition, CARSTAR’s insurance carrier volumes increased 11 percent over 2013, and it added 179 direct repair programs (DRPs) to its network. CARSTAR also benefited from upward of 50 national vendor programs that delivered to the CARSTAR system in 2014 nearly $6.5 million in rebates, rental benefits and paint conversion/retention incentives.
“That growth is fueled by several key factors,” David Byers, CEO of CARSTAR, said in a release. “We’ve seen increases in repair volumes from the top 25 insurance carriers, driven by CARSTAR’s EDGE Performance platform and continued KPI performance. We are seeing higher repair values as consumers continue to purchase new cars. And, weather has played a role, with numerous hail storms throughout the country, heavy rain in the coastal areas and early snowstorms through the Midwest and northeast.”
CARSTAR also remains the only MSO in the country that has its own aluminum certification program.
“We are already seeing repair volume for aluminum repair grow in key markets, particularly in those areas with higher ownership of the Ford F-150 and more exotic cars like the Tesla,” Byers said. “As the auto industry evolves to meet CAFE standards, and more aluminum vehicles enter the marketplace, the shops that can deliver this advanced service will rise above those who don’t invest in training, technology and shop improvements.”