Specialists forecast consumers will spend between $26 to $30 billion in the automotive industry in the next two to three years. What are you doing today to ensure your business is ready to secure a piece of that? 

In today’s episode, I’m joined by Mike Bennett to talk about the tendencies and trends of 2023 in the automotive industry and how shop owners can be more proactive and take their businesses in front of them. Mike is an Automotive Management Coach at ATI, Executive Coach, Certified Profit First, and PXT, and a writer at Ratchet+Wrench. 

We had a fantastic conversation about the state of the American economy, how the Automotive Industry is a bit insulated from it, the growth the automotive market has been experiencing for the last two decades, and how to be prepared since it is expected that growth to continue. Mike explains why he believes we’ll see significant growth in the Automotive Industry, the segments of our market that’ll drive that growth, and what shop owners and business leaders should do to enjoy its benefits.  

In this episode, you will learn:

• Why is our industry a bit sheltered from the state of the U.S economy, and how can we benefit from that (4:09)
• The “Americans don’t drive anymore” myth (7:25)
• What are the things that are impacting consumers’ confidence, and how does that affect our industry (14:20)
• How many resets do business owners need? (24:10)
• Why we don’t see loyalty to brands anymore (28:58)
• The four segments that’ll attract $26 to $30 billion into the Automotive Industry (29:33)

Resources

• Connect with Mike on LinkedIn