While Rachel Reeves’ Spring Statement won’t go down as one of the best for motorists in recent years, the independent aftermarket faces significant opportunities – if businesses can identify and capitalise on them.
That’s the assessment from independent tyre dealer and vehicle maintenance network Point S, which highlights higher taxes on electric vehicles and the recent contraction in the new car market as positive indicators for aftermarket growth.
Managing Director Ali Yilmaz commented: “With recent increases in vehicle excise duty and the Chancellor’s decision not to halve VAT on new EV purchases, we anticipate motorists will keep their existing ICE vehicles for longer, creating several opportunities for aftermarket businesses. We’re already witnessing hesitation in the new car market with a three percent contraction across Europe as uncertain consumers postpone vehicle purchases.
“This trend, combined with no additional funding for pothole and road repairs, means the UK car parc will continue to age and experience greater wear and tear. However, with household budgets remaining tight, independent aftermarket businesses must demonstrate to customers the value of investing in preventative maintenance and repairs for their safety and that of other road users.”
Point S UK recently committed to becoming the UK’s largest independent automotive service network by 2035.
Source: Tyretradenews
