Now is a Perfect Time to Buy an Auto Paint and Body Shop Franchise

Auto paint and body shop franchises are doing big business right now. They’ve been doing big business for a while. But will this big business continue in the future? Keep in mind that auto paint and body shop franchises can be on the costly side of franchises in terms of buying and starting up. Are they worth the investment? Is right now a good time to buy an auto paint and body shop franchise?

Auto Paint And Body Shop Franchises

If you’re one of those impatient types who just wants to know the answer without a lot of explanation, here you go: yes, right now is a good time to buy an auto paint and body shop franchise. It might even be the perfect time, so if that’s all the information you wanted, there you go. Go buy an auto paint and body shop franchise. For those of you who would like to see the reasons behind this, keep reading.

The Automotive Business

The reason why that market and automotive franchises in general, are doing so well right now is largely just a factor of math. Ultimately, everything is, of course, but the numbers for auto paint and body shop franchises are particularly encouraging right now. Auto paint and body shop franchises are part of the automotive aftermarket. This market is made up of all transactions that involve an automobile after its initial sale to the public. As you can imagine, maintenance, service, repairs, and touch-ups make up a huge portion of this market. And this market is huge.

Globally, the automotive aftermarket is valued at around $370 billion annually (USD) and is still growing! It’s predicted to expand at a compound annual growth rate of 3.9%. How many industries are this big and still growing? Not many.

Reasons Behind The Growth

Before you rush off and buy an auto paint and body shop franchise, you might want to know what accounts for these huge numbers and for this growth. There are two main drivers. One is simply population growth. Most American families own at least one vehicle. As the number of Americans grow, we can expect the number of vehicles on American roads to grow. It also has to do with the vehicles age. The average age of the American vehicle is at an all-time high, 11.5 years. Older vehicles need more maintenance and repairs than newer vehicles do, so this means more business for auto paint and body shop franchises.

Lastly, there are no foreseeable reasons why auto paint and body shop franchises will become less in-demand in the future. Even if all vehicles become fully electric far sooner than current estimates, they will still need the services of body shop franchises. And auto paint will also be susceptible to chips and scratches.

Be The Boss

To learn more about auto paint and body shop franchises, please contact us.