Trend Tracker’s latest monthly report on the status of the UK vehicle incident repair market has revealed that repair costs rose six per cent between February 2023 and 2024.
Its latest Monthly Key Metrics report also found that key-to-key times were 30% down over the same 12-month period, while cycle and lead times were down 14% and two per cent respectively.
Meanwhile, volumes were up by four per cent.
Director Paul Sell said, “Repair costs continue to climb higher than the current rate of annual inflation but have slowed from the double figure increases seen in 2023 to six per cent year-on-year now. This has been consistent across the last three months suggesting this is starting to find a new level.
“Cycle time and critically lead times have started to fall, with key-to-key much lower than this time last year suggesting the ‘new normal’ method of collecting images and information prior to bringing the vehicle in, to pre-order parts to ensure everything is in place, to reduce key-to-key has become the new normal practise, delivering greater efficiency in the workshop.
Finally repair volumes fell in February compared to January, predictably, but remain four per cent higher than equivalent month in 2023, this has been consistent in 2024 so far.
For further details on these metrics, as well as economic factors, vehicle values & sales, salvage values and green parts penetration click here.
ARC360-Trendtracker-March24
