Quick Info on the Automotive Industry
- The automotive industry continues to thrive as more Americans hold onto their family cars for longer periods.
- Automotive franchises are part of the auto aftermarket, like auto body franchises, for example. Not to be confused with car dealerships, the automotive aftermarket repairs cars, sells replacement parts, etc.
- In times of economic difficulty, the automotive aftermarket actually experiences more success, as people invest less in new vehicles.
- It was estimated that the U.S. auto aftermarket brought in $273.4 billion in 2017, putting the aftermarket at about 1.5 percent of the U.S. GDP
- It is estimated that the automotive aftermarket will continue along this trajectory of growth. Cars will continue to become more complex and high tech, leading to more drivers relying on professionals for repair and upkeep.
- Additionally, the average age of vehicles in the US is roughly 12 years. All of these factors serve to benefit the automotive aftermarket.
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