6 minute read
Expected Late 2022: White House
Among premium brands, Genesis (156 PP100) ranks highest, and ranks fourth overall. Lexus (157 PP100) ranks second and Cadillac (163 PP100) ranks third.
The parent corporation receiving the most model-level awards is General Motors Company (nine awards), followed byBMW AG(five);Hyundai Motor Group(three);Ford Motor Company (two); and Toyota Motor Corporation (two). Among brands, Chevrolet received the most segment awards (six), followed byBMW(four).
General Motors models that rank highest in their respective segments are Buick Encore GX, Cadillac Escalade, Cadillac XT6, Chevrolet Corvette, Chevrolet Equinox, Chevrolet Malibu, Chevrolet Silverado, Chevrolet Silverado HD and Chevrolet Tahoe. The Chevrolet Corvette is the highest-ranking model overall with 101 PP100.
BMW AG models that rank highest in their respective segments are BMW 2 Series, BMW 7 Series, BMW X1 and BMW X3.
Hyundai Motor Group models that rank highest in their respective segments are Genesis G80, Hyundai Accent and Kia Forte.
Toyota Motor Corporation models that rank highest in their respective segments are Lexus IS andToyota 4Runner.
Ford Motor Company models that rank highest in their respective segments are Ford Ranger and Lincoln Nautilus.
Plant Quality Awards
General Motors Company’s plant in San Luis-Potosi, Mexico, which produces the Chevrolet Equinox and the GMC Terrain, received the Platinum Plant Quality Award. Plant quality awards are based solely on defects and malfunctions and exclude design-related problems.
Toyota Motor Corporation’s Takaoka 1 (Japan) plant, which produces the Toyota Corolla, and Nissan Motor Co. Ltd.’s Tochigi 1 (Japan) plant, which produces the Infiniti Q50 and Q60, received the Gold Plant Quality Award for Asia/Pacific, in a tie. BMW AG’s Regensburg (Germany) plant, which produces the BMW X1 and X2, received the Gold Plant Quality Award for Europe and Africa.
Source: J.D. Power
by Maria Merano, Teslarati
The Biden-Harris Administration released a fact sheet suggesting the non-Tesla Supercharger Pilot program will be available in the U.S. later this year.
The White House fact sheet briefly mentioned Tesla’s contributions to expanding EV charging stations in the U.S. It acknowledged Tesla’s investments in Giga New York, which produces Supercharger stalls and Solar Roofs.
“Tesla is expanding production capacity of power electronics components that convert alternating current to direct current, charging cabinets, posts and cables. Later this year, Tesla will begin production of new Supercharger equipment that will enable non-Tesla EV drivers in North America to use Tesla Superchargers,” the fact sheet said.
The pilot program would open the Supercharger Network, with more than 35,000 Superchargers worldwide, to non-Tesla vehicles in the U.S. As of this writing, the non-Tesla Supercharger Pilot is available in most of Europe.
The Supercharger rates for non-Tesla drivers vary by site but can decrease with the company’s charging membership. Prices for the Supercharger Pilot program are listed in the Tesla app.
Tesla also charges idle fees to vehicles, ensuring Supercharger stalls are always immediately available once customers finish charging. Charging fees vary by country. In the U.S., Tesla charges 50 cents per minute when the Supercharger station is 50% full and $1 per minute if the station is 100% occupied.
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While still smaller than Gerber and far behind Caliber, this new entity will be competing coast to coast with its two larger national competitors, as well as six smaller super-regional MSOs.
For much of the last six months, Crash’s investment bank was circulating an extensive investment memorandum, seeking a new private equity sponsor. During the same period, the investors in Service King were looking for a resolution to its deteriorating financial performance. Clearlake Capital acquired a control position in the Service King bonds. This position allowed them to negotiate a debt conversion to new equity and an extension of other debt obligations. In addition, Clearlake injected a reported $200 million in cash.
Crash was looking for capital to continue its rapid growth. Clearlake was looking for a partner to help manage a billion dollar investment in collision repair. The resulting merger is a combination of a deep pocketed capital sponsor, extensive management team, geographic penetration and scale that now rivals its two biggest competitors.
Crash Champions has gained a major influx of assets and probably some cash as well. We don’t know exactly what the combined balance sheet will look like, but total debt to capital will be much more reasonable for the combined companies. We would expect Crash’s acquisition program would be more subdued for a period as it integrates the Service King shops.
However, given the success of their program in the last three years, there is probably a substantial pipeline of commitments that will be completed. And the deep pockets of Clearlake will likely allow Crash to contemplate many, as well as larger, transactions.
Among the benefits of the merger are a huge increase in revenues and scale, complementary footprints, improved negotiating power with insurance companies, improved purchasing and spreading overhead.
The challenges will be integration, technician retention and merging management teams.
Crash Champions has been building out across the country in multiple attractive markets---Southern and Northern California, Florida, Colorado, Chicago, Wisconsin, Washington, D.C., and Philadelphia.
Service King had an enviable footprint across the West, Southwest, Texas and Chicago.
The two firms overlapped in some markets where neither was dominant. The combined numbers in these markets are considerably more scalable and efficient. In other markets, each had considerable scale without duplicating the other’s positions.
With the merger, Crash enters 12 new states and several of the fastest growing metropolitan areas around the country.
Texas is the grand prize, with 96 locations in a state where Caliber dominates and Gerber is a weak third player. The original Service King locations owned by Eddie Lennox are the core operations in the best performing region for Service King.
Crash already has a very strong position in Northern California with the acquisition of Mike’s Auto Body. With the addition of Service King’s South Bay and Sacramento shops, it is a strong No. 2 to Caliber.
The combination of Crash’s 30 shops in Southern California with 25 of Service King gives them a stronger footprint in the nation’s largest market. However, even the combination of these two still leaves them a very distant second to Caliber.
While 37 total shops is modest, the coverage across the Washington, D.C., and Philadelphia region is highly credible.
Combined operations in Florida with 47 shops improves their penetration in that market.
Source: Focus Advisors
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