With many drivers not maintaining their vehicles as much as they perhaps should, the Canadian auto aftermarket is missing out on close to $12 billion in maintenance service opportunities, according to the Automotive Industries Association of Canada.
As such, the group says its recent report can help businesses take advantage of this untapped potential.
The “2011 Canadian Automotive Aftermarket Demand Study: The Door to Opportunity” is a report AIA Canada provides for free to its members, highlighting where potential demand exists in the aftermarket.
It is a follow-up to the 2009 “Hidden Potential Unmasked” report released by AIA Canada in 2009 and shows how drivers have put off even more repair and maintenance service in the two years since.
According to the most recent report, there is $30.40 billion in true potential service demand. However, only $18.49 billion was actually performed. This results in missed opportunities of $11.91 billion.
“There exists significant additional opportunity each time a customer brings in their vehicle for servicing, and if attained, the benefits would echo through each layer of the automotive aftermarket supply chain,” explained AIA Canada president Marc Brazeau.
“If all Canadians were to practice the repair and maintenance habits of the most diligent vehicle maintainers, an additional $11.91 billion would flow into all levels of the supply chain, from the shop to the manufacturer,” he continued. “The question for the industry will be how to take advantage of this opportunity for growth within the existing customer base.”
Sharing more about what the report offers, AIA Canada explained that it shows how each level of the supply chain has potential. The report provides a national overview in additional to regional and vehicle-age breakdowns.
It examines eight product categories and provides a shop calculator.
Members can download the report via www.aiacanada.com, but they have to be registered and logged-in to the member website. To register, visit here and after logging in, go to the publications section of the website.