It is a great time to become involved in the tire repair business in 2021. Those who own a vehicle are required to repair tires on a regular basis. Today, there are many people in America who own vehicles. Over a century has passed since the beginning of the tire repair business, so people are familiar with what tire repair companies do and when they need their services. Even though tire repair is an older business, it is still expanding. Buying a tire repair business franchise is an excellent investment if you are thinking of becoming a franchise owner.
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Business of Tire Repair
In the event a nail is driven over and punctures your tire, you will need tire repair services. This is common knowledge. However, tire repair businesses have much more to offer than just this. In addition to tire repair and replacement, you might also have to rotate your tires and put on or remove a winter tire depending on the climate. Nevertheless, you should keep in mind that the Tire shop Nashua NH offers more than just tire repair. Along with a plethora of other services, general auto repairs and tune-ups are available.
Businesses that Repair Tires: Results
What are the financial results of the tire repair business? Is money made by them? That’s true. As an example, consider Tuffy Tire & Auto Service.
An established (two or more years old) Tuffy Tire & Auto Service franchise (with at least six bays) generated $887,233 in gross sales in 2018. More than $2.7 million was earned by the highest earners. It’s a Tuffy Tire & Auto Service location, of course. Tire repair businesses with less established brands are unlikely to generate quite as much revenue. With franchising, it’s important to pick the right tire repair business.
Tire Repair Business Statistics
What accounts for the financial success of tire repair businesses with good brand names? Why did it succeed? Two reasons are at play here. As a starting point, let’s consider how many cars there are today. Approximately 300 million vehicles were registered in the U.S. in 2016. Increasingly more vehicles are being registered each year, just as the population has. As a result, tire repair businesses can expect to attract a large number of customers.
Second, the average age of American automobiles has risen in recent years. US vehicles are typically 11 to 15 years old on average. What are the implications? The reason this is important is that older cars need more maintenance, repairs, and service to run efficiently, and the tire repair business will benefit from this.
Tire repair businesses in the future
Businesses that repair tires are likely to flourish in the future. In the automotive aftermarket, all transactions that occur after a vehicle is sold come under the term aftermarket. More money is made in the automotive aftermarket from tires than any other component. Tire repair businesses make up a substantial part of this market. By 2022, automotive aftermarket revenues will surpass $1 trillion globally and will be valued at more than $700 million.