The American Insurance Association (AIA) has now given an official endorsement for the Promoting Automotive Repair, Trade, and Sales Act. Known better as the “PARTS” Act, the legislation allows vehicle owners to find replacement parts from manufacturers other than the automakers themselves, improving the competitive landscape of the industry, and helping to keep costs reasonable for the foreseeable future.
When purchasing parts in such a diverse market, consumers can save 50% on replacement parts, providing some much needed diversity to the industry. Without such legislation, consumers as a whole could expect to pay more than $1 billion in extra repair fees each year.
The PARTS Act was introduced by a bipartisan partnership between Rep. Zoe Lofgren (D-CA) and Darrell Issa (R-CA). Working together in an effort to save consumers money on automotive repairs, the bill has enjoyed massive support, which should bode well for its future.