The Importance of Tire Repair Businesses
The tire repair business is a great business in which to be involved in 2019. The tire repair business is a necessary business for anybody who owns a vehicle. And there a lot of people who own vehicles in America today. The tire repair business has been around for over a century and people know what a tire repair business does and when they need its services. And the tire repair business, despite its age, is still a growing business. Tire repair businesses can do a lot so if you’re thinking about franchise ownership, you should strongly consider buying a tire repair business franchise.
The Business of Tire Repair Business
If you drive over a nail and puncture your tire, you need the services of a tire repair business. We all know this. But the importance of tire repair businesses goes well beyond this. Beyond tire repair and replacement, there is also tire rotation that is occasionally necessary and even the putting on and removing of winter tires for climates that receive a lot of snow and ice. But it’s important to remember that most tire repair businesses offer more than just tire repair. General auto repair and tune-ups are also often available along with myriad other services.
The Results of Tire Repair Businesses
How is the tire repair business doing in terms of finances? Do they make money? Well yes, they do. Let’s take Tuffy Tire & Auto Service as an example. In 2018, the median amount of gross sales for an established (two-years or older) Tuffy Tire & Auto Service franchise (with at least six bays) was $887,233. The highest earners grossed more than $2.7 million. Of course, these are Tuffy Tire & Auto Service franchises. Less established tire repair business brands are unlikely to gross quite as much. As always with franchising, it matters a lot which tire repair business you buy.
The Numbers behind the Tire Repair Business
Why do tire repair businesses with good brand names generally do so well, financially speaking? What accounts for this success? Well, there are two main reasons. First, let’s look at the number of automobiles on the road today. There were over 300 million vehicles in use in the United States in 2016. As with the population of the country, the number of vehicles has never been higher. This means there are lot of potential customers for tire repair businesses out there.
Second, the automobiles in America are, on average, older than they have ever been before. The typical vehicle in the U.S. is approximately 11.5 years old. Why is this important? It’s important because older automobiles need more service, maintenance, and repairs to keep running efficiently, and this means more business for tire repair businesses.
The Future of Tire Repair Businesses
The future for tire repair businesses looks bright. The automotive aftermarket is the collective amount of transactions of all business to do with vehicles after their initial sale. This market includes tire repair businesses and tires themselves account for more of the money in the automotive aftermarket than any other vehicle component. Across the globe, the automotive aftermarket is predicted to reach a valuation of over $700 million by 2020 and to surpass the $1 trillion mark by 2022.
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