Numbers: Cash is (Still) King

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)