The overall U.S. economy is slowly recovering from the 2008 shake-up. There have been incremental gains in employment figures, the stock markets have recovered and housing industry has been inching back. Additionally, the automotive segment is also making gains.
According to the most recent U.S. DOT Bureau of Transportation Highway statistics report, there are 253 million motor-vehicle registrations in the United States. This includes cars, buses, trucks and motorcycles that are privately, publicly or commercially owned.
The sales of new automobiles are predicted to top 16.9 million vehicles in 2014. This is according to the data gathered and presented in the June 2014, N.A.D.A. Market Beat. The current number is the highest predictor since August 2005.
In addition to the increase in the new vehicles on the road, the number of older vehicles in operation is also on the rise. According to NBC News in a 2014 report by IHS Automotive, American cars are getting older.
Their studies have shown that the average age of cars and trucks is currently at an all-time high of 11.4 years, up from 11.3 years in 2013. A decade ago, the average was 9.7 years.
Looking at these figures, we see the automotive segment as a growing area for franchises.
Consider companies that provide after market products or services such as:
- Retail Parts & Accessories
- Repair Services
- Collision & Paint Services
- Cleaning Services
If you would like to find out more about which automotive franchises might be a good fit for your area, please reach out to one of our franchise consultants for a comprehensive overview.