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There was this article in the AFR on 13 April about AMA and Suncorp.

http://www.copyright link/personal-...-industry-is-such-a-car-crash-20160404-gnxnyw

Back in February, Australia's second-biggest car insurer, Suncorp, quietly wound down its joint venture with US second-hand car parts giant LKQ.

Another listed player, AMA Group (much smaller than Suncorp), is growing its panel repair business by leading the consolidation of Australia's still fragmented car repair industry.

While private equity has played a role in consolidating some developed markets overseas, such as the US, Australia remains one of the last to be substantially consolidated. AMA has bought six businesses in the past 18 months and increased its shop network from four to 70.

So far AMA is encountering comparatively little competition for its roll-up strategy, which is one reason the stock is trading at a price-earnings multiple of close to 20 times 2017-18 earnings. The share price has more than tripled in the past two years.

AMA might pay about four times earnings before interest, tax, depreciation and amortisation to buy a traditional shop network but after the extraction of synergies that number could fall to below three times EBITDA. AMA Group says it wants to be the ethical and transparent consolidator of choice in the industry.

Some analysts expect it to almost triple its shop network from 70 to 200 by 2014, through a combination of further acquisitions and greenfield development of higher-volume, rapid-repair shops.