Aftermarket sales take off last year

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Automotive parts, accessories and tire stores saw a strong sales performance last year, according to a new report.

A DesRosiers Automotive Consultants analysis of the automotive industry found that the aftermarket saw sales jump 10.5 per cent in 2022, despite “somewhat modest growth” to start the year.

Gasoline stations led the way overall with 30 per cent growth year over year, but that was mostly attributed to higher gas prices.

By comparison, new vehicle dealers saw some growth at nearly 3 per cent thanks to improved inventory and higher prices, according to DesRosiers. Meanwhile, used vehicle dealers saw a drop of about 7 per cent. Though this can likely be attributed to some price correction following “a meteoric rise in 2021,” of used vehicle prices, DesRosiers observed. Still, the group noted, retail sales figures from used dealers are well above pre-pandemic levels.

“From the perspective of the auto industry, 2022 was a mixed year with a strong aftermarket performance contrasted against a slight correction in the used vehicle market,” said Andrew King, Managing Partner at DesRosiers.