According to the 2023 Ratchet+Wrench Industry Survey Report, more than half of auto repair shop owners have no retirement plans.
While every shop owner won’t work forever, 65% of shop owners say they intend to retire, and when they do, 25% plan to transition out by transferring power to a family member or business partner.
Do you have plans to retire in the near future?
Yes: 65%
No: 35%
What is your business succession plan?
Sell to a private buyer: 26%
Leave it to a family member or business partner: 25%
Chris Jones is Group Editorial Director for the Vehicle Repair Group at Endeavor Business Media. He’s a multiple-award-winning editor and journalist and a certified project manager now providing editorial leadership and brand strategy for the auto care industry's most trusted automotive repair publications—Ratchet+Wrench, Modern Tire Dealer, National Oil & Lube News, FenderBender, ABRN, Professional Distributor, PTEN, Motor Age, and Aftermarket Business World.
