Universal Technical Institute

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Universal Technical, Inc.
TypePrivate, For-profit
NYSEUTI
Russell Microcap Index component
IndustryEducation
Founded1965
HeadquartersPhoenix, Arizona
Area served
United States
Key people
Jerome Grant CEO[1]
Websiteuti.edu

Universal Technical Institute, Inc. (UTI) is a private for-profit system of technical colleges throughout the United States. 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).

History[edit]

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.[2]

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.[3]

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 they served. 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.[4]

At its peak in 2011, UTI had more than 18,000 students. Enrollment has been declining since then.[5]

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%.[6]

Universal Technical Institute has limited access to military bases for student recruitment because its programs have not complied with federal government oversight measures.[7]

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.[8]

October 21, 2019, Kim Mcwaters resigned as CEO of Universal Technical Institute. [9]

Enrollment and campus locations[edit]

Since December 2018, Universal Technical Institute has seen a significant drop in the number of students enrolled. [10]

Schools[edit]

Universal Technical Institute (UTI)[edit]

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. While UTI charges students tuition for their manufacturer specific programs, most OEM manufactures will provide the same technical training to their technicians free of charge.

Offered courses
  • Automotive Technology – A 51-week automotive technology training program as well as Manufacturer-Specific Advanced Training (MSAT)
  • 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.
  • 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. Collision program has been discontinued at the Sacramento location due to lack of student enrollment.[12]

NASCAR Technical Institute (NTI)[edit]

NASCAR Technical Institute logo

NASCAR Technical Institute is located in Mooresville, North Carolina - at the heart of racing country.[13] 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)[edit]

The school provides course work in marine technology with a focus on manufacturer-specific training for major marine manufacturers.

Motorcycle Mechanics Institute (MMI)[edit]

The school provides course work for work in motorcycle repair with a focus on manufacturer-specific training for major motorcycle manufacturers.

References[edit]

  1. ^ "Kimberly J. McWaters". Universal Technical Institute, Inc. Retrieved 2008-02-25.
  2. ^ https://www.sec.gov/Archives/edgar/data/1261654/000095012303013861/p68194b1e424b1.htm
  3. ^ https://www.sec.gov/Archives/edgar/data/1261654/000095012303013861/p68194b1e424b1.htm
  4. ^ https://www.sec.gov/Archives/edgar/data/1261654/000095012303013861/p68194b1e424b1.htm
  5. ^ https://www.forbes.com/sites/greatspeculations/2015/01/15/danger-zone-universal-technical-institute-uti/#25821352bba8
  6. ^ "Universal Technical Institute, Inc. : Introduction" (PDF). Help.senate.gov. Retrieved 2016-01-01.
  7. ^ http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=11150907-881-119419&type=sect&TabIndex=2&dcn=0001261654-16-000050&nav=1&src=Yahoo
  8. ^ http://www.prnewswire.com/news-releases/universal-technical-institute-implements-financial-improvement-plan-to-deliver-25-to-30-million-in-annualized-savings-in-2017-reaffirms-2016-fiscal-year-outlook-300334460.html
  9. ^ Wiles, Russ. "One of Arizona's longest-tenured female CEOs to retire amid losses at Universal Technical Institute". The Arizona Republic. Retrieved 2020-09-30.
  10. ^ www.bizjournals.com https://www.bizjournals.com/phoenix/news/2018/02/08/uti-stock-up-while-stemming-losses-as-enrollment.html. Retrieved 2020-09-30. Missing or empty |title= (help)
  11. ^ Institute, Universal Technical. "Universal Technical Institute Provides Norwood Campus Update". www.prnewswire.com. Retrieved 2019-02-27.
  12. ^ a b "Universal Technical Institute to Discontinue Collision Repair Training at Sacramento Campus". CollisionWeek. 2020-09-09. Retrieved 2020-09-30.
  13. ^ McCraw, Jim (2002-06-01). "NASCAR Technical Institute". Popular Mechanics. p. 1.

External links[edit]