Last year was the eighth straight with overall post-recession aftermarket growth
About $1.09 billion in aftermarket parts were purchased for classic cars in 2017, a report from the Specialty Equipment Manufacturers Association released Friday said.
The 82-page report said classics — defined as cars older than model year 1973 — accounted for 3 percent of the overall market but bring in about 10 percent of total internal engine product sales. SEMA defines internal engine products as camshafts, cylinder heads, pistons, cooling products and similar items.
A breakdown of classic car sales showed 20 percent of that $1.09 billion was spent on intake, fuel and exhaust systems.
A further 36 percent was split evenly between suspension, brake, steering, internal engine, cooling and drivetrain parts.
Classic car owners turned most to specialty retailers when looking for parts, as those businesses accounted for 44 percent of all sales last year. More than 30 percent of that was online.
That was followed by automotive chains, which accounted for 15 percent of classic parts business.
In that sense, the classic car market went against the current. More than 60 percent of all parts purchased last year were bought from a physical outlet.
“The in-store experience continues to shine as nearly two thirds of dollars are spent in brick-and-mortar channels,” the report said. “While online hasn’t taken over the industry, the digital world continues to be an important platform for consumers to research and purchase parts.”
Overall, aftermarket part sales totaled $43 billion last year, making it one of the best years since the Great Recession.
“With a robust global economy, reduced tax and regulatory burdens, a weaker U.S. dollar, and a tightening labor market, the United States enjoyed and continues to enjoy a thriving economic environment,” the report said.4 comments