The Automotive Service Industry*
The automobile is important to the lifestyle of everyone. Over 70 percent of today's households own two or more vehicles. People rely on their cars for traveling to and from work as well as everything from a trip across the country to a trip across town.
With the costs of automobiles rising every year, consumers are holding on to them longer, which make routine service and maintenance a necessity.
The DIFM segment is the fastest growing portion of the automotive after-market industry, which has a potential of $3.6 billion **
Automotive Aftermarket Industry has massive potential growth:
- $247.8 billion in annual sales (2.5% of GDP)
- $60 billion in annual unperformed vehicle maintenance
- The automotive aftermarket grew by 4.8% in 2001
This industry represents a significant share of the U.S. economy, comprising:
- 2.6% of the workforce (3.7 million jobs)
- 11th largest contributor to the GDP