Blog

Jasper Engines & Transmissions Names Supplier Award Winners for 2018
Jasper Engines & Transmissions recently announced their New Part Supplier Award winners for calendar year 2018 performance. There were nine (9) corporate recipients named in the following three categories:

GROWTH AWARDS: 

Aisin World Corp. of America

Cometic Gasket Inc.

ElringKlinger AG

SERVICE AWARDS: 

BorgWarner Inc.

Elgin Industries

Robert Bosch, LLC.

QUALITY AWARDS: 

Eaton Corporation

Euroricambi, SpA

NPR of America, LLC.

     Each supplier received a JASPER^® trophy honoring their key role and performance in 2018.

     JASPER presents these awards annually to recognize the company’s key Partners in Success.  The respective suppliers provided JASPER with "above & beyond" performance in calendar year 2018 based on the following criteria:

     GROWTH Award winners were based on percentage increase in the amount of dollars spent from 2017 to 2018 (minimum annual spend of $150,000).

     SERVICE Award winners were established by joint nominating efforts between JASPER’s Sourcing and Purchasing teams in key areas including: On-Time Ship Performance, Timely Response, Sense of Urgency, Problem Resolution, and an overall High Level of Customer Service from these suppliers.

     QUALITY Award winners were established by joint nominating efforts between JASPER’s Sourcing, Quality, and New Product Development Teams in key areas such as: 1^st Piece & Incoming Inspection Results, Corrective Action Request(s) Responses, Vendor Scorecard Performance, Technical Expertise, and overall Product Quality.

     “JASPER is proud to honor our suppliers again this year,” said TJ McAtee, JASPER’s Group Leader of Sourcing & Supplier Development.  “Our relationships continue to strengthen through our partnerships, and are vital to the success of JASPER.”

     This year, JASPER was also proud to recognize Bill Levy from U.S. Tool and Manufacturing Company for the Partnership Award for his individual efforts in consistently going above and beyond, and in making JASPER his number one priority. 

Charging What You Are Worth

Of late there has been a lot of dialogue around my circles about being paid for the value you give and bring to your customer. I recently saw a survey of shops whose sales averaged $750,000 yet their net operating profit was only 2%. That is only a $15,000 average net operating Income before tax. This troubling stat begs the question: How do you continue to invest in the business and even provide a living wage for you and your team at that level of profit?

If you consider the investment you have and the hours you put in, even after your salary, all your hard work brought you a very small return on your investment. For some owners, they are happy with that because they want and have a job or even a hobby. Others are learning that a very small profit will not sustain the business and realizing that they must earn a higher net profit if they want to survive.

Profit is one of the reasons you are in business. It is the return on your investment; and yes, net profit makes your business more valuable to a potential buyer. A business coach recently mentioned that most shop owners do not realize that their business is the conduit to providing a living wage for you and your team; needless to mention a college education for your family and a nest egg for retirement. That sometimes is the deep realization that motivates owners to change and realize they need help running their business.

There is nothing wrong with asking for help. Humility is a great trait to have. Sometimes do not like to admit, that we do not have all the answers. Therefore, help from wise coaches and colleagues can be the difference in abundant success.

I would say that 98.9% of shop owners that I asked about raising their labor rate told me that they were the one who was most effected by the change. Most customers did not notice and did not even care. But raising your rate $10.00 may not be the correct move, why not $20.00? All too often you are so worried about the labor rate of the shop down the road or the dealer up the street. That is the wrong way to look at your rate. It is your value proposition to your customer that matters. Your investments in training, tools, equipment, subscriptions, facility and marketing, benefits help establish your rate. Of course, you do need to consider your market/s income demographic.

Okay, you decide to take a very serious look at your labor rate. There are many scientific ways to figure out your new labor rate. One of them is not what the guy down the street is charging or what the OE dealers get. You have got to consider all your labor costs and review your shops KPIs. Find someone in your network to help you ‘yellow pad’ the numbers, there are many that will help. I can even find someone who can help you, just send me an email. (carm@remarkableresults.biz)

Ask yourself if your new rate will provide a great value to your customer, even if you are the highest in your market? If your answer is yes, then it is easy to do.

Recently in podcast sessions we have discussed having multiple labor rates. We know that testing/diagnostic jobs in many cases do not come with a part sale. Typically, parts and labor make up 55/45 percent of every invoice.  As a shop owner, you know that profits are made on parts and on labor. When parts sales are not a significant part of a diagnostic procedure, you are missing out on the parts profit unless you have a different and higher testing/diagnostic labor rate.

Recently, a shop owner posted a special (higher) labor rate on vehicles that are 25 years and older. He is in the Southwest where cars last a long time. As he came to find out, through the school of hard knocks, he was losing money on these vehicles because of the time they were spending on the repair. I can only believe that in the North where salt is used on the roads the factor jumps even higher. He did not lose one customer.

Fear seems to be the biggest reason that many shop owners do not adjust their labor rates. You will convince yourself that you will lose business. I am not saying that it may happen, but most of the shop owners that did raise their rate wonder why it took so long to do so.

You know what it costs you to do business. You are bombarded everyday with price increases from services you use to run your business. There are also new marketing tools you would like to implement. There are raises and benefits to provide your people. All of that takes money. How will you ever start on the road to extreme profits unless you take a serious look at your labor rate.

Your peers have covered this topic in a great way on the aftermarket’s premier podcast. These long form audio forums make you the fly on the wall in every conversation and give you a ringside seat in the great networking world of podcasting. I am attaching a URL that will search the site for all podcasts where we cover labor rates. Pick out a few and listen, then take the steps to a financially healthier company and you.  http://bit.ly/2K9RCg2

Carm Capriotto
Aftermarket Influencer And Host Of Remarkable Results Radio and the Town Hall Academy Podcasts, Where the Business of the Aftermarket is Spoken.
www.remarkableresults.biz

JASPER^® Race Products Performance Report
 

Dillion Finishes 2nd at Charlotte Motor Speedway with JASPER 4-Speed Transmission 

Ty Dillon, running a JASPER 4-Speed Transmission, finished second in Saturday's Monster Energy NASCAR Cup Series Monster Energy Open at Charlotte Motor Speedway. Matt DiBenedetto was fourth as drivers using JASPER products finished in four of the top 10 positions at the checkered flag.

A recap of the results from Charlotte Motor Speedway follows.

Monster Energy NASCAR Cup Series Monster Energy Open - Charlotte Motor Speedway

2nd    Ty Dillon #13  (JASPER 4-Speed Transmission)
4th     Matt DiBenedetto #95  (JASPER 4-Speed Transmission)
8th     David Ragan #38  (JASPER 4-Speed Transmission)
9th     Corey LaJoie #32  (JASPER 4-Speed Transmission)
12th   Daniel Suarez #41  (JASPER 4-Speed Transmission)
17th   Bubba Wallace #43  (JASPER 4-Speed Transmission)
19th   Cody Ware #51  (JASPER 4-Speed Transmission)
20th   Ross Chastain #15  (JASPER 4-Speed Transmission)
21st   Joey Gase #46  (JASPER 4-Speed Transmission)
24th   B.J. McLeod #53  (JASPER 4-Speed Transmission)
 

JASPER^® Race Products Performance Report

Truex Wins at Dover with JASPER 4-Speed Transmission, Bell Wins in NASCAR Xfinity Series 

Martin Truex, Jr., running a JASPER 4-Speed Transmission, won Monday's rain-delayed Monster Energy NASCAR Cup Series Gander RV 400.  Despite starting at the rear of the field due to pre-race inspection penalties, Truex rebounded to earn his second series win of 2019.  Kevin Harvick finished fourth as drivers using JASPER products finished in two of the top five positions, and five of the top ten, at the checkered flag.  Christopher Bell, also running a JASPER 4-Speed Transmission, won Saturday's NASCAR Xfinity Series Allied Steel Buildings 200.  Cole Custer was fourth, and Chase Briscoe fifth, as drivers using JASPER products took three of the top five positions, and four of the top ten, at the finish.  Both races were held at Dover International Speedway.

A recap of the results from Dover International Speedway follows.

Monster Energy NASCAR Cup Series - Gander RV 400 - Dover International Speedway

1st      Martin Truex, Jr. #19 (JASPER 4-Speed Transmission) - Stage 2 Winner
4th      Kevin Harvick #4 (JASPER 4-Speed Transmission)
6th      Erik Jones #20 (JASPER 4-Speed Transmission)
9th      Clint Bowyer #14 (JASPER 4-Speed Transmission)
10th    Kyle Busch #18 (JASPER 4-Speed Transmission)
11th    Daniel Suarez #41 (JASPER 4-Speed Transmission)
16th    Aric Almirola #10 (JASPER 4-Speed Transmission)
20th    Matt DiBenedetto #95 (JASPER 4-Speed Transmission)
21st    Denny Hamlin #11 (JASPER 4-Speed Transmission)
22nd   Ty Dillon #13 (JASPER 4-Speed Transmission)
26th    David Ragan #38 (JASPER 4-Speed Transmission)
27th    Bubba Wallace #43 (JASPER 4-Speed Transmission)
29th    Corey Lajoie #32 (JASPER 4-Speed Transmission)
30th    Ross Chastain #15 (JASPER 4-Speed Transmission)
34th    Cody Ware #51 (JASPER 4-Speed Transmission)
37th    BJ McLeod #52 (JASPER 4-Speed Transmission)

Monster Energy NASCAR Cup Series 2019 Points Standings

1st      Kyle Busch #18 (JASPER 4-Speed Transmission)
3rd      Kevin Harvick #4 (JASPER 4-Speed Transmission)
4th      Denny Hamlin #11 (JASPER 4-Speed Transmission)
5th      Martin Truex, Jr. #19 (JASPER 4-Speed Transmission)
10th    Clint Bowyer #14 (JASPER 4-Speed Transmission)
11th    Aric Almirola #10 (JASPER 4-Speed Transmission)
12th    Daniel Suarez #41 (JASPER 4-Speed Transmission)
16th    Erik Jones #20 (JASPER 4-Speed Transmission)
22nd   Ty Dillon #13 (JASPER 4-Speed Transmission)
25th    Matt DiBenedetto #95 (JASPER 4-Speed Transmission)
27th    David Ragan #38 (JASPER 4-Speed Transmission)
28th    Bubba Wallace #43 (JASPER 4-Speed Transmission)
29th    Corey Lajoie #32 (JASPER 4-Speed Transmission)

NASCAR Xfinity Series - Allied Steel Buildings 200 - Dover International Speedway

1st      Christopher Bell #20 (JASPER 4-Speed Transmission)
4th      Cole Custer #00 (JASPER 4-Speed Transmission)
5th      Chase Briscoe #98 (JASPER 4-Speed Transmission)
7th      Brandon Jones #19 (JASPER 4-Speed Transmission)
15th    Riley Herbst #18 (JASPER 4-Speed Transmission)
17th    Justin Haley #11 (JASPER 4-Speed Transmission)