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BUSINESS NEWS

MOBILE MERGER

asTech has acquired Mobile Tech RX, an automotive and collision reconditioning application. Mobile Tech RX has over 4,000 companies using the application for glass repair, detailing, paintless dent repair, wheel and rim repair, paint touch up, window tint, interior repair, PPF and vinyl repairs. “The merger between Mobile Tech RX and Repairify will result in an application that better serves all end customers and technicians who currently utilize the solution,” said Eric Garves, the CEO and Co-Founder of Mobile Tech RX. Technicians will be capable of diversifying and expanding their revenue streams while end customers will benefit from access to a broader set of vehicle repairs.”

BRAKING THE BANK

A US$1 trillion infrastructure bill currently before the U.S. House of Representatives has the potential to mandate automatic emergency braking in all passenger vehicles, setting a significant new benchmark for automakers. The bill requires the Secretary of Transportation to make a rule establishing minimum performance standards for such anti-crash technology, and to require all passenger cars and large trucks to be sold with systems that alert the driver if a crash is imminent, and automatically apply the brakes if the driver fails to do so. Passenger cars would also have to be equipped with lane-monitoring and lanekeeping systems and be able to correct the course of the vehicle’s travel if the driver fails to do so. A mandate for automatic braking has been a goal for the Insurance Institute for Highway Safety (IIHS) and the Highway Loss Data Institute (HLDI) for some time now, and according to the Insurance Institute for Highway Safety, police-reported crash data shows that crash avoidance technology could cut front-to-rear crashes in half.

SOLICITING THE SEAL

Collision repair facilities in the United States are reporting Tesla emails that outrightly recruit Tesla-certified technicians and estimators, Repairer Driven News reported on Wednesday. According to the email obtained by Repairer Driven News—bearing the subject line “Tesla Collision Tech Referrals—Who Do You Know?” —Tesla is “seeking experienced Collision Technicians who can join the team in San Jose, California.” Sent from a recruiter at Tesla’s Palo Alto, Calif. facility, the email went on to ask if the recipients “knew anyone in [their] network that would be interested in working at Tesla.” A benefit one-pager was attached to the email, “for review,” as well as a link to apply. According to an anonymous planner cited by Repairer Driven News, the email was sent to all technicians, estimators and “whoever else was signed up for training” in their organization. Collision Repair magazine has not received any notifications of similar situations occurring in Tesla’s Canadian network.

 

ADVANCED ADVANCES

Advanced Auto Parts had a record-breaking quarter with an increase of 23.4 percent in net sales and an increase of 24.7 percent in same-store sales. Tom Greco, president and CEO, says the company’s hard work and strong focus on the financial side of their business has paid off ten-fold. “In the first quarter of 2021, we delivered record-breaking sales growth across our business, as both DIY and professional customers turned to Advance for their automotive needs amid a strong industry backdrop,” said Greco. “Our commitment and actions to protect the financial strength of the business during the pandemic resulted in first-quarter free cash flow of $259 million.”

MELANCHOLY AT MAGNA

Swedish automotive technology firm Veoneer has opted to go with Qualcomm’s $37-per-share merger bid following a previously announced merger with Aurora, Ontario-based Magna International. Magna said October 4 that Veoneer’s board determined the previously announced proposal by Qualcomm is a superious proposal under the terms of the previously announced merger agreement between Magna and Veoneer. Magna had originally offered $32-per-share—$5-per-share less than Qualcomm’s offer. Veoneer will now pay Magna a termination fee of $110 million.

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