Suncorp increases ACM stake

Australian insurance company Suncorp has bought out LKQ Corporation’s stake in the ACM parts business.

ACM (Australian Collision and Mechanical Parts) Ltd was a joint venture between Suncorp and American parts providers LKQ Corporation set up in 2013.

James Knox, executive general manager of motor claims and Suncorp Insurance Ventures, said, ‘ACM Parts now operates eight sites nationally, with a team of 160 people selling more than 4,500 automotive products. It has established Australia’s first aftermarket certification programme (NSF) and is delivering an outstanding service selling high-quality, cost-effective automotive parts.

‘The new ownership structure maintains Suncorp’s long-term strategy to provide customers with market-leading motor insurance products by reducing vehicle repair costs and turnaround times.

‘Key strategic alliances between Suncorp and LKQ will remain in place, particularly those relating to aftermarket product sourcing and technology. The business will continue to help us minimise parts costs inflation and understand more deeply cost and industry supply issues.

‘ACM Parts will continue to expand its business and deliver an outstanding service to the motor industry and consumers.’