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Rick McLey
Innovative Leader in Digital Transformation | Data & AI Enthusiast | Director of Digital Initiatives @ Bozarth Automotive Group
Rick McLey is a highly experienced entrepreneur and marketing professional with a wealth of knowledge in dealership assessment, e-commerce setup, and software development among other specialties. He has a passion for helping businesses operate more efficiently while gaining a competitive edge over their rivals. Rick McLey received his education at Midland University and the University of Arizona, where he studied Psychology. Before his current role as the Chief Product Officer at DealerPeak, LLC, he held leadership positions in several organizations including Team Velocity Marketing, Drive360, LLC/Interactive 360, Inc., Auto Dealer Solutions, Inc., and Autobase, Inc. Rick McLey has produced results throughout his career, and he remains committed to delivering quality work to his clients.
Highlights
Here is some interesting information about using video while doing your MPVI.
The profit increase for a dealership from implementing video recordings in the service department can vary widely based on several factors, including the dealership's size, the efficiency of the implementation, and customer response. However, there are some general trends and benefits that can lead to a significant increase in profit:
Higher Repair Authorization Rates: Video recordings can increase customer trust and transparency, leading to higher approval rates for recommended repairs. Customers are more likely to approve repairs when visually seeing vehicle issues. This can increase service revenue.
Increased Average Repair Order (ARO): Higher approval rates can increase the average repair order value. For example, if a dealership typically sees an ARO of $300, and video inspections lead to a 20% increase in approvals, the ARO could increase to $360.
Improved Customer Retention: Enhanced transparency and trust can increase customer satisfaction and retention. Returning customers contribute to steady revenue streams and can lead to more profitable long-term relationships. Reduced Disputes and Chargebacks: With visual evidence of the vehicle's condition, there are fewer disputes over repairs, reducing the likelihood of chargebacks or customer complaints that can erode profit margins.
Upsell Opportunities: Technicians can highlight additional service opportunities during the video inspection, leading to upsells that customers might otherwise decline without visual proof.
Operational Efficiency: Streamlined inspection processes can lead to better time management and more efficient use of technician labor, allowing the dealership to handle more volume without proportionally increasing labor costs.
Estimating the Profit Increase Let's consider a hypothetical scenario for a mid-sized dealership service department: Number of Inspections per Month: 500 Average Repair Order (ARO) Before Video Inspections: $300 Approval Rate Increase Due to Video Inspections: 20% New ARO with Video Inspections: $360 (20% increase from $300) Additional Revenue per Inspection: $60 ($360 - $300) Total Additional Monthly Revenue: 500 inspections * $60 = $30,000 Annual Additional Revenue: $30,000 * 12 = $360,000 Assuming the cost of implementing the video inspection process (software, training, etc.) is relatively low compared to the additional revenue generated, the net profit increase could be substantial.
Real-World Examples Case Study 1: A dealership implementing video inspections saw an increase in their ARO by 15-20%, leading to an additional $25,000 in monthly revenue. Case Study 2: Another dealership reported a customer retention increase of 10%, translating to an annual profit increase of over $100,000 due to repeat business and higher service approval rates.
These figures can vary based on specific dealership conditions.
I am connected to many great fixed-operation people in my network, and I wanted to see what increases in hours per RO when a technician records a video during their MPI. If you are using Tekion ARC, that is even better!
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Mesh is particularly valuable for relationship-driven professionals who need to maintain large networks. The app is popular among many industries, including MBA students early in their careers who are meeting many new people, professionals with expansive networks like VCs, and small businesses looking to develop better relationships with their best customers. Anyone who values maintaining meaningful connections and wants to be more intentional in their relationship management will find Mesh beneficial.
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