While auto sales have been slumping in the U.S. this year, revenues are rising at dealerships and auto-parts stores. Why the disconnect? Older vehicles grinding out more miles each month require repairs and replacement parts.
“The vehicle fleet is still getting older every single year, in spite of our record sales,” said Steve Szakaly, chief economist for the National Automobile Dealers Association. “So you’ve got a significantly larger population of vehicles that require service and are coming in for service pretty regularly.”