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AI Summary:

Alex Snyder shares insights from analyzing 6 million repair orders at FRIKINtech's SERVICEiQ. The data reveals significant changes in the automotive service industry and customer behavior since the pandemic.

Key points:

• The ratio of service customers to sales has increased from 7:1 to 9:1 since the pandemic.
• Only 9.1% of repair orders are fully covered under warranty, with 16% partially covered.
• The average out-of-pocket expense for customers is $521 per repair order.
• The average vehicle age has increased to 12.5 years.
• There's a shortage of skilled mechanics, leading to longer wait times and increased labor rates.
• Many customers are holding onto older vehicles but may be ready to replace them when market conditions improve.