2024 Benchmark Report Part 1: Biggest Changes, Key KPI's and Trends [E133] - Business By The Numbers

About this episode

In this episode of "Business by the Numbers," Hunt Demarest, CPA, kicks off a three-part series breaking down the 2024 Automotive Industry benchmark report for auto repair shops across the country. This report gives a clear look at how shops are performing financially and operationally, helping owners see where they stand.Key Points:• Benchmark Report Basics: The episode starts by explaining a detailed report that covers sales, profits, and key metrics for different types of auto repair shops, including Euro and diesel shops in various regions.• Sales and Tech Performance: The report shows average monthly sales per technician, highlighting how important it is to make sure your techs are productive and hitting industry standards.• Profit Margins: Hunt dives into the differences in profit margins on labor and parts, showing how different types of shops (like general repair versus high-end) stack up in terms of profitability.• Rising Costs: There’s a discussion on how rising costs, especially in labor and rent, are squeezing profits, and why keeping costs in check is crucial to staying in the black.• Industry Trends: The episode also covers big industry trends, like the need to offer solid employee benefits to attract good workers, and the different ways shops are paying their staff.• DOWNLOAD THE REPORT HERE: https://paarmelis.com/wp-content/uploads/2024/08/2024-PMA-Benchmark-Report.pdfThanks to our partner, NAPA TRACS Did you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: podcast@paarmelis.comDownload a Copy of My Books Here:Wrenches to Write-OffsYour Perfect Shop The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level. The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size.