The collision repair industry has taken a serious financial hit during the past decade because of falling collision insurance claims and a large rise in total loss declarations. Up to a fifth of all wrecks are being declared total losses, a number some analysts say has been rising for at least a decade. Falling used-vehicle values combined with rising raw materials prices and a growing number of older vehicles on the road make it more cost efficient for insurers to have cars totaled than to repair them.

Related Summaries