Evolving Collision Repair Market

Outlook Boyd has taken specific actions to address the sales and margin challenges, including: • Investing in and doubling our Technician Development Program, from approximately 200 . apprentices at the beginning of 2022 to 400 apprentices • Increasing recruitment support staff to improve lead generation and follow-up Proactively evaluating compensation levels and making appropriate adjustments to ensure we remain competitive in the rapidly changing environment Improving on-boarding and orientation programs to increase retention Implementing the WOW Operating Way Finance, Human Resources and Procurement systems and leveraging these processes Continuing to negotiate and receive price increases, which are necessary in order to support the attraction of talent to the industry and the retention of the current talent pool. Boyd continues to make progress, but further pricing increases are needed to address ongoing wage pressure. Boyd remains confident in the business model and the Company's plan to double the size of the business on a constant currency basis from 2021 to 2025 against 2019 sales · Boyd plans to increase location growth during 2023 in relation to 2022 Scanning and calibration as well as higher parts mix are contributing to same-store sales growth THE Boyd GROUP 32

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