Labor Rate Tracker Update: A Valuable Tool [RR 914]
Episode 914 •
29th December 2023 • Remarkable Results Radio Podcast • Carm Capriotto, AAP
00:00:00
00:28:30
Shownotes
Ever wonder how automotive shops across the country set their labor rates? It's not just about matching the shop down the road. It's about achieving your profit goals.
Tom Ham discusses the labor rate tracker tool, which can be found on the Automotive Management Network. The conversation includes the variability of labor rates among different types of automotive shops and across states and the influence of location and shop type on rates. Tom shares that the tracker has grown to 3,000 shops reporting their rates, providing a more comprehensive view of the market. The episode also covers the importance of having a labor rate that reflects a shop's quality and customer trust. Find out why the labor rate tracker is a valuable tool for both shop owners and industry coaches to gauge market rates and inform business strategies.
Tom Ham, Automotive Management Network. Tom’s previous episodes HERE.
Show Notes
- Watch Full Video Episode
- Labor Rate Tracker
- The labor rate tracker tool (00:01:42) Discussion of the labor rate tracker tool, its development, and its purpose in the automotive industry.
- Setting labor rates based on profit goals (00:03:18) Importance of setting labor rates based on individual profit goals and the process of determining labor rates.
- Feedback from members of the Automotive Management Network (00:08:14) Positive feedback from members of the Automotive Management Network regarding the labor rate tracker tool.
- Different labor rates across various types of automotive shops (00:12:32) Discussion of the variation in labor rates across different types of automotive shops, such as RV shops, franchises, transmission shops, and more.
- Variations in labor rates across different states (00:15:50) Observations on the differences in labor rates across states, including the correlation between labor rates and political affiliations.
- Mobile Repair Rates (00:17:01) Discussion about the lower labor rates for mobile repair services and the impact of weather on their business.
- Membership and Data Privacy (00:19:40) Details about accessing the labor rate tracker tool, membership requirements, and the privacy of members' data.
- Profit Structure and Labor Rates (00:21:08) Consideration of the potential value in understanding a shop's profit structure based on their labor rate and the implications for success.
- Cost Factors and Labor Rates (00:23:29) Discussion about the impact of rising costs, including healthcare and insurance, on the setting of labor rates.
- Snowbirds and Florida (00:25:22) Conversation about the history of Florida's popularity as a winter destination and the influx of seasonal residents.
- Future Developments of Labor Rate Tracker (00:26:48) Discussion about the planned enhancements and future developments for the labor rate tracker tool.
