Oil Change Franchise Outlook: The Future as Cars Go Electric
Despite the electric car trend, the oil change industry continues to thrive. Explore future trends in oil change franchises amid evolving automotive landscapes.
Understanding the Oil Change Industry Today
The oil change sector has been a cornerstone of automotive maintenance, catering to the needs of vehicles with traditional internal combustion engines. The concept of quick-lube shops dates to the 1970s and appeals to people who want a fast, convenient, and affordable way to get their oil changed without the need for an appointment.
While the concept has grown rapidly over the past several decades, advancements in automotive technology are prompting many aftermarket auto shops to pivot. In addition to a rise in electric vehicles (EVs), newer vehicle models with longer oil change intervals and the introduction of synthetic oils that require less frequent changes pose a potential threat to the volume-based business model of quick-lube locations.
Yet, with most cars on the road today still requiring regular oil changes, demand for these services remains strong. Although EV sales are on the rise, they account for only 1% of vehicles on the road in the U.S., according toEdmunds. Industry insights suggest that gas-powered vehicles will remain on our roads for many years, ensuring a consistent need for oil change services and other regular maintenance. The average age of cars on the road is12.5 years.
Our country’s slow transition to EVs offers a chance for quick-lube franchises to diversify. Many quick-lube shops are broadening their service offerings to cater to electric and hybrid vehicles, including maintenance tasks that remain relevant to EV owners. Diversification helps retain an existing customer base and attracts new EV owners seeking reliable maintenance services beyond dealership offerings.
The shift towards EVs also opens new avenues for innovation in vehicle maintenance. By pioneering maintenance services tailored for EVs, oil change franchises can set new standards in the industry and establish themselves as leaders. For franchises that adapt by expanding their range of services, the future holds promising growth potential.
Why Partner with Moran Family of Brands?
Moran Family of Brands has six brands in the aftermarket auto and window tinting industry, including Milex Complete Auto Care, Mr. Transmission, and Turbo Tint. We’re renowned for our commitment to innovation and excellence in customer service, and we’re adept at navigating industry changes. If you’re eager to open an auto repair and maintenance business, partnering with us means joining forces with a leader dedicated to future-proofing our franchises against industry shifts.
Our franchisees enjoy robust support in operations, marketing, and training. How profitable is the oil change business? We have 34 years of experience helping entrepreneurs run successful ventures and our comprehensive backing enables you to swiftly adapt your service offerings to accommodate all vehicle types, including EVs. We focus on customer satisfaction and quality service to encourage brand loyalty and drive growth in a changing market.
When you compare aGrease Monkey franchise vs. Milex franchise, we set ourselves apart by encouraging our franchisees to open co-branded locations. By having two brands under one roof, our franchisees can generate higher average ticket prices, drive strong repeat business, and become a one-stop shop for customers. They can also take advantage of economies of scale and benefit from multiple revenue streams. The initial investment for a Mr. Transmission/Milex Complete Auto Care location is $232,176 to $300,579. We require our franchise candidates to have a net worth of at least $250,000 and available cash of $65,000 to $90,000.
Imagine a Future with Moran
As you look towards the future, consider how investing in an aftermarket auto franchise could not only secure your place in the automotive industry but also position you for growth in the auto repair industry. To learn more about how tobecome a franchisee, connect with an expert from our franchise team.