Industry
NEWS + LEGISLATIVE UPDATES
New York sides with dealers over warranty reimbursements
On September 4, New York Gov. Kathy Hochul signed a new bill into law requiring automakers to cover all costs associated with warranty repair, plugging a major loophole causing headaches for dealers and consumers. Bill A4066B changes how manufacturers...
EV demand isn’t nearly as high as was projected. What does this mean for your Fixed Operations Strategy?
Introduction As the automotive industry evolves, auto dealers are concerned about the impact electric vehicles will have on their service departments and fixed operations gross profits. There has been widespread concern that traditional service revenue will decline...
How can Heavy Truck Dealerships Become More Profitable? – Best Practices for Optimizing Parts & Service Absorption.
Having worked for and with dealers for so many years, we can say definitively that a dealer’s most omnipresent question is ‘how can we be more profitable?’ While selling more trucks, increasing gross profit, and reducing expenses are important, there’s another...
Understanding OEM Warranty Reimbursement Submission Responses: What Dealers Need to Know
What they ask dealers to provide doesn’t always coincide with statutory requirements. This article provides a look at the current landscape of OEM warranty reimbursement processes, highlighting how various OEMs handle submissions, common pitfalls to avoid, and recent...
Parts Rates for Warranty Reimbursement Could Be A Hidden Gem for Dealers
Labor rates seem to be top of mind for most dealers as they embark down the Warranty Reimbursement path – due in large part to the fact that labor rates typically increase annually and therefore yield the most room for improvement year over year. But most state...
Unlocking Your Dealership’s Hidden Revenue: The Power of Warranty Reimbursements
Partnering with a qualified vendor to ensure you receive what you’re legally owed is more than just advantageous — it’s a necessity. For as long as there have been franchised auto dealers, the battle over factory reimbursements for warranty work has raged on. It’s a...
Many Retail Warranty Reimbursement Statutes Apply to Heavy Truck Dealers Too
We heard from a heavy truck dealer recently that they had no idea that the retail warranty reimbursement statute in their state applied to them as well. Upon further investigation, we found that very few heavy truck dealers have yet to capitalize on the opportunity...
Executive Spotlight with Chris Forgione of Formula Automotive
Do you regularly review and maximize your reimbursement rates to ensure efficiency and profitability? In the AutoSuccess Executive Spotlight, host Brian Ankney discusses warranty rate disparity in automotive dealerships with Chris Forgione of Formula Automotive....
What Can Help Justify Your 2024 Submissions
Are you prepared for your 2024 submissions? What are some ways to move the needle and amplify your warranty rate in 2024? Labor Rate Market Study - Ensure your door rate is maximized and in line with your competition. Repair Order Discount Analysis - Ensure...
Dealers: Consider Options Before Accepting Automaker CPI Increases for Warranty Work
Consumer Price Index (CPI) automatic increases may fall short of the legally entitled retail rate, leaving tens of thousands in profit on the table every year. Agreements for automatic increases tied to CPI generally arrive in the mail around this time of year and may...