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Buying and Selling your Auto Shop Business

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  1. New Repair Shop, Partnerships, Bank Loans

    Buying a repair shop? Creating a new company? Partnership problems? Adding more locations? Have a business deal you would like to discuss? Business Plans, Bank Loans, Real Estate.

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  2. Exit Strategy, Retirement, Selling Your Repair Shop

    Ready for retirement? Do you have a plan? Selling your auto repair business? What is your exit strategy? Building a plan for retirement.

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  • Latest Posts

    • The unemployment rate in the U.S. is a misleading figure.  A more accurate indicator of the American workforce would be the labor force participation rate.  The labor force participation rate is the percentage of the civilian noninstitutional population 16 years and older that is working or actively looking for work. It is an important labor market measure because it represents the relative amount of labor resources available for the production of goods and services. Currently, that number is at 62.3%.  Translated, that means more than one-third of the American work force is either not working or looking for work.  Mike Rowe sheds some light on what this means for the services industries in the following 7-minute video.    
    • On Record with Greg Buckley. Greg discusses extended car warranties. You must educate your customer! Greg Buckley, owner of Buckley’s Auto Care in Wilmington, and Millsboro DE.  Greg’s previous episodes HERE. Show Notes:   Extended warranty- used car market has been hot over the last few years. People want a ‘protection’ What types of companies underwrite policies?  You must educate the customer on what they already purchased for their vehicle- most contracts are limited  Ask for a copy of the contract, review it, look for ‘what’s not covered,’ and explain to customer. Additional testing time? Labor? Rust?  “Do your own warranty” before you fall into the marketing funnel of extended warranties  Are these customers one and done? Only repairing what is covered and not doing proper maintenance.  Better margins with OE for warranty claims You must have oil change records- regular service receipts   Connect with the Podcast:   Aftermarket Radio Network Subscribe on YouTube Visit us on the Web Follow on Facebook Become an Insider Buy me a coffee Important Books Check out today's partner:   Dorman gives people greater freedom to fix vehicles by constantly developing new repair solutions that put owners and technicians first. Take the Dorman Virtual Tour at www.DormanProducts.com/Tour   Click to go to the Podcast on Remarkable Results Radio
    • The short answer is no. Reduced work volume yes. But it never goes away entirely. Simple repairs and/or maintenance will drop in volume.  I can't speak for general repair shops but I can speak for what I do for a living . I own a transmission shop and business never goes away entirely. Selective items like a transmission service or fixing a leak goes down volume during tough economic times.  When you're mode to work effects getting to work and back home those repairs are not a deal breaker.   I would like to think that general repair shops experience the same thing, but I don't know, I'm not in that business. In a nutshell, any repair that affects somebody's ability to make a living is a definite yes. Minor jobs that are elective will go down in tough economic times, major jobs will not.
    • Chris Lawson is back for Part 2 of our discussion about finding technicians in our industry. This episode focuses on the advanced strategies for finding technicians on Indeed and Facebook. Do you require a resume on Indeed? Find out why you shouldn't! Chris Lawson, TechnicianFind.Com. Chris' previous episodes HERE Show Notes If you’re looking to hire an experienced technician with a job, throwing more money at job boards is a losing strategy. You need to go where techs hang out online, and that’s social media. Building a connection- ask questions, find out what they are trying to accomplish in their career 2 weeks notice- it’s a dangerous time, follow up with value (shorten the time period, putting in a touch point with communication, remind them why they said yes to the offer). Consider creating a 2 week orientation to keep them engaged.  Always be recruiting- ask for referrals. Respond to comments and questions on ads Spend time on good headlines and good ads Why you shouldn’t require a resume on Indeed- do technicians have an updated resume to apply? Get them on the phone! Hiring Insights on Indeed- free tool, the automotive technicians are extremely competitive, Connect with the Podcast: Aftermarket Radio Network Subscribe on YouTube Visit us on the Web Follow on Facebook Become an Insider Buy me a coffee Important Books Check out today's partners: Set your sights on Las Vegas in 2023. Mark your calendar now … October 31 - Nov 2, 2023, AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at AAPEXSHOW.COM       NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at NAPATRACS.com Click to go to the Podcast on Remarkable Results Radio
    • You can't pick up a newspaper or watch the news on TV without reading or watching something about the state of the economy. No matter how this was caused, or whether we are in a recession now, or it is coming, will the state of the economy affect the Auto Repair business? Are we recession-proof as so many say we are? Or should we prepare ourselves for tough times ahead?  
    • If you're thinking about transitioning from employee to shop owner, this episode is for you. Instead of guessing your way through the transition, let the Aftermarket Radio Network be your free library of industry peers across the country help you get started the right way. Maylan Newton, ESI- Educational Seminars Institute, is a business coach, trainer and industry speaker. Maylan's previous Episodes HERE Vic Tarasik, CEO of Shop Owner Coach. Vic’s previous episodes HERE. Show Notes: A good technician only makes a good business owner with proper training, guidance, and accountability. You need these 5 professionals- business coach, accountant, financial planner, insurance advisor, attorney Build the business that survives you and provides a legacy to your family the business is not about you is about all the people that depend on the business for their survival, family employees vendors Most importantly, do not treat your business as a hobby you not fixing cars running a business The business owner is the leader, not to fix cars/writing service “People are so afraid of success, that when they reach success they self-destruct.” Not paying yourself opens the door to resenting the business.  What is YOUR cost of doing business? Don’t let the high level of confidence in fixing cars create a false sense of security in solving all things in business. Ask questions of the right individuals- someone with experience who’ve successfully overcome what you have in front of you “Implementation of knowledge is power.” Focus on the fundamentals from the beginning  “Begin with the end in mind” (Covey)- Now that your journey has begun, what is your endgame?  “Life begins and ends at the edge of your comfort zone” Pay your taxes- set up a system where deductions from   Connect with the Podcast   Aftermarket Radio Network Subscribe on YouTube Visit us on the Web Follow on Facebook Become an Insider Buy me a coffee Important Books Check out today's partners:   Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com       Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today’s technicians. DelphiAftermarket.com Click to go to the Podcast on Remarkable Results Radio
    • Auto Repair Shops Should All Be Doing This
    • Great news to hear!  To find an SMS that integrates with QB is like having the best of both worlds.  Did you know QB can be your total payroll solution?   Over the years, QB has bought out several software companies and integrated those apps into their QB offering.  Keep up the great work and keep us posted!


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