The vice president of ADAS solutions for Opus IVS and chair of the Collision Industry Conference discusses takeaways from this year's activities.
Today's guest is one you've met here on the Collision Vision before: Frank Terlep, a well-known and highly successful entrepreneur within the collision repair space, and currently vice president of ADAS solutions for Opus IVS. Frank is also chairman of the Collision Industry Conference (CIC), which had a great meeting at SEMA a few weeks ago in Las Vegas. Frank and host Cole Strandberg will talk about CIC and some highlights there, as well as some highlights from SEMA 2023.
Episode Overview
During the first part of this episode, Frank provides in-depth analysis of November's CIC event that in Las Vegas during SEMA week. We'll review the glitz and glamour of the CIC reception and the Red Carpet Awards, understand the valuable insights offered during the various panels, and learn about the energetic environment that permeates the gathering.
Similarly, the pressing issue of talent shortage in the industry is a key focus of this discussion. Frank and Cole evaluate the ongoing mitigative measures and strategies being implemented to address this concern.
Furthermore, they dissect the industry's consolidation trend and its implications. The conversation uncovers the hinterland of merger and acquisition endeavors, and the increasing foothold of private equity in the collision repair industry. The experts on the panel shared invaluable insights into the significance of a robust management team from the viewpoint of private equity.
The two then transition their focus to SEMA 2023, bringing attention to the Advanced Driver Assistance Systems (ADAS) and its revolutionary impact. Frank succinctly illustrates their emergence, from ADAS calibration stalls to breakthrough robotic technology, underscoring the relentless march towards a transformative future in the collision repair industry. Frank shares a feeling of "buyer beware" saturation of new ADAS equipment offerings at SEMA 2023, noting there are now an overwhelming number of options for ADAS tools in the marketing.
Key Takeaways
1. The collision industry is as healthy as ever. Smart people are bullish on the collision industry, and the R&D coming into collision repair technology is a testament to that. Exciting times ahead for collision repair, ADAS and beyond.
2. Buyer beware---there are a lot of investment opportunities for your shop. Make sure to do your own due diligence and prioritize your needs. With all the offerings out there, it's easy to feel like a kid in a candy shop. Be cognizant of that.
3. Go to SEMA. It is really the only time of year where so much of the industry is in one place. You can meet people that will change you and your business, catch up with old friends, see new technologies and see some really cool cars. Don't miss it in 2024!
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