If this were a game of Monopoly, Icahn seems to be focusing on Boardwalk and Park Place, accompanied by lots of hotels. The rest of us seem to be stuck with Baltic Avenue and rely on Chance as our primary business strategy, mortgaging every property we have to stay afloat in case we “roll the dice” incorrectly.
The automotive DIY market has been declared to be dying for many years because vehicles are increasingly more difficult to repair due to technological advancements, plus, an aging population is not up to the labor task of facing vehicles. Even so, it appears that DIYers find ways to develop their skills and/or the aftermarket responds with feasible solutions to keep the DIY market viable.
Perhaps the largest consideration to effectively answer the question of "How do I know when to sell and when to grow?" is to know your timeline. The second largest consideration is to know your walk away price. When working with clients, whether we are growing their business or preparing them to sell, I always ask these two questions.
The automotive aftermarket has to come to terms with two disruptive channel trends: suppliers shipping directly to repair shops and same-day delivery. The upside is that these trends can help repair shops service their customers faster, but distributors, in particular, will have to adapt to these evolutionary changes.
5S, a workplace organization method used to promote efficiency and effectiveness, needs to be included in any improvements to your business. Realistically, it should be the platform that all your improvements are based on.
Younger generations aren’t as interested in cars as previous generations, mostly because of the cost of ownership. The Connected Car, equipped with technologies that keep drivers connected, might be the best thing to help spark newfound interest in cars.
Aftermarket Business World columnist Larry Silvey offers advice to auto repair shop owners on how to effectively market their shop in his column, “Six critical auto shop marketing strategies.” The six key strategies are:
More than 20 years ago, the campaign for auto parts manufacturing and outsourcing in low cost countries began. Many manufacturers have benefitted from lower manufacturing costs but have had to develop feasible logistics to sustain their success. With manufacturers opening the global gate, auto parts resellers also saw an opportunity and began direct importing.
There are various reasons for development of alternative fuel vehicles, including environmental concerns, fuel efficiency standards and the leadership role of the automakers. The continued development of these vehicles hinges on further consumer acceptance and government legislation.
The intellectual property belongs to automakers but consumers have a right to decide where they get their vehicles serviced, which traditionally has been independent repair shops after the new vehicle warranty period ends.
Aftermarket Business World Columnist Larry Silvey discusses omni-channel markeitng as it applies to the automotive aftermarket in his column "Omni-channel marketing is the new normal." Here are a few of his key takeaways.
Social media is an effective and low-cost means for automotive businesses of all kinds to increase their business, however, businesses have to concentrate on being creative with their content and be committed to it by making regular posts
As new technologies move driverless cars closer to reality, global carmakers have ramped up development and testing (along with non-traditional companies like Google’s Alphabet and Tesla), and roads and highways across Europe and Asia have opened for testing of driverless vehicles.