Industry
NEWS + LEGISLATIVE UPDATES
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...
How Does Formula Keep Your Data Safe?
Earlier this year, The Federal Trade Commission (FTC)’s Gramm-Leach-Bliley Act (the Safeguards Rule), became effective, including amendments reflective of today's risk landscape and technology. The updated rule (effective on June 9) requires dealers to...
Maximizing Warranty Volume: How Dealerships Can Thrive in the Growing Parts & Sales Market
As parts and service sales continue to flourish, so does the need to capitalize on the increased warranty volume dealerships are experiencing. NADA Data shows total dealership service and parts sales has spiked since 2020, and has continued to grow year after year. As...
Warranty reimbursement can provide financial lift to dealerships
Car dealerships should hire an outside vendor to pursue warranty reimbursement because of the legalese and varying state statutes involved. [original article posted on Automotive News.] Between ongoing talent shortages, inflation concerns and vehicle...
Newly Launched Formula Automotive Warranty Reimbursement Consultancy
[Originally posted by Auto Success] The company provides both parts and labor submissions with optimal rates by leveraging years of experience, a deep understanding of complex state statutes, and advanced knowledge of manufacturer protocols. Formula Automotive...