Several disruptive trends are affecting the auto repair industry today. With the rapid advances in automotive technology, the challenges it presents are poised to transform the industry for decades to come. So, the question arises, “how can an auto repair shop owner ensure their business survives and thrives in the future?”
Frank Terlep, CEO of Auto Techcelerators, LLC., joins Matt DiFrancesco. They share their thoughts on the ever-evolving space of the auto repair industry and what is required to compete in this market. In addition, Frank provides his insights, as a disruptor himself, on how collision shop owners should deal with these disruptive trends and what the future could look like for the collision industry.
As the collision space industry grows, it becomes more and more competitive. This means that it is more important than ever to have the right knowledge and strategies to be successful. In addition, disruptive trends are making it difficult for businesses to keep up, so staying ahead of the curve is crucial.
Staying informed about the latest industry news and developments. If you require any financial assistance or want to lay out a business roadmap, then schedule a free 20-minute conversation with Matt DiFrancesco today.
About Our Guest
Frank Terlep has been in the industry for 40 years. He developed one of the first automotive aftermarket software applications in the mid-’80s. Since then, he’s developed several different software, including the industry’s first Windows-based estimating and management system, the first online parts procurement platform, the first mobile app, digital marketing platforms, and the industry’s leading remote scanning and calibration software platform.
Frank is the author of the new book “Auto Industry Disruption, Who and What is Being Disrupted and What to Do About it” in which he discusses how to adapt to the trends and technologies disrupting the automotive industry, so you end up winning.
Furthermore, it developed two new platforms. Test Drive CoPilot™, a platform that will change the way test drives are performed, managed, and documented forever, and Calibration CoPilot™, the best way to manage and document ADAS calibrations.
Advancements In The Collision Space
There are rapid advances in automotive technology, especially with electric vehicles. Body shop owners can start analyzing the industry to understand the latest trends. An understanding of where the industry and consumer preferences in terms of vehicles are heading can help you upgrade your services.
There are some longer-term trends that are not only going to affect the shaft but affect everybody in the industry. Currently, in the collision space, 90% of the money that comes into the industry comes from insurance. So the private equity firms look at this percentage and get enticed.
In addition, we have got almost virtually guaranteed money that’s going to come into our businesses. So both these factors make the individuals say, “let’s invest in the industry and roll it up”.
The Need For Huge Investments
There are business owners who aim to create a multi-generational legacy. But they might not know how to do this because, again, they’re fighting the insurance companies and consolidators. To continue in the market and make it to the top, they will have to make some pretty big investments.
The reason is that vehicle technology is constantly evolving. In addition, according to Moore’s law, every year, chips would be twice as powerful and cost half as much. Though this law is stated in terms of computer technology, it can be applied to the automotive industry for the next 10 or 15 years.
So, the autobody shops will have to invest in technology, training, and in OEM certifications. Moreover, they have to look at is the “people”. They will need to find the right technicians. Since the services will need to be upgraded to match the technology being handled, the technicians on your team must have the know-how of the latest vehicles.
How Can Shop Owners Increase Sales And Attract Technicians?
Furthermore, the owners can also take steps to upgrade their facility. This will have two-pronged benefits. Firstly, the visitors will appreciate and be comfortable handing over their vehicle to get your services. It will help you increase customer loyalty and word-of-mouth.
Secondly, you will be able to attract new, younger, and more skilled technicians. Nobody wants to work in a dirty and filthy space. It isn’t necessary that a place that has heavy machinery, vehicle oils, and tools has to depict absolute chaos. Instead, you can streamline processes and keep the place professional.
Get in Touch With Frank
If you want to check out Frank’s services, you can always visit his website. You can also give him a call at 855-953-7483. Or you can call him directly on his mobile number 619-318-9856.
Contact High Lift Financial Today!
A successful business in the collision space needs to have detailed business and financial plans. Without a clear goal, it can be challenging to make informed decisions and stay on track. Having the right roadmap for your auto body shop will help ensure that the business is heading in the right direction and has a solid foundation to build upon.
If you want assistance in formulating one, then schedule a free 20-minute conversation with Matt DiFrancesco today!
Know What Industry Specialists Have To Say!
High Lift Financial constantly engages with industry specialists who discuss current practices, trends, and strategies that can help grow a business. Here are some articles that you might be interested in reading:
- Overcoming the “I Can’t Compete” Mindset with Rick Selover
- How to Build a Sellable Asset with Michelle Seiler Tucker
- How to Optimize Your Full Potential to Achieve a Prosperous Life with Dr. Jay LaGuardia
- Are Independent Collision Shops Equipped to Face the Future? – with Jake Rodenroth
- Dealing with Mental Health in the Family Business with Michelle E. Dickinson
Let’s Start Networking
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- (814)201-5855
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Disclaimer
The information compiled and posted here solely represents the opinions and views of the guest. It might not be similar to the opinions and views of High Lift Financial. It is not a substitute for tax or legal advice or professional investment.
Always consult your financial advisor with any personal or business planning queries. DiFrancesco Financial Concierge, LLC. d/b/a High Lift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.