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Thriving Through Our Economic Challenges [THA 357]

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Recorded Live at AAPEX 2023, Greg Bunch and Matt Fanslow discuss the impact of the current economy on the automotive aftermarket industry. They explore various aspects of business such as margins, marketing, training, hiring, labor rates. The conversation also covers the potential loss of independent repair shops, and the need for better communication with customers.

Greg Bunch, Aspen Auto Clinic, Transformers Institute. Listen to Greg’s previous episodes HERE. Matt Fanslow, Riverside Automotive, Red Wing, MN, Diagnosing the Aftermarket A to Z Podcast

Show Notes:

  • The state of the economy and its impact on the automotive aftermarket industry (00:00:01) Discussion about the current state of the economy, including worldwide conflicts, division, interest rates, and inflation, and how it may affect the automotive aftermarket industry.
  • The importance of customer loyalty and salesmanship (00:03:51) Exploration of the significance of customer loyalty and salesmanship in retaining customers and attracting new ones, with a focus on providing a frictionless experience.
  • Improving business operations and paying attention to every area (00:05:52) Discussion on the need to run automotive businesses more efficiently, including honing sales skills, improving phone skills, enhancing customer service, and reducing friction in customer interactions.
  • The customer journey (00:09:50) Discussion about the concept of a customer journey and its importance in the automotive repair industry.
  • Engineering touchpoints (00:11:41) The importance of considering and engineering each touchpoint of the customer journey to create positive feelings and experiences for the customer.
  • The Bear TV show (00:16:07) A discussion about the TV show "The Bear" and its relevance to the automotive repair industry, particularly in relation to providing the best customer experience.
  • The importance of customer experience and communication (00:19:25) Discussion on the significance of providing a frictionless experience for customers and improving communication in auto repair shops.
  • The impact on 'mom and pop' shops (00:33:17) Discussion about the challenges faced by smaller independent repair shops in keeping up with technology and training.
  • The misconception about dealerships and independent shops (00:35:46) Exploration of the false narrative that dealerships are better equipped to handle newer cars, while independent shops are only suitable for older vehicles.
  • The future of shops and the role of technology (00:39:45) Debate on the potential impact of technology, such as remote programming and diagnostic tools, on the survival and success of automotive repair shops.
  • The challenges of the current economy (00:42:20) Discussion about the impact of the economy on the automotive aftermarket industry and the challenges faced by businesses.

Thanks to our Partners Shop-Ware and Delphi Technologies Shop-Ware: More Time. More Profit. Shop-Ware Shop Management https://getshopware.com/ Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today’s technicians. http://DelphiAftermarket.com Connect with the Podcast -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on Twitter: https://twitter.com/RResultsBiz -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections Delphi-Call-to-action.png       ARN-Website-Banner-July-2022-1200x400-1.

Click to go to the Podcast on Remarkable Results Radio

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  • Have you checked out Joe's Latest Blog?

    • Joe Marconi
      The Toolbox is Last to Leave, First is the Heart
      By Joe Marconi in Joe's Blog
         0 comments
      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.

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