Fewer and fewer Americans, especially those in the younger generations, have the skills or the interest to perform routine car maintenance themselves. For anyone thinking of investing in an oil change franchise, this is a sign of a growing business opportunity. The average age of vehicles on the road is at its highest ever—11.5 years. This means that one out of every four vehicles in the U.S. was built before the year 2000. Older cars require more routine maintenance, making it a great time to get into the oil change service industry.
Revenue for the oil change service industry is $7 billion annually
The average fast lube customer changes his or her motor oil every 4,858 miles
SOURCE: National Oil & Lube News
Oil changes are the most common type of service, totatling 24% of all services performed
SOURCE: Car Care Council
The oil change service industry is the leading driver of traffic through automotive service bays
SOURCE: NPD Group
National Oil & Lube News
Car Care Council
Oil changes may be the service most car owners seek out, but for potential franchise owners, this service is not the most lucrative. When considering an investment in an oil change franchise, it's important to consider offering additional types of service to create long-term sustainability and customer retention. Other types of auto repair, as well as tire maintenance, are a few other services you should consider offering at your franchise location.
With consumers expected to hold onto older vehicles longer in the coming years, regular maintainence, such as oil changes, will be more in demand than ever. While you may think that your area already has enough oil change service locations, many people have a love/hate relationship with their current oil change provider. Investigate any issues that people may have with their current service location, from charging too much to taking too long, and see if there is an opportunity for you to address that concern.
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