Parts and Labor Costs Rose in the Third Quarter of 2023

American Trucking Associations’ Technology & Maintenance Council and Decisiv Inc. said that parts and labor expenses rose 1.9% during the third quarter of 2023, according to data released in the latest Decisiv/TMC North American Service Event Benchmark Report.

“This return to increasing parts and labor costs highlights the fact that fleets must remain vigilant when it comes to managing their maintenance expense data,” said TMC Executive Director Robert Braswell. “This important parts and labor cost analysis report is an excellent tool to help Council members see how their operations are performing and plan accordingly.”

The increase follows a 1.3% decline in the second quarter across the top 25 Vehicle Maintenance Reporting System Level Codes. The jump in costs reflect an equal rise in parts and labor expenses – both of which rose 1.9% individually during the third quarter. On a year-over-year basis, parts costs are up 0.9% and labor costs rose 4.9% for a total combined increase of 2.5%.

Detailed data from Decisiv on quarter-over-quarter combined parts and labor costs indicated increases in 18 of the 25 VMRS System Codes. Year-over-year, parts and labor cost increases were seen in 22 VMRS System Codes. The data on 25 VMRS System Level Codes accounts for more than 97% of total parts and labor costs for more than seven million assets and over 300,000 monthly maintenance and repair events at more than 5,000 service locations.
more at: https://www.trucking.org/news-insights/parts-and-labor-costs-rose-third-quarter-2023