Click here to watch the video: https://www.youtube.com/watch?v=eTRGG8OraXI
SEMA recently released a vital report about the classic vehicle market -- including an entire section devoted to just collector car parts! The research team did a great job in looking at the size and trends. We know you're busy so we summarized key parts into a 90-second overview.
To download your own copy of the report, click this link: https://mcusercontent.com/8af94f2880dbe283f4188cd3d/files/b859b1d2-7497-4b18-ae8f-1bc84c2808ab/SEMA_Classic_Cars_Modern_Markets_Report.pdf
Welcome to our quick take about the size and trends in the classic car parts market. SEMA, an influential business organization for the automotive parts industry, released a report on the market for classic cars and parts in the US.
For this report, they defined a “classic” as a pre-1990 passenger vehicle. SEMA estimates that there are 9.4 million classic vehicles in the U.S. Although they admit that number could be considerably higher.
SEMA Research sized the parts market alone at $890 million for 2019. And that is only for pre 1974 cars in the US. That puts estimated global, pre-1990 parts sales at $2 billion in 2019. That is 5 times the value of cars Bring a Trailer sold in the same year.
Gen Xers and Millennials are rapidly entering the hobby and are driving interest in cars from the 70s, 80s and even 90s that are more available and accessible.
In a survey of owners about what sources they found useful, “Internet Search” was a close second only to speaking with Professionals. As for online sources, Search Engines topped the list with Marketplaces ranking second. But when it comes down to it, “classic owners are more inclined to keep going back to trusted shops and suppliers rather than shop around.”
To learn more about Collector Part Exchange and how we can grow your business, please contact us!