Service Business Posts Strong Month
Data show volume, revenue increased, bringing record March top line.
Service revenue rose 5.6% year-over-year.
IMAGE: Pixabay/NoName
Dealership service business volume rose in March, pushing up revenue per location to a five-year record for the month, Cox Automotive said.
The Repair Order Volume Index increased 16% month-over-month, according to Cox’s analysis of Xtime data. Though down 4.3% year-over-year, the performance was strong.
Revenue, meanwhile, was up 5.6% year-over-year, with the average revenue per repair order off by just $3 from the record high in February.
“Though the Revenue Index was down slightly in March, strong month-over-month gains in service ticket volume resulted in total revenue for service lanes hitting a record,” said Cox Automotive Chief Economist Jonathan Smoke.
“The March ticket volume was lower than we have seen in previous years, but higher service costs pushed total service revenue per dealership to a record high for any March in the past five years.”
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