BUSINESS WITH ACCESSORIES | DAN CROUTCH
How big, with raw numbers, is the accessories market? According to a study by Zion Market Research, the global market for automotive accessories sat around $360.80 billion US in 2016. And the market is expected to grow -- predicted to reach as high as $520 billion US in the next two years. In Canada, the growth is similar. Customers are buying more parts and accessories for their cars than ever. According to fresh numbers from Statistics Canada, sales in this category were up by 3.2 % for the beginning of 2018. Year to year, growth hit nearly 5%. In contrast, used car sales volume grew by less than half that, settling in at 2.2% by January 2018.
"The global market for automotive accessories sat around $360.80 billion US in 2016."
The same report lists monthly sales at mindboggling numbers. Buyers are gobbling up almost $750 million CAD worth of parts and accessories every month. It’s a huge market dominated by online and physical retailers that don’t typically sell vehicles. While not all accessories are ideal for selling at the dealer level, many are. Perhaps the easiest way to market accessories is to bundle them during vehicle sale. Selling accessories as bundles Not all car buyers making purchases will have everything they need at home. First time car buyers won’t have many of the maintenance or care accessories that more experienced car owners take for granted. The point of sale is an ideal time to match first time owners with the things they need to get a good start on car ownership. Items like floor mats, car care, terry cloths, booster cables and emergency roadside kits are just a small selection of everyday items first time owners will need. Customers will appreciate the convenience of buying a used car and being able to add the accessories at the same time rather that
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heading out to a store, or buying online. Accessory bundles can be created by price points combined with related items. High profit margin items may not sell well on their own, but when combined with other, potentially lower profit items, they become a much easier sell. You could tier the packages and/or tailor them to customer taste and price tolerance. Consider matching packages with the unique needs of a vehicle type; for