By Joe Marconi
There is a lot of talk these days about the Electric Cars, and no doubt they will become more and more accepted during the next few years.
All car makers are investing big bucks into EV's and battery technology. While we are a ways away from EVs becoming mainstream, what are your plans to prepare for this? How do think the EV will change our business model?
Key Talking Points
Joe’s Garage AAPEX 2021- a playground for the automotive industry with lifts and hands-on engagement Right to repair- allows for the bidirectional access of data for vehicles in a standardized format. Get the diagnostic information from the vehicle. Lawsuit ensued. A federal bill will push the automotive Right to Repair. It’s not the independent vs dealership, it’s about equal competition and allowing the consumer to choose Subaru- disabling Starlink system which is now evidence Automakers have 270 lobbyists, the automotive aftermarket has 9 Changing driving habits but the miles driven is still increasing- more dependence on the vehicle, automobility EV growth- 280 million vehicles in operation, it will take time to shift, EV’s still require repairs Ecommerce- expectations have increased, data and business technology has leveled up and activated the industry to improve Don’t be afraid of the future Repairact.com allows email to be sent to your local representative Connect with the show:
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This episode is brought to you by AAPEX, the Automotive Aftermarket Products Expo. AAPEX represents the $740 billion global automotive aftermarket industry and has everything you need to stay ahead of the curve. AAPEX 2021 is in the record books and lived up to presenting leading-technical and business management training from some of the industry’s best and brightest. Now set your sights on Las Vegas in 2022. Mark your calendar now … November 1-3, 2022, AAPEX - Now more than ever.
This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at getshopware.com/carm
Bill Hanvey, President and CEO of the Auto Care Association. Bill is engaging the automotive aftermarket to get involved in letting your legislators know the issue about data. Your help is needed to help in amending the right to repair legislation. Learn everything you can about this fight to amend the right to repair legislation. Ownership of Vehicle Telematic Data Must Flow to the Vehicle Owner. Bill leads the strategic direction of The Auto Care Association’s 3,000 members and 150,000 companies representing automotive manufacturers, distributors, and service providers. Find Bill’s other episodes HERE.
Paul McCarthy, AASA President.Paul has over 23 years of experience in the automotive industry. Prior to joining MEMA, Paul led the Automotive and Industrial Products Strategy Practice at PricewaterhouseCoopers (PwC). He consulted at dozens of automotive suppliers, eight of the top ten global automakers, and at private equity firms and financial institutions. His past leadership roles include heading PwC Germany’s Automotive Strategy advisory practice and leading global forecasting and analysis for a prominent vehicle forecast service, Autofacts. Paul has an MBA from Duke’s University’s Fuqua School of Business. Find Paul’s other episodes HERE.
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By Joe Marconi
One of the lessons from COVID is for repair shops to have a strong cash reserve. Shop owners need to budget their money each week, and allocate money to different bank accounts, such as payroll, operating expenses, taxes, etc.
Another account I would recommend is to have a Cash Reserve account, where money is allocating each week, and not touched unless their is a emergency, such as an economic downturn and or if an economic emergency occurs in your area or with your company.
While no one could have predicted the affects from COVID 19, I think we can all agree that being cash strong is a viable strategy.
You should have anywhere from 3 to 6 months of covered expenses in a separate bank account. I know, I know....it's a lot of money. Start slow and build each week. Anything set aside is better than nothing.
Of course, to have a reserve means that you need to have the profit to put away. Right? Well, another reason to know your numbers, revisit your pricing and make sure your labor rate is enough to support your payroll, operating expenses and have enough left over to set aside money for the unexpected.
Trust me, you'll be glad you did.
By ASOG Podcast
A pleasant surprise from Kim & Brian Walker of Shop Marketing Pros.