The entire automotive industry is experiencing record retail sales and the aftermarket is no exception.
Data from DesRosiers Automotive Consultants shows that the first quarter of this year was very good for the results of the entire industry.
DesRosiers said auto parts, accessories and tire stores saw retail sales jump 7.6% in the first quarter of 2022 compared to the same period a year earlier. That would take the numbers well above pre-pandemic levels – more than 20% higher than 2019 figures.
For new car dealers, despite a reduction in inventory, they recorded a 6% increase in the first quarter compared to the first quarter of 2021. It was a similar story for used car dealers, but not at the same rhythm. This area saw an increase of just under 2% in the first three months of this year compared to last year.
“As new and used car dealerships faced product shortages due to semiconductor supply issues, net dollars per unit soared, driving sales to record detail,” said Andrew King, managing partner at DesRosiers.
“The secondary market has shown remarkable resilience over the past two years and continues to act as a solid foundation of stability for all industry players,” he added.
The consultancy noted that it expects auto dealership growth to weaken in the second quarter as vehicle supply shortages take a bigger toll. However, the outlook for the aftermarket is more positive as miles driven continue to climb.