Before I start, a minor edit needs to be made. I forgot to put a dollar sign at the beginning of the title to this blog post.
$381 Billion Reasons to Look Into Automotive Franchise Opportunities
There we go. Much better.
$381 Billion Reasons: The Data
According to Franchise Direct, “The automotive aftermarket industry brought in an estimated $381 billion in 2017, 75% of which was concentrated in the maintenance and care of cars and light trucks.” But what defines the automotive aftermarket?
“The automotive aftermarket is the secondary market of the automotive industry, concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories, after the sale of the automobile by the original equipment manufacturer (OEM) to the consumer.”
Now, let’s go back to that number again, $381 billion. Do you realize how big that number really is?
If so, great. If not, one thing you can do (maybe) get your arms around it, is to count the number of cars in the parking lot the next time you’re in a medium-sized shopping center.
Seriously. Get out of your car or truck and count them. There are a lot of vehicles there, right?
But it’s important to know that most of the vehicles you just counted won’t be there 3 hours from now. A bunch of different ones will…just in that one shopping center’s parking lot. Just in your town. Now, multiply your number by 116,000. That, according to Statista, is how many shopping centers there are in the U.S. Of course, there are many other places where you can see lots of vehicles…just in case you want to do some more counting.
Opportunities: Automotive Franchise Types
There are several different types of automotive franchise opportunities available today.
Everything from auto-body businesses that do collision repair and painting, to car washes, transmission repair shops, detail shops, automotive rental agencies, and more.
As a matter of fact, I just scratched the surface-so to speak.
If you’re interested in learning more about automotive franchising, and the opportunities available, check out the official Auto Franchise Industry Report from Franchise Direct.