At the 2023 DRIVE EXPO held at the Westgate Resort & Casino in Las Vegas, attendees got to dive into the secrets of maximizing the value of their shops. Nathan Shidler, business coach for DRIVE, delivered an insightful presentation titled “How to Maximize the Value of Your Shop.” Drawing from years of experience and industry knowledge, Shidler shared invaluable insights to help shop owners boost their success.
In his presentation, Shidler emphasized the critical role of a substantial and active customer base in generating revenue for automotive shops. He highlighted that building and maintaining such a customer base is a time-consuming process that pays off in the long run. Effective marketing strategies are essential for keeping the customer base current and accurate. Shop owners were encouraged to ask themselves essential questions, including the size of their customer base and the level of organization within it to facilitate marketing campaigns. Shidler also emphasized the use of technology to streamline marketing efforts.
The presentation featured real-world examples from successful shop owners in the audience who chimed in to share their strategies for growing a thriving customer base. Some mentioned becoming AAA authorized repair centers, while others highlighted referral programs, including unique incentives like discounted services or lottery scratcher tickets, catering to their specific customer preferences.
Shidler underscored the significance of the team in an automotive shop owner’s business. The team, responsible for consistently delivering top-notch service, plays a pivotal role in keeping customers satisfied and loyal. Shidler stressed the interconnectedness of recruiting with marketing, prompting shop owners to evaluate their team’s capabilities, continuous recruitment efforts, and the presence of a comprehensive training program.
He also questioned whether service advisors were receiving proper training, emphasizing that both the marketing and the team are paramount in maximizing the value of an automotive shop.
Shidler’s presentation extended to financial considerations, including the importance of generating sufficient cash flow to manage expenses, debts, asset purchases, and expansion. Attendees were encouraged to explore strategies to ensure a healthy cash flow.
Nathan Shidler’s presentation at the DRIVE EXPO highlighted the pivotal role that marketing, a dedicated team, and sound financial management play in the success of automotive shops. Shop owners left the presentation with valuable insights and practical strategies to maximize the value of their businesses.
