Key Facts About Tire Repair Shops
Tire repair shops for sale represent excellent opportunities for the right candidates. The opportunity to be your own boss, the opportunity to help people while establishing a rewarding career for yourself, and the opportunity to make a lot of money. But how do you know if a tire repair shop for sale is the right opportunity for you? What do you need to know before you go looking for a tire repair shop for sale? Here are some key facts about tire repair shops.
In America, the average tire is replaced every 3-5 years. Even if there are no signs of wear and tear, it is generally accepted wisdom that one should not have a tire on their vehicle for any longer than six years, otherwise it becomes a safety risk.
According to Statista, by the end of 2017, there were over 272 million registered vehicles in the United States of America. With population increase, we can reasonably expect that number to be slightly higher, at the time of writing in 2019. Why is this key? Multiply 260 million by four, then add about 20 million for the number of motorcycle tires, and you get the truly enormous number of tires that need to be replaced every six years or so.
Two hundred million is the number of passenger tires that are purchased every year, approximately. Not all these tires are replaced in tire repair shops, but a lot of them are, and that means a lot of business for tire repair shops.
The cost of all those annual tire replacements? About $20 billion. That’s a staggering amount of money. When you look at what tire repair shops for sale cost, you might think to yourself, “Hmm, that’s a lot of money”. And it is. In some markets, it can cost over $400,000 to buy a tire repair shop for sale and get it up and running. But then you look at how much money is in the tire repair industry and you begin to realize the true value of a tire repair shop.
Tire Repair Shops Do More Than Just Repair Tires
There are very few tire repairs shops that only repair tires and do nothing else. Most tire repair shops also repair other parts of automobiles. While some businesses may have begun by specializing in tire replacement and repair, the majority now service all aspects of a vehicle, so when you buy a tire repair shop for sale, you’re really buying an automotive repair shop.
The Automotive Aftermarket Is Growing
It’s not only that tire repair shops belong to an industry that generates a ton of money right now, it’s that these numbers are predicted to grow. The average age of an American vehicle is at an all-time high and older vehicles need more repairs and maintenance than younger vehicles do. Furthermore, Millennials and younger people are showing that they are likelier to go to tire repair shops for a whole host of services than older generations. The upshot: the global automotive aftermarket (of which tire repair shops comprise a large faction) is set to be worth $1.4 trillion by 2024.
To learn more about our tire repair shops for sale, please contact Tuffy Tire & Auto Service.Back