Automotive franchises going strong despite industry problems
With Americans holding onto their cars for longer than ever before, their analysis of the Franchise Disclosure Documents (FDD's) of 30 automotive franchises found that more and more drivers are turning to franchises to keep their car on the road.
The endemic problems in America's car industry have been well-documented. But Franchise Direct's study has found that the sharp decline of automotive industry, coinciding with America's worst economic downturn since the Great Depression, has actually created some exciting opportunities for aftermarket and car rental and sales franchises.
The reality is Americans are not buying new cars as regularly as they once did. According to this new automotive franchise study, the projected new car sales for this year are 9.7 million units. This constitutes a 40% decline since 2007. Yet Americans continue to love their automobiles. The bottom line is that drivers are becoming more dependent on services provided by automotive franchises because they are choosing to get more life out of their car.
Aftermarket automotive franchises are best positioned to succeed, as consumers seek maintenance and repairs with greater urgency. Used car and rental franchises will also enjoy the benefits of this new reluctance to splurge on new automobiles.
There are also new niche markets developing for franchising to exploit. In the last few years, drivers have embraced automobiles with complicated engine control, microprocessors and high-tech safety and entertainment equipment. There has also been a movement towards 'green' technology in car manufacturing. As these technologies become more and more popular, a new market is growing for aftermarket franchises. Drivers no longer have the know-how to do this complex automotive work on their own and will turn instead to reliable franchise brands.
The great irony is that the global recession and the collapse of Detroit's auto industry has opened the door for the recent success of automotive franchises. America's love affair with the automobile is undiminished, but American's attitude towards car buying has radically changed. This research shows that consumers are turning towards automotive franchises to keep their cars on the road. With the government's stimulus plan providing economic optimism, it is an excellent time to consider franchise opportunities in the automotive sector.
Automotive franchises going strong despite industry problems - To learn more about this author, visit Anto Mathew's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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