By Joe Marconi
From what I am hearing from my fellow shop owner friends, the shops in my area, Northeast (New York), auto repair shops are busy and steady. However, there is a feeling from many shop owners to be cautious about the future.
Things that give shop owners concern: Inflation, the cost of living affecting the consumer's ability to afford auto repairs, dissatisfaction with the current administration, and possible recession.
By Joe Marconi
We are almost into the 4th quarter of 2022, which means that you need to consider your 2022 tax return. Many shops are having a very good year, which means there may be more taxable income at your bottom line.
What do you do to plan for and minimize paying taxes, while still maintaining a cash reserve?
Imagine a group of shop owners that get together to have local training for their area. They aren’t concerned with the competition between each other or the poaching of their technicians. Believe it or not, it is happening in Florida with FASTT (Florida Automotive Service Technician Training). Jason Stretch has a passion for training and created this group for technicians to acquire real-world information that can be applied immediately. Find out how FASTT is elevating our industry’s training and gain insight on how you could apply it to your area. Jason Stretch, Legendary Automotive & Truck Service, Fort Myers, FL, FASTT Jason Labonte, Regional Production Manager, Legendary Automotive & Truck Service John Forro, Electron John Kellyn Karr, Karr Automotive Key Talking Points
The Mission of FASTT is to produce automotive repair training courses and information for the automotive aftermarket, providing current and future shop owners and repair technicians with the highest level of technical training available. FASTT's goal for its course participants is to acquire the necessary skill set they seek and to apply those skills in a competent manner due to their training. FASTT produces automotive technician training through instructor-led courses, technical training manuals, and other media, with a commitment to continually update this training to stay in step with ever-changing automotive technology. The vision is these events happening all over the state of Florida and all over the country where shop owners are caring enough to get industry, the most relevant current industry training delivered at their shop to their staff. and at the same time, opening it up to technicians from around the state and the country The technicians get their first experience of in-depth training Why would your technicians leave? If they're getting the training, they're getting taken care of There is training that is from parts vendors, tool, equipment, vendors and etc. There are all these reasons not to train, and it's not just technicians that need training; we've got salespeople that need training. We have shop owners that also need training. You need to train your technicians, especially with the new and high tech equipment
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 2022. Mark your calendar now … November 1-3, 2022, AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at AAPEXSHOW.COM/WEBINAR. Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com
Click to go to the Podcast on Remarkable Results Radio
As one of the top 10 industries in America, we need to advocate consumer choice in a competitive market, and if we don’t do what is pro-consumer and pro-aftermarket, the dealers will get all the business. I’m with Bill Hanvey, CEO of the AutoCare Association, Paul McCarthy, CEO of the Automotive Aftermarket Suppliers Association (AASA), and Ryan and Andrea Goff, shop owners that went to Washington to speak to their representative and to show support for the Right To Repair initiative. Have you signed the petition? Go to RepairAct.com so easy to tell your congressperson you support the Right to Repair. Stay tuned for an important episode that affects ALL OF US.
Bill Hanvey, President and CEO of the Auto Care Association. Find Bill’s other episodes HERE. Paul McCarthy, AASA President. Find Paul’s other episodes HERE. Ryan and Andrea Goff, Rogers Tire Pros and Auto Care Key Talking Points
Massachusetts helped set the tone two years ago, but it is embroiled in a fight between the OEs and the voters and a judge who has yet to make a ruling. There are recent discussions that 75% to 25% of voters approved overwhelmingly “The right to repair is alluring in its simplicity. In theory, it seems obvious that if you do buy something, you own it, and you should have the freedom to do what you want with it,” said U.S. Rep. Claudia Tenney (R-N.Y.), ranking member of the subcommittee. “The right to repair, if properly designed, can create a world of consumer choice, competitive pricing, and potential cost savings. “However, when this issue is examined in full depth, it becomes substantially less black and white,” she said. “Today, many machines are essentially sophisticated supercomputers… they perform seemingly miraculous feats thanks to delicate and complex electronic components integrated with highly specialized, proprietary software. Even with all the possible tools and resources at one’s disposal, attempting to sell, fix, or modify products with electronic components could lead to disastrous results, such as product failure or, even worse, serious injury to the consumer. In addition, these alterations can put the privacy and security of the user at risk.” To industry: Do not abandon your interest in this initiative. Access to data is critical for the survival of our industry. This is anti-consumer because there isn’t enough bays or technicians in the dealer network to service the repair and maintenance of our car park. It is also pro-consumer as it creates competition. What can we do? Right to repair needs to be on 20 and networking group agendas. We must speak to our legislators If you own a shop, you must make an appointment with your local congressperson's office and see your congressperson in person. Don’t be nervous to share with your customers- we are at the tip of the iceberg By 2020- 4% had advanced connectivity that allowed for remote diagnostics. By 2025 almost every new vehicle will have that advanced connectivity Right to Repair Info Graphic download https://bit.ly/3BOotBI Right to Repair Media Kit for Graphics and postcards. https://bit.ly/3eZOi8Z
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
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
By Eric Roberts
Firstly let me say that I an just a regular guy from the UK who is the owner of a seven bay service centre/garage. I am not a financial expert. The dreaded inflation is upon us again. For the guys as old as me then this is nothing new. Back in the 70,s we had 15% inflation, but we all got by and lived for better trading days. Here in the UK we have always looked up to the USA because of your business prowess. So what do you guys look out as your worst enemy!
When prices are going up then I find that the gap opens between rich and the poor's disposable income. So this question will effect garage owners in different areas. My garage is in a poor area with many immigrant families who drive cars. So this means we have to be more flexible with pricing. Finding out if your customer can afford that service ! For this reason we devised a three tier service pricing structure. This has also the effect of not loosing your profit margins.
The lowest price should include an oil and filter change and a general vehicle check over. This way we find the customer will perhaps be able to afford a service and your profit margins wont drop. This is just one small idea that we carry out! What do you guys do in these times of high inflation ?