If only we had a crystal ball to peak at the next 5 years. As a shop owner, you might still be booked out 2-3 weeks, but with gas prices, inflation, the great resignation, interest rates, and new and used car costs, what do you need to pay attention to in the short term to continue to be profitable and relevant? Chris Cotton, AutoFix Auto Shop Coaching, Chris Cotton Weekly Blitz Podcast Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast Joe Marconi, Executive Council Member, Elite Worldwide. Joe’s Episodes HERE. Michael Smith, Managing Partner, Herzberg Smith and Co, Michael Smith’s previous episodes HERE Jaron Kleber, National Sales Manager, Repair Shop of Tomorrow
Key Talking Points
Your employees should be your greatest strength. Invest in THEM to secure their future and the future of your business. Connect the dots with their goals and the company’s goals. Don’t ignore the people in your shop. Don’t get complacent. Productivity, efficiency, and effective labor rate are the 3 most important numbers in your business Systems, operations, and procedures. SOPs will set you free! Important to train the whole team on “what right looks like” so that everyone is rowing the boat in the same direction. It’s not about the one, it’s about the all. TEAMWORK makes the dream work. The automobile service industry is undergoing a literal revolution. The boomers are increasingly aging out, the number of independent competitors is shrinking fast, being a future top-shop will require much more business sophistication in the future, and the third-party investor feeding frenzy has begun. Smart owners need a strong business strategy, steeped in their legacy and exit strategy, to lead through these changes rather than just playing catch-up. Baby boomers retiring- 80-85% aren't worth making a private equity investment Shop owners coming from outside the industry- thinking from a business perspective Elevating the industry through training and coaching Profit vs cash- cash brings personal spending habits into play, preserving cash Will it slow down? It matters what you do during the good times that will help you survive the bad times. Don’t let car count carry you. Redefine who you are and honed in
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New Tires With Wheel Alignment Scam - Avoid Rip Offs: Two Shop Owners React
This may sound brusque but I have my reasons, you are welcome to have your opinion about buying new vs used and such, but please understand that I have my reasons and contribute accordingly, please. I only write this because I know how some strings of comments can go.
But, to my query and I truly and sincerely appreciate everyone’s opinion, professional experience and reasons in their answers. I am wanting/needing to replace my current truck. I made a mistake buying it, but I did. I have a 2021 Toyota Tacoma Limited that I absolutely hate and is the biggest POS I have ever owned and that includes the Suburban that puked a motor a month after I bought it used. I would really prefer a mid-sized truck but given my domestic situation I also want to replace my small but very nice camper trailer with something a little bit bigger, so my girlfriend and I have more room and comfort. Anything decent weighs in the 7000 + CGVW range topping out around 9000 for what we would likely want. So that puts the mid-sized out of the picture since most are limited to 7000 or slightly over. Fuel economy is also very important, but I know that a full-sized truck will not be great. I was spoiled with my 2018 Colorado Centennial Edition which would regularly return 22+ on trips on the expressway and 24+ on rural highways. But the transmission was one of those 8 speed beasts that did more shuddering that shifting so it was replaced by this POS Tacoma on the strong recommendation of a friend who had owned 3 Tacomas over the years and currently had a 2020. To make matters worse, besides the dismal fuel economy, it won’t break 19 mpg on the expressway, it shudders too.
Okay, this is getting long but you have the background and needs for a new truck. I would prefer a new as opposed to used for some reason. What trucks would you recommend or recommend staying away from? Decreasing the pool of possible candidates is the very strong desire to have a moonroof. An integrated brake control system would be nice but not necessary since I have a very nice Tekonsha unit now. I am not a fan of Chrysler products but I am also looking for something to buy and keep for an extremely long period of time. Thank you to all who read and respond, I a truly grateful.