AutoShopOwner - Automotive Management Network: Positive Economic Indicators for 2010 - AutoShopOwner - Automotive Management Network

Positive Economic Indicators for 2010

We are not out of the depressed economic woods yet, but things are definitely turning around. We are all still here and better days are coming... I can feel it.

Here are a few positive indicators:

* Consumers are changing the way they purchase new vehicles. Consumers are thinking long term car ownership, which will help business down the road.
* New car sales were down in 2009 and older cars are getting older. People are getting more adjusted to the idea that they need to spend money to keep their cars running.
* According to The NPD Group (a consumer research firm), 28 percent of consumers polled said they plan on taking their car in for repairs and/or maintenance they have been putting off in 2009
* 21 percent of consumers polled said they plan to perform more frequent maintenance services in 2010.
* According to The NDP Group, 79 percent of people polled said they were willing to spend more for top quality products
* The percentage of vehicles on the road still under manufacturers’ warranty is at historical lows, which means consumer are more likely to take their cars to independent facilities rather than back to the new are dealerships.

Note: source, National Oil & Lube News