As a collision repair business owner, you understand the importance of staying competitive in a crowded market. One of the best ways to stay ahead is to increase the value of your business. Not only does this help you stand out from other businesses, but it can also help you attract potential buyers if you ever decide to sell your business.
In this article, we will highlight five ways to increase the value of your collision repair business that you may not have thought of before.
If you plan to sell your business soon and need an exit strategy, schedule a free 20-minute conversation with Matt DiFrancesco. Discuss your vision and find out how you can adjust the nuts and bolts of your business and life to become prosperous.
Offer Digital Vehicle Inspections
One way to increase the value of your collision repair business is to offer digital vehicle inspections. With this technology, you can take pictures of the damage and create a report for the customer that includes the cost of the repairs, the timeline for completion, and any other pertinent information. This makes it easier for the customer to understand the extent of the damage and what needs to be done to repair it.
According to the research carried out by Research firm J.D. Power, 54% of car repair customers prefer a digital vehicle inspection that they can access on their mobile devices to approve necessary repairs. While auto repair shops typically use a paper checklist to identify necessary repairs, digital vehicle inspections have become increasingly popular due to their ability to incorporate photos and videos and be shared via email or text.
These tools can help build customer trust, fit their busy schedules, and provide greater convenience. The use of digital vehicle inspections became widespread during the pandemic and is expected to become even more prevalent in the future.
Invest in Advanced Training for Technicians
Another way to increase the value of your collision repair business is to invest in advanced training for your technicians. This improves the quality of your repairs and shows that you are dedicated to providing the best possible service to your customers.
According to an ASE survey of 1,500 vehicle owners, automotive service providers are now more trusted and respected by the public. Over 70% reported increased trust in manufacturers, dealerships, independent repair shops, and technicians.
ASE certifications were a factor for 41% of respondents when selecting a service/repair facility, and 77% said they would consider ASE when choosing a facility in the future after learning about its benefits.
Now that you know the stats and the trust certified technicians can generate, evaluate your technicians’ current skills and invest in relevant training.
Focus on Customer Service
One often-overlooked way to increase the value of your collision repair business is to focus on customer service. You can establish a strong reputation and cultivate a loyal customer base by prioritizing exceptional customer service.
To start, offer a comfortable waiting area that is welcoming and conducive to relaxation. Consider providing comfortable seating, free Wi-Fi, and refreshments to make their wait more comfortable.
All staff members must be trained to provide friendly and professional customer service. It includes greeting customers with a smile, actively listening to their concerns, and providing clear and concise explanations of repairs. Plus, consider offering a guarantee or warranty on your repairs.
Moreover, ask customers for feedback on their experience with your business. It can help you identify areas for improvement and make necessary changes to improve customer satisfaction.
Focusing on customer service can create a positive and memorable customer experience. In short, it can help differentiate your business from competitors and increase the value of your collision repair business over time.
Offer Financing Options
Offering financing options to customers is a great way to increase the value of your collision repair business. Many people may need more cash to pay for costly repairs upfront, so offering financing options can be very attractive.
Plus, they are more likely to return to your shop for other repairs or maintenance needs. This can help increase customer loyalty and lead to repeat business.
While offering financing options to customers, it is crucial to be transparent about the terms and conditions of the financing. Ensure that customers understand the interest rates, payment schedules, and any fees associated with the funding.
Embrace Technology
Finally, another way to increase the value of your collision repair business is to embrace technology. Technology has become essential to any successful business in today’s digital age. It can help collision repair businesses stay ahead of the competition and increase their value.
One of the ways to leverage technology is by using online appointment scheduling. It allows customers to easily book appointments at their convenience without the hassle of calling in. Additionally, offering text message updates can provide real-time communication with customers and help them stay informed about their repairs.
Digital marketing is another way that can help collision repair businesses attract new customers. It can involve utilizing social media platforms and online advertising to target specific demographics and increase brand awareness. By embracing technology, collision repair businesses can enhance their overall customer experience and improve their bottom line.
If you’re ready to begin preparing your exit strategy, contact High Lift Financial to schedule a free 20-minute conversation with Matt DiFrancesco and explore your options.
Discover More About The Collision Industry & Business Planning
If you want to add value to your collision repair business, talking to a financial advisor can be beneficial. Financial advisors such as Matt DiFrancesco at HighLift Financial are experts in helping businesses identify opportunities for growth and profitability.
In addition, they can provide insights into different financial strategies that can help you optimize your business operations, increase revenue, and improve your bottom line.
Business owners must stay updated on the changing business environment because it is competitive. High Lift Financial knows these challenges and covers all aspects of financial planning by having conversations with industry experts and leaders. Below are our top 3 picks that you might find interesting as a collision repair owner:
Disclaimer
Matt DiFrancesco is the Principle and Financial Technician at High Lift Financial. He is a Certified Exit Planner (CExPTM), an exclusive designation, and he is specifically focusing on the collision repair industry. He can be reached at matt@highliftfin.com or (814) 201-5855. No tax or legal advice is intended.