has built up an enviable reputation as a source of high-level information and market analysis; a forum for high-level debate; a melting pot of innovative approaches to industry problems and, of course, incomparable networking opportunities. World-class conference content and speakers are the driving force behind the success of IBIS conferences. IBIS consistently delivers groundbreaking thought-leading presentations on a wide range of issues that consistently receive outstanding feedback from delegates. Whether it is a local Forum event, a larger Regional or the Global Summit itself, IBIS looks at the present and future opportunities and challenges to give all delegates a competitive edge. Mitchell will once again be attending IBIS as an exhibitor, in addition to having a speaking engagement. We look forward to seeing you at IBIS! Need to schedule a meeting with a sales representative? Contact us today.
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Plugged-In: EV Collision Insights Q1 2024
In Q1 2024, electric vehicle (EV) repairable claims frequency rose to 2.26% in the United States and 3.41% in Canada, an increase of approximately 40% and 38% respectively over Q1 2023. Tesla price reductions late last year spurred precipitous price drops throughout the EV segment. As a result, price parity between EVs and vehicles with an internal combustion engine (ICE) may be coming faster than previously predicted.
Decrease in Used Electric Vehicle Prices Coincides with an Increase in Total Loss Claims
Mitchell today released its Q1 2024 trends report: Plugged-In: EV Collision Insights. This quarter’s report provides an update on EV total loss frequency, which has risen since late last year as the price of used EVs has fallen. In the U.S. and Canada, EV total loss rates were 9.93% and 7.48% respectively—an increase of approximately 8% from Q4 2023 and 30% from Q3 2023 in both regions.