Each week we get the opportunity to speak with ATI members from all over the country. One of the unique benefits of those conversations is that you learn best practices around what the most successful shop owners are doing to maximize their profits on oil. Since we believe, success isn’t meant for the select few, it’s for all members too.
Here are the top three lessons we have learned in an effort to help you:
1. Stock Bulk Oil in 2+ SKUs
Bulk tanks and bulk oil is the most cost-effective method to maximize profits on oil purchases. We have found that shops with two or more bulk tanks have a long-term view on their oil purchasing and save as much as 45% over shops that don’t leverage bulk oil.
2. Pay With a Credit Card
There are two things all successful shop owners love; rewards and extended payment terms. Currently, 67% of ATI members are paying for their oil with eCheck or Check. While there is nothing wrong with this method, shop owners that pay with a credit card get points for their purchases and get 30-45 days longer to pay for that oil and get it in cars.
3. Stock Quality Brands Known By Consumers
While it might not seem like a big deal, consumers see advertisements and commercials. When shops offer these quality brands, consumers equate the quality of the work completed in the shop with those brands. Since 54% of ATI members leverage white-labeled oil as their primary oil, there are opportunities to carry brand-named oils in their shop to create this consumer perception.
What does this mean for you?
There is a good chance you are doing some of all of these best practices. If that’s the case you are making the most out of oil in your shop. However, if you are doing just a couple of them or none at all, now is the time to mimic what the best members are doing with their oil.
Remember, Success isn’t only meant for the select few, it’s for all members too.