AGB 2021.8 - Boyd Group Services (BYD.TO)

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Boyd Group Services

Boyd Group is the 2nd largest collision repair shop operator in the U.S. (610 locations) and #1 in Canada (131 locations). The company does business under the Gerber Collision & Glass brand in the U.S. and Boyd Auto Body & Glass and Assured brands in Canada. Most of the company’s growth over the past 10 years has been in the U.S. (with the exception of the Assured acquisition in 2017) because the U.S. market is much larger and private auto insurance (vs. government operated) is the norm.

The collision repair market is $40B in the U.S. and less than $3B in Canada with 90% of the payments coming from insurance companies and 10% direct from consumers. Because the bulk of the dollars are directed by insurance companies, DRPs (Direct Repair Programs) are the lifeline for many of these collision repair shops. Each insurance company has its own referral relationships with collision repair shops within a regi…