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)
