This column is about consumer finance options. And it may ruffle some feathers. I think that offering options to consumers so they can make the best decision for their vehicle, their budget and their situation is great. What I see as a massive opportunity for our industry is in how we offer that option.
Some days, it may seem like you were busier than all get-out, but you didn’t make any money. Other days seemed slow, but you were stunned at how much cash you generated. Sometimes the retail world doesn’t make any sense, does it?
The repair wasn’t done right.” Ever hear this from a customer? About 75% of the time, this statement results in the dreaded service “comeback.” That leaves 25% of your customer base that doesn’t even give you a chance to even make things right.
Modern Tire Dealer columnist Dennis McCarron has some practical tips for dealing with the vampires that rob us of time. One example is the “buddy system” for taking care of “drop-in vampires,” i.e., vendors who show up unannounced.
Most independent tire dealers get into the tire and automotive service business because they enjoy fixing vehicles or selling things. Many probably started working for a larger chain or their father/mother/grandparents and got pretty good at fixing and selling, so they thought, “I’d like to be my own boss doing this.” And they scraped together enough cash, took on enormous debt, and hung their shingle outside.
If you are frustrated with your customer’s price focus or “always wanting a deal” type of mentality, Modern Tire Dealer columnist Dennis McCarron has some shocking news for you: Your prices are too low.
Why does it seem that on some days, owners can’t peel themselves away from the counter and the service consultants are nowhere to be found? A tool you can use to keep everyone focused on what’s important is a job description.
Every year, you have a chance to be fair to your customers, your employees, and yourself. Earning 10% net profit year-over-year is your fair share, and it’s your retirement. The "industry norm" of 2% to 3% net profits will not be enough.
Dennis McCarron has a challenge for every manager, owner — every boss. He's even made it a double-dog dare: for one week, only point out the positive things your employees do, and keep the negatives to yourself.
Tire dealers are feeling the heat. The big guys are growing bigger. Finding and keeping reliable technicians is getting more expensive. And technology is requiring more expensive shop upgrades. Doom and gloom? Dennis McCarron says no. "It’s not doom and gloom because this is awesome."
Often, as is the case, a tire and automotive shop will employ a store manager. That is what we call the job, a store manager. But is your store manager really a store manager? Or is he or she a sales manager? Let’s look at the differences.
Due to the boom of the internet, social media, and web 2.0, you are competing for the talents with every single other employer out there regardless of industry. What can be done to make sure a young, energized, and ambitious mechanically inclined young adult ends up working on cars?
What really separates you from the competitor down the street is the people in your building. And it’s not what they know. It’s the things you can’t teach. Do they care? Do they listen? Do they act like they want to make things right?
A tire store owner who trusts his or her employees can focus on the future, not the present. Without trust, an owner will be at the store 24/7/365. But how do you learn to trust your employees? By becoming almost militant on process.
In the spring and summer of 2018, the federal government disciplined the tire and automotive industry by nearly $1 million for wage and hour violations. The government feels our industry is an easy place to generate revenue. And, sadly, they are right.
Employees may come to you with problems they can readily solve on their own, customers may want to speak “just to you” about getting their oil changed, and vendors always want face time to sell you the latest gadgets. Let’s talk about spending your time like the precious commodity it is.
A small business is much, much, much better off as an S corp for many reasons. For starters, if your store or stores made less than $50,000 in profit last year as a C corp, your tax rate is about to go up.
"I can’t understand why there is no profit, we are so busy.” “I need to hire more staff; we are so busy.” “How are you doing?” “Man, it’s great we are so busy.” “Hey, you need to spend more time working on your business rather than in your business.” “I can’t, I am so busy!”