Economic Outlook: Source

  • The IRS reported that the average refund is now up 6.1% from $3,145, 1% higher than 2 weeks ago.
  • The IRS is still behind 13.8% from a year
  • More consumers are feeling optimistic with consumer sentiment at 95%. The highest it’s been since January of 2022.

 

Fixed Ops: Source

  • The Repair Order Revenue Index for February is at 139.9, reflecting a 1.6% increase from January.
  • This index shows a 4.5% increase year over year and a significant 26.4% increase from February 2019
  • In February, the Repair Order Volume Index dropped to 78.8 month over month.
  • This represents a 4.1% decrease from January, a 2.2% increase from February last year, and a 12.3% decrease from February 2019.

 

Summary:

  • The data show that the volume of repair orders was low due to customers not keeping their appointments.
  • In such a difficult month, dealers must ensure that appointments are confirmed, which could be as easy as sending a text reminder.
John Ellis CEO & Founder of The Automotive Advisor Team, LLC

Author: John Ellis

Founder & CEO The Automotive Advisor Team, Inc. BEVEveryting, Inc. Double E Consulting, Inc.

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