The $6 Million Man. Yep, he exists. His name is Mark Schwartzman. He owns and runs Glen Burnie Transmissions in Glen Burnie, Maryland, and he’s one of the most insightful businessmen in the transmission industry. Captain Reman interviewed Mark this week via Skype on the tail-end of Glen Burnie’s 50th Anniversary Party.
Watch the interview below (about 10 minutes) for an in-depth look at what it takes to be successful in the transmission business today, and for tips on how you can grow your shop to $6 million. (OK, even if you can’t get all the way to $6 million yet, you’ll find at least one new idea in this video interview that will put more money in your pocket this week.)
First, here’s a few stats:
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Click above to watch the entire video (it’s about 10 minutes) or keep reading for the highlights of Captain Reman’s interview with Mark Schwartzman, the man, the myth, the legend:
Q: What’s the secret to success in the transmission business?
“You have to treat people right. And, always give the customer options. You know, I just think people want to hear the truth.”
Q: What about on the phone? Any tips about phone procedure?
“You have to engage the customer. They call up and say, ‘My transmission’s bad.’ Well, who told you it’s bad? Oh, it was at the dealer? What’d the dealer say? Once a customer tells you they’ve been out to a dealer who gave them a price, you know you’re going to beat that dealer price. You just have to ask questions. I tell my guys all the time – I give ’em a price and I say, is that what you expected to spend?”
Q: What percentage of the time are you answering the phone or email as opposed to a center manager or another employee?
“Well, it’s usually me and two other service advisors. I get anywhere from 4-10 emails over the weekend for price quotes and I handle those myself. You’d be amazed at the closing ratio.”
Q: You’re not afraid give prices over the phone?
“Not at all. You know, there’s no such thing as rebuilt engines anymore. There’s only remanufactured. I don’t know if the transmission industry’s going to go that way but in a general repair shop, if someone calls and says, ‘Hey, how much is it for a brake job?’ and you tell them what kind of car you have, you get a price. There’s nothing wrong with that. You might lose the job, but at least you engaged the person. You got them on the phone. When someone calls and asks for a price, I see that money spent to get that lead in the shop through advertising. Spend some time with them.”
Q: Do you have any builders on staff anymore?
“No, we haven’t had a builder for almost two years.”
Q: What do you think the biggest challenge is for a transmission shop owner?
“One of the biggest issues is getting the phone to ring. It’s really about getting the phone to ring, and also watching a lot of their expenses. You know, it’s tough to have high-quality people on salary if they’re not doing the business. I think a lot of these shops are overstaffed.”
Q: Any final advice for shop owners?
“Make sure you’re more than a hundred miles away from me! Seriously, though, you’ve got to let people know you’re selling a great product. You’re going to do the best thing possible for your customer. You’re going to put them in the best situation you can, and you’re going to give the best solution to their problem. If you’re a builder, you’re going to build the best transmission they can have. If you’re an installer, you’re going to get them the best transmission they can have and at a good price. They have a transportation issue and they’ve got to get to work, they’ve got to pick their kids up from school. You’re not really fixing cars. You’re fixing people. You’ve got to take care of your customers in the budget that works for them and for you to make a living also.”
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