Recently, an age-old industry record was broken, though you may have missed it if you weren't paying attention. According to new research from S&P Global Mobility, the average age of cars on U.S. roads is now 12.2 years old. Another study from the same researchers predicts double-digit growth in the commercial vehicle parts aftermarket. This is largely due to the pandemic's effect on the supply chain, as semiconductor chips and parts inventories suddenly became scarce. The good news? Demand hasn't waned a bit. America has always had, and still maintains, a love affair with the automobile industry. And thanks to the proven business models and corporate support offered by franchises, entrepreneurs now have an opportunity to capitalize on these market conditions.
Related: Four Tips On Finding Success As An Entrepreneur In The Automotive Industry
A market driven by drivers
When it comes to making idle conversation, inner-city traffic woes are becoming akin to talking about the weather. Many of our most populous areas are gaining more residents. That means more cars on the road, longer commutes and more wear and tear on our vehicles. This is to say nothing of the highly technical features found in our automobiles, which require trained technicians to diagnose and fix. As noted above, people are hanging on to their cars and trucks longer, opting to service them on a recurring basis over a trip to the new car lot. When it comes to keeping our cars running, consumers increasingly have higher expectations about the level of convenience and value to be found in the automotive marketplace. We're busier than ever but have less time to manage our affairs. In a nutshell, mobility has become a premium in a market driven (literally) by drivers.
An industry with real horsepower
If you're considering an automotive-related franchise, there's a wide variety of options available. Most auto franchises serve what's known as the "aftermarket" industry: any product or service purchased after the sale of the vehicle itself. Among your franchising options, you'll find product-oriented businesses — including parts, accessories, lubricants, tires and tools. On the service-oriented side, there are quick-lube oil changes, car washes, collision repair and mobile detailing. These options can be found in a teeming marketplace that some industry experts expect to get even hotter. According to ResearchandMarkets.com, the repair market alone is expected to increase to $828.6 billion in 2023, with a CAGR of 7% year-over-year. And you don't need to be a car fanatic to get in on this action. The training and ongoing support provided by committed franchisors can make you a gearhead in no time flat — all you need to be is an enthusiastic owner, ready to make your entrepreneurial dreams a reality.
Related: The Automotive Industry's Future Depends On a Software-driven Business Model
Review Entrepreneur's Top Automotive Franchises
Entrepreneur's 2022 top automotive franchises include several household brand names, trusted businesses that include retailers such as Midas, Ziebart, Line-X, Maaco, Jiffy Lube and Valvoline Instant Oil Change. The beauty of the automotive franchise category is the sheer variety of business models available to entrepreneurs at every entry level. Franchise candidates can go with the traditional brick-and-mortar options, necessary for quick-service oil change locations or explore mobile-based opportunities with emerging brands like Spiffy — an on-the-go car care clinic that brings washing, detailing, oil changes, tire repairs and light maintenance services right to the customer. Entrepreneur's 2022 list of top automotive franchises is an eclectic mix, but you won't exactly need ASE-certification to own and operate any of these concepts. As long as you follow the proven business model and rely on the training and support provided by these top automotive franchise brands, you will be set up for success — even if you aren't a dyed-in-the-wool hot rod fanatic.
Related: Love Cars? Auto Shops Are Open, and Here Are 5 Franchises You Can Buy
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