Prior to COVID-19, the automotive industry was projected to grow at double digits through 2025. That has since been revised to a more conservative 3-5% growth due to stay at home orders and an uncertain future. This isn’t cause for despair though: while service, repair, and even parts sales may be slowing, manufacturing and innovation means a bright future in the “new normal” that will soon emerge.
The automotive industry, like many others, has experienced disruption during COVID-19. But according to First Research, this industry will continue to grow at between 3-4% despite the current downturn. A healthy automotive business is a valuable asset, and now could be a great time to sell.
Future challenges in the industry include the evolution of technology and the move toward electric rather than gas vehicles long term. If you are poised to embrace this change and update skills for dealing with emerging trends, your company may be very valuable. Now may be an ideal time to sell.
At Rogerson Business Services, we have sold many automotive industry businesses over the years. Even though growth will be slower than anticipated just a year ago, there will be continued opportunities in the various aspects of the automotive industry. These not only include bodywork and repair but parts sales and performance enhancements. Focusing on popular niches and local service will keep these essential businesses in demand.
When you are ready to sell, we can help find the right buyer at the right time for your company.
Are you ready to sell your business in the automotive industry? The first step to successfully doing so is a business valuation, which helps you understand what your business is really worth. From there, we work with you to make sure your business is ready to sell. We’ll be with you every step of the way, from buyer inquiries to the escrow and closing process. We want to be your business broker.