I am going to start off with a bold statement: There has never been a better time to own a collision repair business.
I’ll follow that up with another statement that may catch many readers off guard: There has never been a more profitable time to own a collision repair business.
The industry is changing rapidly due to the influx of massive amounts of Wall Street investment in the industry. There is no doubt that consolidation in the industry has put substantial pressures on margins, increased the administrative workload repair facilities are expected to administer, and generally increased competition across the board.
Now I’m not one to get up here and blithely parrot the oft repeated phrase “competition is good”. Competition is painful and difficult. It creates some winners and often many losers and is not always fair. For the unprepared increased competition can be disastrous.
Yet the result of this increasing level of competition is that there has never been a more profitable time to be in the collision repair industry. […]