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The Climb: Driven Brands reports Q1 financial results

Charlotte, North Carolina ⁠— Driven Brands has reported its financial results for the first quarter ended March 27, 2021. 

Driven, the parent company of collision repair brands CARSTAR, Fix Auto USA and Maaco, reported revenue of US$329.4 million⁠—an increase of 83 percent from 2019. The company said the increase was primarily driven by the Q3 2020 acquisition of International Car Wash Group.

The company said system-wide sales hit a record of US$1.0 billion, an increase of 28 percent versus the prior year and 37 percent net store growth.  

Same-store sales declined 9.4 percent for the company’s Paint, Collision and Glass segment in Q1 2021, due to less congested roadways, fewer accidents and fewer collision repairs.

The company added 22 net new stores during the quarter.

Click here for more information on Driven Brands Q1 2021 financial results.

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