Considered as a billion-dollar sector, the automotive industry is no doubt one of the most profitable business options anyone can venture on. With the right strategies and clever ideas, the probability of succeeding in this field is huge. Whether you’re a new car lover, a long-time motorhead, or just someone exploring profitable business opportunities, the automotive industry is perfect for you.
In starting an automotive business, you can potentially earn money from everyone’s necessities for transportation and other sorts of service. Continue reading to find out our top automobile business suggestions that you can start.
1. Used-car dealership
Starting a used-car dealership can be pretty challenging, but it’s undoubtedly one of the highly profitable businesses in the automotive industry. You must focus on providing vehicles in good shape. If you have limited knowledge and skills, or even finances to start from scratch, franchising a reputable dealership is ideal. This can give you a good head start. Most of these companies even offer guidance for their franchisees, which is a great opportunity for you to learn more about the industry.
2. Mobile car wash business
A mobile car wash business is becoming increasingly popular because of the great convenience it offers. Basically, in this unique business, you will be the one to travel to the customer’s house or business location to wash their vehicles. The good thing is you can set up a more dynamic pricing structure as people are more than willing to pay for this kind of service.
In starting a mobile car wash business, you need to have the right equipment to succeed. If you have a limited budget, you can just get a used truck for your service. If you have the money to spend, a sedan or SUV are great choices. Other tools you will need include pressure washers, hoses, car wax, tire shine, car wash soap, and sponges.
3. Auto repair shop
Another common yet highly profitable business to start is an auto repair shop. The more cars you see on the road, the more repairs will be needed. This business also offers great flexibility. You can choose to be an all-in-one repair shop, or just have a specialty and only fix certain car issues such as paint fading and chipping, or tire problems. If you have limited knowledge, start focusing on car issues that you know and just increase your services as you go along. What’s even greater is that you don’t need a huge capital to start a shop, you can open it with a few pieces of equipment and technical skills.
4. Car battery restoration
One of the popular automotive businesses is car battery restoration or reconditioning. Batteries that are not functioning after a refuel likely need restoration, while others just need reconditioning or refueling to work at their best again. Aside from being profitable, this type of business is also considered to be eco-friendly as you’re promoting repairs, which is a great help for reducing chemical waste thrown on landfills. If you’re a new entrepreneur, it’s better to begin with a dealership of established battery manufacturers.
5. Tire store
While motor oils are slowly becoming irrelevant with the introduction of electric vehicles, tires are something that isn’t likely to go away anytime soon. As long as you see cars on the roads, tires will always have a profitable place in the market. Opening a tire business is highly recommended if you live in a metro area or the city. Make sure you have great knowledge and skills when it comes to car tires. It would also be better if you pick a vehicle niche. You can cater to trailers and trucks, luxury cars, or economy vehicles.
6. Car accessories shop
People love upgrading or modifying their cars, which is great news for aspiring business owners such as yourself. Starting a car accessories shop will allow you to cater to the endless line of customers who wants to replace or add something to their car. Providing additional modifying car parts is also something you can do. You can offer or install component speakers, car phone holders, seat covers, dash cams, door speakers, jumper cables, and so much more.
While you won’t necessarily need an ample amount of technical experience or huge capital, it’s important to find a strategic location for the shop. Find a location that is easily accessible like a city or metro area.
Take into account that while these automobile business ideas can be awesomely profitable, each one requires a particular financial investment and commitment. For that reason, we also recommend carefully choosing the one that suits your situation, passion, and skills for smoother planning.