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
Ownership Priorities are Shifting
A new survey shows that in the U.S. vehicle quality for generation Z is largely defined by advanced safety features, intuitive technology and premium sound systems.
Read More →
Pump Price Jump Calculated
ISeeCars.com examined fuel costs for different power trains, finding which ones have experienced the biggest hits since the war in Iran commenced.
Read More →
Black Book: Weekly Market Update
Wholesale values fell last week despite the spring season still being in the traditional full-gear mode, analysts said.
Read More →
Arkansas Auto Group Acquires First Indiana Rooftop
Performance Brokerage Services represented both the buyer and seller in the sale of Carver Toyota of Columbus by Carlock Automotive Group.
Read More →
Stellantis to Dive Into U.S. Lending
The multinational maker of Chrysler, Dodge, Jeep, Ram and multiple other brands received conditional approvals for a Utah-based industrial bank.
Read More →
New-Vehicle Prices Rise
With April sales down, higher prices on in-demand large vehicles helped inflate the overall ATP, though increases were under long-term averages, Cox Automotive reported.
Read More →
Black Book: Weekly Market Update
Last week in the wholesale automotive market proved to be a mixed bag, analysts reported.
Read More →
Black Book: Weekly Market Update
Conversion rates were flat last week at 63%, Black Book analysts calculated, as low-mileage and almost-near units outpaced the overall market.
Read More →
EU Auto Association Urges Action
Trade relations between the European Union and the U.S. are at risk, causing the European Automobile Manufacturers Association to push lawmakers to make a decision.
Read More →
Driving into the Super CFC Era
Understanding the risks and benefits of retail accounting and Super CFCs can help you better present options to your dealer partners.
Read More →