Car repair shop chain steers path towards £400m auction | BusinessNews Zainal Abidin, 03/08/2024 One of Britain’s biggest chains of car repair shops is gearing up for a sale that could value it at around £400m. Sky News has learned that Steer Automotive Group has appointed City advisers to sound out prospective buyers. Sources said on Friday that a formal process was not yet under way, although initial discussions were being held with interested parties. Steer Automotive Group trades from 98 sites across the UK, and employs more than 2,500 people. Its customers include the major insurance companies Admiral, Allianz, LV and NFU Mutual. The company says it repairs more than 100,000 passenger, luxury and commercial vehicles annually. It counts the carmakers Aston Martin, Jaguar Land Rover and Tesla among its manufacturer approvals and recommendations. Mr Steer launched the company from a single site in Aylesbury in 2018 and has grown it impressively, according to industry insiders. He secured investment from Chiltern Capital and Keyhaven Capital in 2021 at an undisclosed valuation. Read more business news:‘Concern’ for retailers ahead of ChristmasWine growers destroy cargoes of cava and rose One private equity figure who has been approaching about the process said he understood that Mr Steer was likely to remain heavily invested in … Continue Reading
Here’s why auto body shops are taking longer to repair cars Zainal Abidin, 16/07/2024 Some customers are forced to wait as long as six months for auto technicians to complete body work jobs. BANGOR, Maine — Auto body shops are extremely backed up, and according to shop owners, getting car parts is a pain. Supply chain issues took a heavy toll on the car industry during the pandemic. JC Autobody’s general manager Kyle Leighton said. For many, life has reset and returned to some form of normalcy. But auto technicians and mechanics are still struggling to make quick turnarounds for customers. Some customers are forced to wait as long as six months for auto technicians to complete body work jobs. Leighton said some parts take longer to come in than others. “Large body panels, doors, those kinds of things tend to take longer than the smaller, more common parts, Lamps, bumpers, those kinds of things we can normally get quicker,” Leighton said. Most repairs at Leighton’s shop are taking a little longer than a week, and he says he has about 85 cars on his lot that need repairs. General manager of Maine Collision Center Sean Sullivan said he has about 41 cars on his lot right now, and some repairs at his shop … Continue Reading