Car Talk: Volume 24

Research evidence excerpt

Car Talk: Volume 24

May 31, 2026 Car Talk: Volume 24

WHAT YOU SHOULD KNOW: Car Talk is our recurring publication where we highlight Marvin Fong, CFA news and developments in the auto services space over the past week or two that (212) 527-3562 mfong@btig.com

we believe investors will find of interest. In this volume: 1) D'leteren Group (DIE-

BRU, Not Rated) reports strong North America glass sales; 2) car wash members holdAUTOMOTIVE

strong despite broader cost pressures; 3) a major Driven Brands (DRVN, Buy, $17

PT) franchisee buys six locations; 4) Progressive (PGR, Not Rated) surpasses State

Farm (Private) for the top spot in auto insurance; and 5) two of three Auto Services

subsectors outperformed on the week.

■ Safelite strong. D'leteren Group's Belron segment, which contains top glassSERVICES

repairer Safelite, saw organic sales rise 8.7% in North America. The company cited

better insurance trends. Total Belron segment organic growth was 6.9%. Our take:

The results are consistent with D'leteren's guidance for Belron's FY26 sales to

increase mid-to-high single digits. As reference, Belron's FY25 organic growth was

5.9%. Belron's solid performance gives us incremental confidence in our 8.5% 1Q26INDUSTRY comp estimate for Driven Brands' glass segment.

■ Resilient car wash trends. The latest report from the International Car Wash

Association shows a mixed environment for car wash operators. On one hand,

nearly two-thirds of operators said membership sales rose in 1Q26, breaking a year-

long streak. However, satisfaction with membership pricing fell to 46%, the lowestREPORT

point in over a year. With that said, member intent to renew rose from ~90% in

1Q26 to ~91% in 2Q26. Our take: Despite its seemingly discretionary nature, a