Economic Update: Source

  • The labor market remains robust, characterized by an average of 266,000 net new jobs added over the past three months and strong annual wage growth of 4.2%,
  • Wage growth has been outpacing inflation since March of this year by 1.4% in March, 3% in June and 2% in September.
  • People are working and earning income to purchase.

UAW Strike a DEAL with Ford and Stellantis!!! Source

  • For Ford to Concessions Source
    • The 25% general wage increase
    • Temporary workers at Ford are set to see their pay increase by two-and-a-half times.
  • For Stellantis:
    • Also, a 25% in general wage increase over the next 4 1/2 years for top assembly workers with 11% coming once the deal is ratified.
    • Workers also get cost-of-living pay that would bring the raises to a compounded 33%, or more than $42 per hour.
    • At Stellantis, top-scale workers now make around $31 per hour.
  • GM is the only one left.
    • With no deal, “Now the UAW is saying, ‘We’re willing to strike Spring Hill.” It could be a knockout punch. Time will tell.

Latest Service Trends: Source

  • The United States Automotive Service Market size is estimated at USD 177.51 billion in 2023, and is expected to reach USD 237.33 billion by 2028.
  • The road vehicle and parts retail trade has quickly recovered from the COVID-19 pandemic, generating over USD 1.5 trillion in revenue.
  • The increasing age of vehicles will benefit industry growth because older vehicles require more frequent maintenance and replacement parts because the length of ownership has increased by 60% in the last ten
  • The opportunity, 75%of aftermarket auto repair is performed by independent auto repair shops, while 25% of the business lives with dealerships. Within the first 6 months of relocating, 54% of new movers are in the market for auto repair services and 49% for auto parts.