Universal Technical Institute
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|Traded as||NYSE: UTI|
Russell Microcap Index component
|Kim McWaters CEO|
Universal Technical Institute, Inc. (UTI) is a for-profit nationwide provider of technical education training for students seeking careers in entry level automotive, diesel, collision repair, motorcycle and marine technicians.
Through a campus-based school system, the school offers specialized technical education programs under the banner of several brands, including Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) and NASCAR Technical Institute (NTI).
Universal Technical Institute was founded in 1965. UTI expanded its programs with additional curricula and opened new campuses, growing internally and through acquisitions. To address the needs of corporate clients, UTI started providing continuing education and training for technicians in 1980. In 1983, UTI opened a campus in Houston, Texas. In 1988 UT opened their Lisle, Illinois,campus. In 1998, it opened a campus in Rancho Cucamonga, California.
According to SEC documents, UTI worked with original equipment manufacturers (OEMs) in the automotive, diesel, motorcycle and marine industries. The schools were a primary provider of manufacturer-based training programs where they provided technician training programs using the OEMs equipment and vehicles. These organizations included Audi of America; American Honda Motor Co., Inc.; BMW of North America, LLC; Ford Motor Co.; International Truck and Engine Corp.; Jaguar Cars, Inc.; Mercedes-Benz USA, LLC; Mercury Marine; Porsche Cars of North America, Inc.; Volkswagen of America, Inc.; and Volvo Cars of North America, Inc.
In January 1998, UTI acquired Clinton Harley Corporation and Clinton Education Group, Inc. for $26.3 million. Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) were operating divisions of Clinton Harley Corporation.
In June 1998, UTI acquired National Technology Transfer, Inc. (NTT) and Performance Training Associates (PTA) NTT provided intensive training seminars to technicians in sectors similar to the sectors that we serve. PTA organized lecture training seminars in markets similar to NTT. The acquisition of NTT and PTA was completed for approximately $50.2 million. The NTT business was discontinued at a loss of $42.9 million. At the time of its Initial Public Offering, UTI carried a debt load of $57.3 million.
At its peak in 2011, UTI had more than 18,000 students. Enrollment has been declining since then.
The 2012 Harkin Commission noted that: "Compared to public colleges offering the same programs, the price of tuition is significantly higher at UTI....The same Certificate costs almost 20 times more at UTI than it does at the public college." UTI's default rate, however, was relatively low for a for-profit college, fluctuating from 12% to 16%.
Universal Technical Institute has limited access to military bases for student recruitment because its programs have not complied with federal government oversight measures.
On September 27, 2016, UTI reported that its President and CFO, Eugene Putnam, was removed as part of a financial improvement plan and that Kim McWaters replaced him as President.
Enrollment and Campus locations
As of December 30, 2018, UTI's enrollment was 11,225 students.
- Avondale, Arizona
- Dallas, Texas
- Bloomfield, New Jersey
- Exton, Pennsylvania
- Lisle, Illinois
- Houston, Texas
- Rancho Cucamonga, California
- Mooresville, North Carolina
- Norwood, Massachusetts (CLOSING FALL 2020) Not enrolling new students after March 2019
- Orlando, Florida
- Sacramento, California
- Long Beach, California
Universal Technical Institute (UTI)
Universal Technical Institute provides technical training for students seeking careers in the automotive, diesel, motorcycle, marine and collision repair industries. UTI has direct relationships with approximately 30 OEM manufacturers, such as Ford, BMW, Mercedes-Benz, Toyota, Cummins, and Harley-Davidson.
- Offered courses
- Automotive Technology – A 51-week automotive technology training program as well as Manufacturer-Specific Advanced Training (MSAT) from partners like - BMW of North America, International Truck and Engine Corporation, Porsche Cars North America, Inc., Nissan USA and Volvo Cars of North America, Inc.
- Diesel/Industrial Technology – A 45-week course focused on teaching students toservice Class 3-8 diesel truck, including air brakes, fuel systems and power trains and advanced diagnostic systems. Course work includes transport refrigeration and hydraulic applications. UTI Partners with manufacturers such as - Freightliner, International, Detroit Diesel, Cummins, and Caterpillar.
- Collision Repair and Refinishing Technology – A 51-week course based on the “I-CAR Enhanced Delivery” industry standard and is ASE/NATEF Master certified in five industry standard areas of auto body repair.
NASCAR Technical Institute (NTI)
NASCAR Technical Institute is located in Mooresville, North Carolina - at the heart of racing country. The school provides course work in engine construction, electrical, fuel and lubrication systems, drive trains, body and chassis fabrication and racing theory principles. Students learn the history and rules and regulations of NASCAR, as well as a Pit Crew training program.
Marine Mechanics Institute (MMI)
The school provides course work in marine technology with a focus on manufacturer-specific training for Volvo Penta, Honda, Yamaha, Suzuki Outboard, Mercury Marine and other major marine manufacturers.
Motorcycle Mechanics Institute (MMI)
- "Kimberly J. McWaters". Universal Technical Institute, Inc. Retrieved 2008-02-25.
- "Universal Technical Institute, Inc. : Introduction" (PDF). Help.senate.gov. Retrieved 2016-01-01.
- Institute, Universal Technical. "Universal Technical Institute Provides Norwood Campus Update". www.prnewswire.com. Retrieved 2019-02-27.
- McCraw, Jim (2002-06-01). "NASCAR Technical Institute". Popular Mechanics. p. 1.