RR 471: Vin Waterhouse on Intensive Labor Rates and Financial Benchmarks
Are you aware that you are selling fewer parts? Do you understand that the hours of diagnostic work you do does not reflect the typical parts sales per hour that your financial business model has generated in the past?
So what you say. Ouch! The wrong attitude. You are bleeding to death and the math exists to prove it. You must pay attention to having an intensive or recovery labor rate. In this episode with legacy aftermarket coach and trainer, Vin Waterhouse, we get into the power and value of benchmarks and how to calculate a recovery labor rate.
If you are not happy with your net operating income (your bottom line) vs the hard work and time you spend at your business, then Vin may just help you formulate some next very important moves you need to make, so your financial strength improves.
Vin Waterhouse is President and Founder of The Waterhouse Group, an automotive Accounting, Training, and Coaching.Listen and view episode notes
Supply Partnership – The Strength of the Supplier/Service Professional Relationship – THA 123
We get into some gritty perspectives from your suppliers on trust, delivery, training, and helping the service professional succeed. We also talk pricing, margin and the people factor. It is always refreshing to hear from one of the strongest spokes or partners in the distribution channel.
Your panel: Danny Durbin, from Durbin Auto Parts, Keith West, from Auto Supply Company, Bowdon, GA. and Matt Ward, Director of Governmental Relations and Field Services for AAAS ( Automotive Aftermarket Association of the Southeast).Listen and view episode notes
You should have the highest payroll in town, not the lowest.
A generation ago the shop owner didn’t need to know the numbers. How the world has changed and in this episode with Vin Waterhouse, as with all my discussions with business consultants and coaches, will push you to make the important changes that will catapult you from having a hobby or job into a career that rewards you for your hard work
Vincent Waterhouse, President and Founder of The Waterhouse Group, an automotive Accounting, Training, and Coaching company shares his strategy for business climate based on today’s changing business models.
Vin has over thirty years of experience in the automotive aftermarket. His specialty is working with auto repair shop owners to help them earn the profits they deserve.Listen and view episode notes
What Drives Your Parts Buying Decision?
This Town Hall Academy summit features Keith Williamson, owner of Williamson’s Repair and Tire in Bondurant, IA, John Long partner in Schertz Auto Service in Schertz, TX, and Keith Katz, owner of Quality Service Center in York, PA.
The panel covers part quality, service, availability, training, price, and warranty. We also get into credits and returns, their salesperson, volume rebates, e-commerce, and labor claims. There is a consensus on the value their supplier brings to their business.
Compare your supplier needs and relationship to what this panel has to say about their parts buying decisions.Listen and view episode notes
This panel’s perspective is meant to excite a dialogue, to present ideas and concepts to support your decision or to inspire you to take a stand; one way or the other.
This topic is a worthy discussion because of the growth rate of e-commerce part availability, transparency in pricing, and ease of self-diagnosis on the internet.
At risk can be your reputation based on the quality of part being installed. You own the cause of their concern. This panel has not gotten one new great customer from ever installing parts for walk-in customers.Listen and view episode notes
Multiple Labor Rates Can Make A Shop Competitive Depending On Jobs. It Is Easy To Set Up Parts Matrixes On Your SMS.
A big fear in our industry is we fear someone questioning our price. We need to be proud of why and what we do. We must understand the value we do for our customer.
Understanding how parts matrix’s work in your SMS and understanding the strategy behind it will improve your parts margins overnight. Also, parts pricing transparency in the industry may change parts margins in the future.
Become the CEO of your company and you’ll start to see the differences in your sales, costs and profits when you pay attention to what the CEO must do for the company.Listen and view episode notes