Suncorp Group announced it has acquired full ownership of the ACM Parts joint venture after purchasing that stake owned by LKQ Corporation, Suncorp’s partner in the joint venture.

Originally announced in August, 2013, the ACM Parts joint venture brought together the US-based non-OEM and recycled parts supplier with Australia’s largest insurer to establish an alternative parts business.

At the time it was announced that LKQ would supply aftermarket parts to the joint venture and contribute its experience to establish automotive parts recycling operations. Suncorp would supply salvage vehicles to the joint venture and help establish relationships with repair shops as customers.

In a press release today announcing the acquisition of LKQ’s stake in ACM Parts, James Knox, Executive General Manager of Motor Claims and Suncorp Insurance Ventures, said LKQ Corporation has been pivotal to creating a successful foundation for ACM Parts in Australia, and will continue to have a strong working relationship with the business.

“ACM Parts now operates eight sites nationally, with a team of 160 people selling more than 4500 automotive products. It has established Australia’s first aftermarket certification program (NSF) and is delivering an outstanding service selling high-quality, cost-effective automotive parts,” said Knox. “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 minimize parts costs inflation and understand more deeply cost and industry supply issues,” Knox said. “ACM Parts will continue to expand its business and deliver an outstanding service to the motor industry and consumers.”