According to a recent analysis by Cox Automotive of Xtime metrics, service activity at franchised dealerships in the U.S. experienced fluctuations in the month of October. After a dip in September, service activity rebounded, indicating positive trends for automotive dealerships. The Repair Order Volume Index decreased compared to the previous year, but the Repair Order Revenue Index remained higher than in October 2022.
Skyler Chadwick, the director of Product Consulting for Cox Automotive, stated that these October service metrics from Xtime show no effects of the UAW strike. This is an optimistic sign for dealerships as it indicates that they can leverage the seasonal service appointment opportunities.
The monthly Xtime volume and revenue metrics provide insights into the performance of service departments at franchised dealerships in the U.S. These metrics are designed to showcase average performance over time, with the information indexed to January 2019. Xtime, a brand under the Cox Automotive umbrella, offers software that assists auto dealers in facilitating over 10 million service appointments on a monthly basis.
In October, the Repair Order Volume Index showed improvement, increasing to 85.7, which is a 2.9% rise from September. However, it is down by 2.7% compared to October of the previous year. It’s worth noting that this is the lowest October repair order volume recorded in the past five years.
On the other hand, the Repair Order Revenue Index for October stood at 134.6, reflecting a 0.6% increase from the revised reading in September. This index indicates a 3.4% increase year over year and a significant 32.8% increase from October 2019. This suggests that while the number of repair orders may have decreased slightly, the revenue generated from those orders has remained favorable.
To visually represent these metrics, the Xtime Repair Order Volume Index and Repair Order Revenue Index for October are showcased in the accompanying charts. These charts provide a graphical depiction of the trends observed during this period.
Moving forward, Cox Automotive Industry Insights, in collaboration with the Xtime data team, will continue reporting the Repair Order Volume Index and Repair Order Revenue Index around the 20th of each month. For further details or inquiries, please reach out to the Cox Automotive Public Relations team.
In conclusion, Xtime, as a leading software solution, plays a crucial role in driving customer loyalty and revenue for automotive dealerships throughout the various stages of the service process. With their advanced technology and industry expertise, Xtime assists dealerships in meeting changing customer expectations. Through its transparent, convenient, and trustworthy approach, Xtime Spectrum, which encompasses Schedule, Engage, Inspect, and Invite, facilitates over ten million service appointments monthly. As a Cox Automotive brand, Xtime is committed to helping dealerships deliver the ultimate service experience to ensure customer satisfaction and revenue growth.