Are you looking for a business opportunity combining your love for automobiles with the thrill of running your own venture? The auto repair industry is experiencing a remarkable boom, driven by an ever-increasing number of vehicles on the road and a growing need for professional repair and maintenance services. With this surge in demand, entrepreneurs looking to capitalize on the industry's success are finding lucrative opportunities through auto repair franchises.
Americans have a deep-rooted love affair with cars. They’re symbols of freedom, individualism, and the American dream. The United States’ infrastructure, including an extensive network of roads, highways, and freeways, is tailored to accommodate private vehicles. In 2022, more than 290.8 million registered vehicles hit the roadways. But the challenges of purchasing new vehicles are prompting many people to put their plans on hold. The average age of cars on the road hit a record high of 12.5 years in 2023.
Astronomical new car prices, skyrocketing financing costs, and production delays are making many people rethink buying a new car. The average monthly car payment reached a new record high of $733 during the second quarter, according to Edmunds. To cope with high finance costs, customers are paying thousands of dollars toward interest versus principle and could find themselves upside down on their auto loans down the road. Nearly 64.5% signed up for an average loan-term range of 67 and 84 months.
A Road Paved with Opportunity
Current economic woes and the rising number of aging vehicles are prompting a surge in demand for auto maintenance. Joining Moran Family of Brands, franchisor of six brands in the aftermarket auto and window tinting industry, could be your fast track to success. Some of its brands include Mr. Transmission, Milex Complete Auto Care, and Turbo Tint.
“Customers are grappling with high costs and economic uncertainty. Having an auto repair provider they can trust is crucial,” said Moran President Pete Baldine. “We offer a lineup of exciting concepts, and our franchise owners create a higher standard of excellence for automotive repair service, window film, and safety products.”
Buckle up, ignite your entrepreneurial spirit, and accelerate toward a profitable future in the dynamic aftermarket auto repair industry by learning what’s driving the boom in auto repair.
- Rising vehicle ownership: The number of vehicles on the road continues to soar globally, creating a constant demand for reliable auto repair services. As individuals and businesses increasingly rely on their cars for transportation and commerce, the need for skilled professionals to diagnose, repair, and maintain these vehicles is paramount. This trend presents a unique opportunity for entrepreneurs seeking to enter the auto repair industry and make a lasting impact. Moran is a recession-resistant opportunity. The company had a 24% increase in year-over-year revenue in 2021 and is on pace to produce positive results this year.
- Technological advancements: Modern vehicles have advanced computer systems, complex electronics, and sophisticated mechanical components. As a result, auto repairs are becoming more specialized. Moran offers a distinct advantage by providing comprehensive training programs and ongoing support to our franchisees. Its skilled technical department stays on top of the latest trends and developments with electric vehicles to ensure customers have a one-stop shop for all their car care needs.
- Trustworthy service: One of the main challenges consumers face in auto repair is finding a trustworthy service provider. Moran has an established reputation for reliable and consistent service. The company’s franchisees benefit from Moran’s goodwill and brand recognition, leading to increased customer trust and loyalty. By joining an auto repair franchise, aspiring business owners can leverage this consumer demand for trusted service providers to drive their success. Moran’s team has many years of experience in the auto industry and is exceeding industry standards. They are also producing online videos and training programs for their technicians throughout the system.
- Marketing and advertising support: Marketing and advertising are crucial in attracting customers to an auto repair business. Moran provides comprehensive marketing support to its franchisees, including national and local advertising campaigns, digital marketing strategies, and access to proven marketing materials. This support gives you a competitive edge by helping reach a wider audience and establish your presence in the local market more effectively.
- Operational efficiency and cost savings: Operating an auto repair business requires efficient management of resources, streamlined operations, and access to quality parts and equipment. Moran established supply chains, preferred vendor relationships, and standardized operating procedures to help their franchisees optimize business operations. By leveraging economies of scale, entrepreneurs can improve overall profitability.
The automotive industry is a stable and constantly growing sector. If there are cars on the road, there will be a need for auto repair services. Despite technological advancements and changes in the automotive industry, the need for skilled technicians and repair services remains. With the right partner, you can position your business for long-term success.
Article originally published by Franchise Journal.