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Automobile Dealers
First Research, March 2012, Pages: 10
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Executive Summary
Brief Excerpt from Industry Overview Chapter:
The US automobile dealer industry includes about 45,000 new and used vehicle dealers with combined annual revenue of about $625 billion. Major companies include AutoNation, CarMax, Penske Automotive Group, and Sonic Automotive. The industry is highly fragmented: the top 50 companies generate less than 15 percent of revenue.
COMPETITIVE LANDSCAPE
Consumer spending and interest rates drive demand for cars. The profitability of individual companies depends on the volume and mix of cars and services sold. Large companies can offer a wider selection of cars and have advantages in marketing, purchasing, and finance. Small companies can compete effectively by offering superior customer service or serving a local market. The industry is capital-intensive: average annual revenue per worker is about $615,000.
For vehicle sales, auto dealers compete with private market sellers, who are increasingly using the Internet to bypass traditional retail channels. Companies compete with various retail outlets, such as oil change centers, tire stores, and independent service shops and chains, for service revenue.
PRODUCTS, OPERATIONS & TECHNOLOGY
New car dealerships account for 90 percent of industry revenue, used car dealerships make up the remaining 10 percent. In addition to cars, dealerships commonly offer parts and accessories, maintenance and repair services, financing plans, extended warranties, and insurance.
New car dealers have franchise agreements with car manufacturers, which give dealerships nonexclusive rights to sell certain brands of cars and offer related parts and services within a specified market area. Franchise agreements typically impose various...
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