Dealership Service Revenue Hits March Record, according to Xtime Metrics
Thursday April 20, 2023
The latest Cox Automotive analysis of Xtime metrics shows that service activity increased significantly month over month in March at U.S. franchised dealerships. The Repair Order Volume Index is lower than in March 2022, when service business was booming, but the Repair Order Revenue Index is higher than a year ago.
The monthly Xtime volume and revenue metrics are designed to showcase average service department performance over time, with the information indexed to January 2019. The two top-line measures provide a glimpse into service department performance at franchised dealerships in the U.S. Xtime, a Cox Automotive brand, provides software that helps auto dealers facilitate more than 10 million service appointments monthly.
The February Repair Order Volume Index increased to 89.4, up 15.9% month over month from February’s upwardly revised number and was down 4.3% compared to March 2022, a particularly strong month for service ticket volume.
Xtime Repair Order Volume Index for March
At 132.9, the Repair Order Revenue Index for March was down 0.5% from February’s upwardly revised reading and is up 5.6% year over year. The average revenue generated per repair order decreased by only $3 off the record high reached in February.
Xtime Repair Order Revenue Index for March
“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.”
Cox Automotive Industry Insights, with help from the Xtime data team, report the Repair Order Volume Index and Repair Order Revenue Index around the 20th of each month. For more information, reach out to the Cox Automotive Public Relations team.
Xtime is the leading end-to-end software solution that drives customer loyalty and revenue for automotive dealers in each stage of the service process. With easy-to-use technology and industry experts, Xtime helps dealers meet changing customer expectations. As an advanced, connected solution that provides exceptional support, Xtime is committed to helping dealers deliver the ultimate service experience. Through transparency, convenience, and trust, Xtime Spectrum — comprised of Schedule, Engage, Inspect, and Invite — facilitates more than ten million service appointments monthly. Xtime is a Cox Automotive™ brand.