This Month’s News

Driving through loopholes 'Total loss' vehicles may be sold to unwitting motorists because of a crazy quilt of state laws. Business News, By Martin Zimmerman, Times Staff Writer April 28, 2007

Katrina Cars. Rita Wrecks. However they're tagged, the half-million or so vehicles damaged by the 2005 Gulf Coast hurricanes continue to haunt the automotive industry. Sen. Trent Lott (R-Miss.) is trying to drum up support for a bill that would require insurers to supply information to a national database whenever they declare a car or truck a total loss. Rep. John Campbell (R-Irvine) is co-sponsoring a similar bill in the House. Although more than 5 million vehicles were totaled in the U.S. in 2005 for reasons such as theft or accidents, the appearance on car lots around the country of vehicles damaged in the Gulf Coast hurricanes has been the catalyst for change. Lott, whose Mississippi home was destroyed by Hurricane Katrina, is concerned that motorists unknowingly are buying flood-damaged or destroyed vehicles — taking on possible safety problems in the process. At a recent committee hearing, Lott urged consumer advocates and other backers of the bill to push for its passage before Katrina became a distant memory and momentum stalled. The bills are the latest attempts to make sense of the crazy quilt of state laws that govern vehicle titles in the U.S.

CHICAGO, April 26 /PRNewswire-FirstCall

LKQ Corporation today announced results for its first quarter ended March 31, 2007, with revenue of $235.3 million, net income of $15.8 million and diluted earnings per share of $0.28. We reported record revenue for the first quarter, and delivered impressive revenue growth of over 22%, with organic revenue growth of approximately 10% for the quarter. We are pleased to announce that three acquisitions have been completed since we reported our year-end 2006 results, which include a retail oriented recycled parts operation with facilities in Dallas, TX, a small aftermarket business based in Birmingham, AL, and a parts recycling facility that will ultimately allow us to better serve the professional repair market in the greater Philadelphia area. We have signed letters of intent to acquire three additional businesses, which have combined estimated annual revenue of approximately $36 million, and we have increased our credit facility capacity up to a $205 million level to fund future acquisitions," said Joe Holsten, President and Chief Executive Officer.

Insider advises on auto claims Ex-lawyer for insurers offers industry secrets, tips to help consumers By Betty Lin-Fisher, Beacon Journal business writer

Insurers' use of aftermarket parts in repairing a vehicle after a collision is a hot topic of debate in the industry, if my column a few weeks ago is any indication. In that column, I talked to people in the industry on both sides of the fence: those who believe aftermarket parts reduce the value of vehicles and those who contend that aftermarket parts are as good as or better than original-equipment manufacturer parts and that the use of aftermarket parts helps keep insurance premiums down for all consumers. No column, or series of columns, is going to resolve that debate. But the subject of one e-mail I received after the column is worth sharing. Erica Eversman worked both in the auto industry and as a lawyer for insurance companies before taking on her role as a consumer advocate and chief counsel for Bath Township-based Vehicle Information Services. The company serves as a consultant and expert witness for both the insurance industry and consumers. In a follow-up conversation, Eversman shared industry secrets and tips for consumers when dealing with insurers. There are also some responses from a representative of the insurance industry.

If you're the victim in a crash and are trying to settle a claim with the other driver's insurance company, its goal is to settle your claim against its insured driver as fast and as inexpensively as possible, Eversman said.

• Put on your body armor.
• Your insurance company will stall and delay, hoping to wear you down.
• Think twice about taking your vehicle to the repair facility recommended by the insurance company unless you've dealt with that shop before.
• Stay as involved in the repair process as you can.
• Be careful of ``clipping.''
• Demand ``diminished value.''

Accidents kill 2 from Hanover: ‘FULL OF LOVE’ - Trucks crush, kill car buff By ELAINE ALLEGRINI The Enterprise

A fatal mishap at an auto salvage shop has claimed the life of a Hanover man. Authorities said Stephen R. Scothorne, 58, of 68 Cedar St., was crushed between two trucks at the Chuckran’s Auto Parts, Inc. on Old Plymouth Street in Bridgewater. Scothorne was pronounced dead at Brockton Hospital less than an hour after the accident at 7:28 a.m. yesterday. He suffered multiple trauma including obvious chest injuries, authorities said. Scothorne’s son said his dad, a tow truck driver and classic car enthusiast, was a regular visitor to Chuckran’s, known as a destination for backyard mechanics and repair shops looking for used parts. Police said Scothorne was at Chuckran’s yesterday to deliver a salvage vehicle. A second vehicle, a Mack tractor-trailer, was parked near Scotthorne’s flatbed truck, and began to back up when Scothorne was between the two, said police Lt. Christopher Delmonte. ‘‘In the process, Mr. Scothorne was crushed between the back edge of the flatbed and the back of the tractor-trailer unit,’’ Delmonte said in a press release.

 

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