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Boyd Services (BGSI) is like:

• Jiffy Lube for car crashes and cracked windshields.
• The "Marriott" of auto body and glass repair shops.

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• Collision Repair Services: The company operates centers that provide repair services for vehicles damaged in collisions.
• Auto Glass Repair & Replacement: Services include the repair and replacement of vehicle glass for individual owners.
• Third-Party Claims Administration: Provides administrative services for glass, emergency roadside assistance, and first notice of loss claims on behalf of insurance companies.
• Mobile Automotive Scanning & Calibration: Offers specialized mobile services for scanning and calibrating vehicle systems.

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Boyd Group Services Inc. (BGSI) serves a diverse customer base, primarily falling into two main categories:

• Individual Vehicle Owners: These are the direct consumers who utilize Boyd's non-franchised collision repair centers (under names like Boyd Autobody & Glass, Assured Automotive, and Gerber Collision and Glass) and retail auto glass services (under names like Glass America and Auto Glass Service). These individuals bring their vehicles to Boyd's locations for repair and maintenance services.

• Insurance Companies: Insurance companies are significant customers for Boyd Group Services. They are served directly by Gerber National Claims Services, which offers glass, emergency roadside, and first notice of loss services. Furthermore, insurance companies play a crucial role for the collision repair and auto glass operations, often directing policyholders to Boyd's repair centers and covering the cost of repairs, making them a primary source of business volume and revenue.

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Brian Kaner, President and Chief Executive Officer

Mr. Kaner was appointed President and CEO of Boyd Group Services Inc. on May 14, 2025. He joined the company in October 2022 as Executive Vice President and Chief Operating Officer for the collision business, with responsibilities for both U.S. and Canadian collision operations. He was appointed President and Chief Operating Officer on August 8, 2024. Prior to joining Boyd, Mr. Kaner served as CEO & President of Pep Boys & Icahn Automotive Services, where he led approximately 1,800 company-owned and franchise locations. Before his time at Icahn Enterprises L.P., he was President of Sears Auto Centers at Sears Holdings Corporation.

Jeff Murray, Executive Vice-President & Chief Financial Officer

Mr. Murray was appointed Executive Vice-President & Chief Financial Officer of Boyd Group Services Inc. on July 12, 2023. He initially joined Boyd's finance team in 2004 as the Manager of External Financial Reporting. In 2013, he became Vice-President, Finance, overseeing accounting, tax, risk, disclosure, governance, and internal controls. Mr. Murray served as Interim Chief Financial Officer starting January 1, 2023, before his permanent appointment. Before joining Boyd, he spent a decade at the accounting firm Ernst & Young LLP.

Timothy O'Day, Former President & CEO (Advisory Role)

Mr. O'Day served as President and Chief Executive Officer of Boyd Group Services Inc., a role he assumed in January 2020. He joined Gerber Collision & Glass in February 1998 as Vice President of Operations. Following Boyd's acquisition of Gerber in 2004, Mr. O'Day was appointed Chief Operating Officer for Boyd's U.S. Operations. He later held roles as President and Chief Operating Officer for U.S. Operations in 2008, and then President and Chief Operating Officer with company-wide operating oversight in 2017. He is stepping down as CEO effective May 14, 2025, but will continue to support the transition in an advisory role through the end of 2025. Before joining Gerber, he was Vice President, Western Division, at Midas International.

Tony Canade, Chief Operating Officer, Canadian Operations

Mr. Canade is the President of Assured Automotive. Effective January 1, 2020, he was appointed to the role of Chief Operating Officer, Canadian Operations, for the Boyd Group Inc. In this expanded capacity, he assumed responsibility for Boyd Autobody & Glass in addition to the Assured business.

Creighton Warren, SVP & Chief Information Officer

Mr. Warren currently holds the position of SVP and Chief Information Officer at Boyd Group Services Inc., having joined in 2023. In this role, he is responsible for enterprise IT across the United States and Canada. His prior experience includes serving as VP and Chief Information Officer at TreeHouse Foods and Vice President & Chief Information Officer at USG Corp. Mr. Warren has also held various leadership roles at Burwood Group, Commerx, Heller Financial, and Accenture Technology Solutions.

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The key risks to Boyd Group Services Inc. (BGSI) primarily stem from evolving automotive technology, dynamics within the insurance industry, and ongoing financial performance challenges.

1. Impact of Autonomous Vehicles and Advanced Driver Assistance Systems (ADAS)

   The proliferation of autonomous vehicles and Advanced Driver Assistance Systems (ADAS) poses a significant long-term risk to the collision repair industry, including Boyd Group Services. These technologies are designed to enhance safety and are expected to gradually reduce collision frequencies, potentially leading to a decline in the overall demand for collision repair services. While ADAS can decrease accidents, it also introduces complexity, as even minor collisions can damage intricate sensors and cameras, requiring specialized equipment, highly precise recalibration, and in-depth technical expertise for repairs. This necessitates substantial investment in training and technology for auto body shops to remain competitive.

2. Insurance Industry Trends and Pricing Pressure

   Boyd Group Services is heavily reliant on relationships with insurance companies, with its top five insurance customers accounting for approximately 51% of its revenue. The company faces ongoing pressure from insurance carriers regarding repair costs and reimbursement rates. Additionally, elevated auto insurance premiums can lead to lower repair volumes, as consumers may delay or choose not to file claims, directly impacting Boyd's sales and margins. Changes in insurance policies and premiums due to reduced accident risks from autonomous vehicles could also alter the claims landscape.

3. Financial Challenges and Profitability

   Boyd Group Services has recently encountered financial challenges, including a notable decline in profits and increased reliance on debt financing, which raises concerns about financial stability. The company has reported decreasing net profits and a significant increase in interest expenses. While Boyd aims for ambitious growth and improved profitability through initiatives like "Project 360" to achieve cost savings and expand margins, it has faced short-term headwinds such as declining same-store sales and margin pressure. The debt-to-equity ratio indicates a significant use of debt, and return on equity has been limited.

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• Technological Transformation of Vehicles: The increasing prevalence of Electric Vehicles (EVs) and Advanced Driver-Assistance Systems (ADAS) presents a multi-faceted emerging threat. EVs often require specialized repair techniques, tools, and safety protocols for high-voltage systems and unique battery structures. ADAS, integral to modern vehicles, necessitates precise recalibration post-collision, requiring significant investment in specialized diagnostic and calibration equipment and technician training. This complexity increases repair costs and may lead to more vehicles being deemed "totaled" rather than repaired, reducing overall demand for collision services. Furthermore, the long-term effectiveness of ADAS in preventing accidents could lead to a decline in the frequency of collisions, thus shrinking the addressable market for collision repair businesses.
• Original Equipment Manufacturer (OEM) Control and Certification: Automotive manufacturers are increasingly dictating collision repair procedures, mandating the use of proprietary tools, genuine OEM parts, and specific training and certification programs for repair facilities. This trend can significantly increase the operational costs for independent repair networks like Boyd Services, as they must continuously invest in new equipment, training, and certifications for each vehicle brand to remain competitive and capable of repairing newer models. Failure to meet these OEM requirements could restrict their access to a growing segment of the vehicle repair market.

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Boyd Group Services Inc. (BGSI) operates in several addressable markets across North America, including collision repair, retail auto glass, third-party administration (TPA) for insurance claims, and mobile automotive scanning and calibration services.

Collision Repair Market

• The North American automotive collision repair market was estimated at approximately USD 64.97 billion in 2024 and is projected to reach USD 54.22 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 3.27% from 2025 to 2030. Another estimate placed the market size at USD 45.4 billion in 2023.
• In the United States, the automotive collision repair market was valued at USD 38 billion. Other reports indicate a value of USD 34.73 billion in 2024, with an expectation to reach USD 43.32 billion by 2032. The U.S. market generated USD 37,143.4 million in 2024 and is expected to reach USD 38,950.3 million by 2030. The U.S. dominates the North American market, holding an 83.63% revenue share.
• For Canada, the collision repair market was valued at USD 4.3 billion in 2024. The car body shop industry revenue in Canada grew to USD 7.7 billion over the five years to 2025.

Retail Auto Glass Operation (Automotive Glass Repair and Replacement)

• The North American automotive glass market is expected to grow from USD 6.26 billion in 2025 to USD 9.32 billion by 2031.
• The U.S. automotive glass market was valued at USD 1,786.0 million in 2023 and is anticipated to exceed USD 2,583.0 million by 2033. In 2025, it reached USD 2,664.3 million and is projected to reach USD 3,766.8 million by 2034. The automotive aftermarket glass market in the U.S. was valued at USD 20.21 billion in 2025 and is forecast to expand to USD 28.54 billion in 2030.
• The Canadian automotive glass market was worth approximately CAD 1.3 billion in 2018 and is expected to grow to CAD 9.64 billion by 2032. Another report states the Canada automotive glazing market generated USD 380.2 million in 2024 and is expected to reach USD 672.1 million by 2030.

Third-Party Administrator (TPA) Services

• The global insurance third-party administrators market was valued at USD 372.05 billion in 2025 and is projected to reach USD 563.49 billion by 2030. Another source indicates a value of USD 413.39 billion in 2025, predicted to increase to approximately USD 831.21 billion by 2034.
• North America was the largest region in the insurance third-party administrators market in 2025, holding a 43% market share in 2024 and approximately 48.2% share (around USD 199.36 million) in 2024.

Mobile Auto Solutions (Scanning and Calibration Services)

• The North America automotive diagnostic scan tools market reached USD 9.3 billion in sales in 2024.
• The U.S. automotive diagnostic scan tools market was valued at USD 4.99 billion in 2024 and is anticipated to grow to USD 6.24 billion by 2030. It is projected to grow from USD 9.94 billion in 2025 to USD 12.86 billion by 2033.
• The North America calibration services market is projected to grow at a CAGR of 4.5% during 2023-2030. The U.S. market within this segment is expected to reach a value of USD 1,653.7 million by 2030. The Canada market for calibration services is experiencing a CAGR of 6.8% during 2023-2030.

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Boyd Group Services Inc. (BGSI) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Strategic Acquisitions and New Location Growth: The company consistently expands its footprint through both acquiring existing collision repair centers, such as the significant acquisition of Joe Hudson's Collision Center, and opening new "greenfield" locations. This strategy increases Boyd's market presence and revenue-generating capacity across North America.
2. Increased Average Repair Severity and Complexity: The growing complexity of modern vehicles, particularly with the widespread adoption of Advanced Driver-Assistance Systems (ADAS), leads to higher average repair costs. These sophisticated repairs, which often require specialized calibration, contribute to higher revenue per incident for Boyd.
3. Internalization of Services: Boyd is actively internalizing services like scanning and calibration, which were previously outsourced. By performing these services in-house, the company enhances its revenue per repair and improves margins, as calibration is primarily a labor-based operation when performed internally, representing a high-margin category. The company anticipates achieving 80% internalization of calibration within the next 2-3 years.
4. Market Share Consolidation: Operating in a highly fragmented North American collision repair market, Boyd Group Services Inc. leverages its scale as a consolidator to gain market share. This strategic positioning allows the company to grow by acquiring smaller operators and expanding its presence in various regions.

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Share Issuance

• In November 2025, Boyd Group Services Inc. completed a bought deal public offering, issuing 6,361,800 common shares at US$141.00 per share, for gross proceeds of approximately US$897 million.
• The proceeds from this US equity offering, initially announced in October 2025, were primarily intended to partially fund the acquisition of Joe Hudson's Collision Center.

Inbound Investments

• Guardian Capital LP initiated a new position in Boyd Group Services (NYSE:BGSI) by acquiring 448,067 shares valued at $71.4 million by year-end 2025.

Outbound Investments

• Boyd Group Services Inc. completed the acquisition of Joe Hudson's Collision Center on January 9, 2026, for approximately US$1.3 billion, adding 258 locations across the U.S. Southeast region.
• During 2022, 2023, and 2024, the company acquired a number of businesses, which were not individually significant.
• Subsequent to the third quarter of 2025, Boyd opened two new start-up locations and acquired six locations, including a five-location multi-store operator in Nova Scotia, Canada.

Capital Expenditures

• Investments in the range of $5 million to $8 million were expected for 2023, with similar investments anticipated for 2024 and 2025.
• These capital expenditures were primarily focused on Boyd's ESG sustainability roadmap, particularly addressing data privacy and cybersecurity.