Earlier this year (Autobody News, February, 2011) I wrote a shop savings article (Credit Card Processing Fees—Dings, Dents, and Crashes at Your Bottom Line) for ABN readers warning about credit card host processing fees which could significantly ding their bottom lines. My February article pointed out that these fees can be very substantial for body shops.
As an auto body shop owner for over 30 years, I understand total loss vehicles are a part our industry’s day to day business. With the addition of more and more electronic gadgets, gizmos, and the installation of additional air bags it is not unusual to have an insurance company choose to total a vehicle, and retain the auction salvage, rather than roll the dice on the possibility of a multi-thousand dollar supplement and being held responsible for other liability issues. This is usually the standard insurance game plan unless you come across a naive insurance appraiser who does not value his job.
This month let’s take a look at parts ordering considerations that will improve your bottom line. Think for a moment of all your part suppliers both OEM and aftermarket. Do you know what the return parts policy is from each supplier? You should if you want to maximize your business profits.
This month, let’s take a look at Business Liability Insurance needs for operating a professional body shop with the goal of adding profit to your bottom line.
Those of us who are active in the auto body industry understand there is much skill involved negotiating with insurance company appraisers in arriving at an “acceptable” (profitable) repair bottom line.
As we all roll into the New Year with new personal, business, and profit projection goals, many of us are asking ourselves what business operating expenses we are able to reduce which would result in added profits to our bottom line? This is especially true during these tough economic times.