5 Things You Should Know About the Tire Repair Business
The tire repair business is, on its surface, simple. Motorists need to get their tires pumped, rotated, changed, replaced, and sealed. And, often, tire repair businesses also service other parts of vehicles. It’s straightforward and understandable, and that’s to its benefit. But that doesn’t mean that running a tire repair business is a simple exercise. It takes know-how, and not all the things you must know are self-evident. Here are five things you should know about the tire repair business.
The tire repair business has a long history.
The tire repair business has been around for as long as automobiles have. And as tires have changed, the tire repair business has adapted and learned to service different types of tires. And that is true for all parts of the automobile. Because the tire repair business is so old, people already know what it is. They know what to do when they need their tires and vehicles serviced. You don’t have to convince customers of the value of your industry.
The tire repair business is big. Really big.
There are a lot of vehicles on the road. And the means the customer base for the tire repair business is huge. By 2020, the global automotive aftermarket is expected to reach a valuation of $722.8 billion dollars. That is a heck of a lot of money.
The global automotive aftermarket includes any business conducted to do with automobiles that occurs after their initial sale. The tire repair business is a huge sector within the automotive aftermarket. Tires are the largest expenditure of any part of the automobile. And automobile service and repair is rivalled only by the re-sale of vehicles in terms of how much of the automotive aftermarket pie it comprises.
The tire repair business is growing.
According to an IHS automotive survey, the typical American vehicle is 11.5 years old. Why does that matter? Well, it’s a record high number. And why does that matter? Because, older vehicles need more care, more maintenance, and more repairs. This increased age of vehicles has been the main driver of the growth of the automotive aftermarket and that is set to continue for the foreseeable future.
It can be expensive to operate a tire repair business.
While the tire repair business can be very lucrative, it’s not a cheap business to operate. There are a lot of hefty expenditures with which you have to deal. The biggest ongoing expenditure being parts and equipment. You have to buy the tires you sell to customers, as well as all the other auto parts you service, and tools with which you perform these services. This can all add up, so being a franchisee of a company that has a preferred vendor program can really help. Companies can leverage the buying power of all their franchise locations to get discounts on parts and equipment.
There’s a lot more you have to know to successfully run a tire repair business.
These have just been the basics of the tire repair business. There are still a lot of nuances you must learn to run a tire repair business successfully. Tuffy Tire & Auto Service can help you with that. To learn more about Tuffy Tire & Auto Service and our tire repair business, please contact us today.