Thriving Through Our Economic Challenges [THA 357]
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:
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- 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
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About the author, Carm Capriotto, AAP
Carm is the founder and host of the Remarkable Results Radio Podcast and the pioneer of automotive aftermarket podcasts. Carm calls on his years of experience in the aftermarket to bring engaging stories from his guests.
Listen to raw, unfiltered, honest, and sincere stories that include insights, trends, best practices, and expertise. Each interview brings an opportunity to learn one new thing through the stories of personal achievement. Many podcast guests tell their story of transformation from working in their business to working on it.
As host of over 1,000 episodes, Carm uses his enthusiasm and passion for the aftermarket especially the service sector to take his listeners on a journey showcasing successful service professionals’ paths to Remarkable Results. He also enjoys interviews with aftermarket industry thought leaders who bring their industry perspectives to his listener.
Follow the podcast on your favorite podcast listening app and always listen to learn just one thing!