Service Drive Business Brisk
January volume and revenue up over December despite rough winter.
Service revenue alone rose 3.3% month-over-month. That’s up about 40% over the prepandemic level due largely to inflation.
IMAGE: Pexels/Andrea Piacquadio
Dealership service business ticked up in January, and revenue rose year-over-year though volume was off from a year earlier.
The month-over-month volume increase was about 3% but down a little over 1% year-over-year to an index reading of 82.4, Cox Automotive said.
The monthly uptick happened despite a harsh winter, Director of Product Consulting Skyler Chadwick pointed out.
“This is good news for dealership service departments as they continue to drive significant profit through fixed operations.”
Meanwhile, revenue alone rose 3.3% month-over-month and 4.3% year-over-year for a repair order index reading of 137.7. That’s up about 40% over the prepandemic level due largely to inflation, Cox said.
Originally posted on Auto Dealer Today
More Industry
Structure Leads to Optimized Auto Listings
As the average car-buying journey has shifted to a blend of digital and retail, a dealership’s vehicle listings must be optimized to answer shoppers’ questions clearly and accurately.
Read More →
Consumers Mixed on Economy, Finances
A July survey shows spotty sentiment of current and future conditions, in addition to demographic differences as overall opinion of present circumstances kept sliding.
Read More →
EVs Closing the European Gap
Electrified powertrains led June new-vehicle sales in Europe, reaching 26% of the market.
Read More →
Early Intervention Saves Retention
Sales and service departments have the highest annual dealership turnover rates, according to a new industry report, costing money and time that could be better spent elsewhere.
Read More →
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →