Numbers: Cash is (Still) King

July 11, 2024
A look at annual revenue as reported by auto repair shop owners in the 2024 Ratchet+Wrench Industry Survey

In 2024, more consumers are choosing to repair their existing vehicles rather than purchase new ones. This trend is driven by soaring prices for new and used cars* and continued economic uncertainty. 

Independent auto repair shops provide consumers a more economical alternative, supported by the availability of high-quality aftermarket parts and skilled technicians. Repair shops that effectively meet customer expectations remain profitable and sustainable.  

As shown in the 2024 Ratchet+Wrench Industry Survey Report, in the 400 shops polled, median annual revenue fell between $750,000 and $999,999 are the median business model. 

Under $250,000: 9% 

$250,000-$499,999: 9% 

$750,000-$999,999: 11% 

Over $2,500,000: 19% 

$500,000-$749,999: 8% 

$1,000,000-$2,499,999: 39% 

Unknown: 5% 

 

*The average new car price is $47,500 (Worldpac) 

About the Author

Chris Jones | Editor

Chris Jones is the editor of Ratchet+Wrench magazine and host of its companion podcast, Ratchet+Wrench Radio, a weekly show featuring automotive professionals across the auto care landscape.

Sponsored Recommendations

Download: Lessons in ADAS

As ADAS systems become increasingly popular, understanding proper maintenance is crucial. This eBook explains the importance of staying current on proper ADAS calibration processes...

Establish and track your KPIs: Gross Profit on Labor

WHAT IT IS: The difference between the revenue of a job and the cost of completing it as it relates to labor, excluding all overhead costs. HOW TO CALCULATE IT: Job (or repair...

Find the right shop management system to boost your efficiency

Find the right shop management system to aid in efficient scheduling, communication and payment processing

Craft a strategic marketing plan

Develop strategies and communicate them to your staff to keep you on track