By Joe Marconi
I know none of us wants to hear this, but there will be a next crisis of some sort. I have lived through many downturns in my 40 years in business, the COVID-19 was the worst. But, out of every crisis comes lessons to be learned. So create your Crisis Plan today.
Start by understanding your numbers and knowing your breakeven. Then add to your breakeven a percentage of profit you want to earn. Equally important is creating a cash reserve in a dedicated bank account that will be used only in a severe emergency. Set your financial goals and stick to them!
Often overlook is your staff. Assemble the best team around you. This is a crucial part to ensure your future business sucess.
Lower your debt, get your credit rating up and maintain a good standing with all vendors. Lastly, talk to your bank about a line of credit that can remain inactive until you need to use it.
What other key things can we all share to help us through the next crisis?
By Joe Marconi
As part of our debt reduction, I revamped all of our usual marketing and advertising and put those dollars into customer service and social media. For example, we ramped up our shuttle pickup and delivery service, extended our hours of service, made sure we spend a lot of time with each customer and made sure we called as many customers as possible. We also stepped up our meet and greet process and made sure will followed up with customer after the repair. Lastly, we increased our social media posts and increases ads and boosting. This has made a huge impact on our customer and already starting to pay dividends.
What changes have you made to your marketing strategy since the Virus Crisis hit?
By Jeremy Glassco
I get asked this many times. How would I use a custom mobile app if I had one for my shop?
Take a moment to think about that.
Imagine what you could do IF you had a custom mobile app for your vehicle owner customers to download, interact with, and engage with your brand?
I'm noticing this trend in the food industry, retail industry, and now even in the medical industry.
What about our auto repair industry niche?
We're working on version 7.3, and part of what I love to do is get great feedback and build it into our upcoming versions.
What about you.
What type of features would an auto repair professional like yourself want in your dream app?
Please share your ideas here and my hard working team of app gurus will get on it!
First time poster and glad to be here.
I'm a 40 something entrepreneur not currently in the auto repair business but I've been exploring shop ownership for several years.
Unfortunately, I've come up short using traditional business brokers to find a shop worth purchasing. To date, all that I've looked at have been overpriced and/or have some serious issues.
As shop owners and managers, do you have any tips for finding a solid, well-run general auto repair shop (EBITDA/SDE of $250k-$2MM) to acquire?
I would be grateful for any insights.
Has the Coronavirus (COVID-19) impacted your auto shop business? If it hasn't yet, it has the potential to do so soon. Please share what you are currently doing, how your business is impacted, what plans you have in place, etc.
Some things to consider:
Do you have a plan in place should you or one of your employees become ill? With school, event, and business closures, how will this affect your shop? Are you sending anything to your customers in terms of sharing your plans around keeping your customer and employees healthy and doing your part in your community? Many small and large businesses have been sending email communications to their customers. Are you marketing to your customers in terms of not delaying car repair, should there be a need to temporarily close? Are your parts suppliers sharing their plans, should the pandemic affect supply chains? Are you stocking up on business and shop necessities? Please share your experience in this topic and stay healthy!
In the media:
The coronavirus and its growing tally of sick and dead victims around the world have been roiling financial markets, prompting countless hand-washing reminders and ruining more than a few vacations, and that’s before anyone knows exactly how widespread the effect will be on the automotive industry, including your local repair shop. Source
“By mid-March, the shortage of supplies will be felt and members are projecting they’ll experience disruption through May or June,” even if operations in China soon get back to normal, said Stacey Miller, senior director of communications at the Auto Care Association, a trade group representing 150,000 auto aftermarket and service businesses. Source
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Just saw this online and wanted to share. With the COVID-19 down time some have now, might be of interest. CARQUEST Technical Institute and Worldpac Training Institute are offering free 1 hour online training Monday - Friday, complimentary. See:
Breaking News: The CTI+WTI teams have worked hard over the past two weeks in creating two new opportunities that will allow you to access live training from the comfort of your home. Click the link below for our announcement that highlights the new CTI+WTI Virtual Classroom and World Professional Automotive Community. The World Professional Automotive Community will deliver business and technical topics every night in one-hour segments starting at 8PM EST. The Community is designed to bring our industry together to learn about timely topics that are affecting everyone during this crisis. The Virtual Classroom will deliver technical topics in one-hour segments, at various times starting this week. The Virtual Classroom has been in the works for a year and will become a regular part of how we deliver our Career Pathway content. More to come on this soon.
Click here to see the full announcement
To see what is scheduled for both the Community and Virtual Classroom, simply search the ‘Classes Near You’ tile on this home page and search for Virtual Classroom or VC and World Professional or WPAC and you will see a schedule for each event with a registration link to each. Oh, and these events are available at NO CHARGE.
Join our new CTI+WTI Members group on Facebook
Finally, due to the extended Shelter in Place orders across the country, we have postponed all classroom events through May 1st. We will be converting many of these events to Virtual Classroom events to enable you to continue your training.
RALEIGH, N.C.--(BUSINESS WIRE)--Nov. 1, 2019-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider, has launched a new learning management system designed to provide training programs that grow an automotive professional’s knowledge and skills throughout their entire career. Advance regularly serves more than 26,000 individuals in North America each year with training courses offered through the company’s Carquest Technical Institute (CTI) and Worldpac Training Institute (WTI) programs.
Training from Advance now combines courses available online and in the classroom from CTI+WTI into an integrated training solution, giving aftermarket professionals access to a robust library of technical training and business management education. Career Pathways, which feature a structured set of online and classroom events to establish mastery of technical and business competencies, are currently targeted to the General Service Technician and Professional Technician, with Senior Technician, Master Technician, and a number of specialist programs coming by the end of the year.
“Delivering quality training is critical to addressing the technician shortage facing the automotive industry,” said Chris Chesney, Senior Director of Customer Training at Advance. “Integrating the expertise and curriculum of CTI+WTI into a centralized, easy-to-use platform enables Advance to go to market with an unrivaled training program. No matter what stage a person is in the life of their career, training is crucial to their long-term success.”
Shop owners can track the progress of their technicians and staff through Career Pathways specific to the type of work they perform at their shop. Training participants receive certifications within the CTI+WTI platform as they complete training programs and advance in their career.
“The advancement of automotive technology requires that our industry has access to leading edge training to keep pace with modern vehicle systems,” said Rob Morrell, Senior Director of Customer Training at Worldpac. “CTI+WTI’s new learning management system enables national accounts and independent shops alike to help attract, retain and grow talent.”
CTI+WTI have hosted more than 45,000 training events in the organizations’ 20-plus year histories. For more information, visit CTIonline.com or WTIonline.com.
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of July 13, 2019, Advance operated 4,912 stores and 150 Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands. The Company also serves 1,250 independently owned Carquest branded stores across these locations in addition to Mexico, the Bahamas, Turks and Caicos and British Virgin Islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191101005436/en/
Source: Advance Auto Parts, Inc.
T: (540) 589-8102
E: [email protected]
T: (919) 227-5466
E: [email protected]
CLICK HERE FOR REGISTRATION INFORMATION
WORLDPAC SUPPLIER & TRAINING EXPO WELCOMES ADVANCE PROFESSIONAL CUSTOMERS
Gaylord National Resort & Convention Center
National Harbor, Maryland - June 10 – 14, 2020
What Your Package Includes:
Five day, four night accommodations at the Gaylord National Resort & Convention Center in National Harbor, MD (Washington DC) for (1) person Airfare - round trip for (1) person Transportation to and from the hotel for (1) person All meals; Thursday, Friday and Saturday (breakfast, lunch, breaks and dinner) for (1) person Entrance to all your pre-selected training classes Thursday, Friday and Saturday Supplier Expos – 2 evenings (Thursday and Friday) Saturday evening social event Special pricing on Tool & Equipment Dedicated hospitality staff exclusively for WORLDPAC guests Networking opportunities with OE manufacturers, suppliers, technical/business educators and independent repair shops COMING SOON VIDEO
STX2020 will be our largest event yet with more than 300 new and unique technical and business classes available, offering a more extensive custom learning experience. Classes will be presented by OE manufacturers, Carquest Technical Institute (CTI) and WORLDPAC Training Institute (WTI). STX2020 also gives you the opportunity to connect with over 250 international automotive part manufacturers, suppliers, brands, tool & equipment demonstrations and other industry professionals. This training event opportunity is open exclusively to WORLDPAC and Advance Professional customers on a first come, first served basis so don't delay and register today!