Toronto, Ontario — The automotive aftermarket was a “pillar of strength in the industry” when looking at retail sales for automotive parts, accessories and tire stores for Q1 2023, according to a report from DesRosiers Automotive Consultants (DAC).
Automotive parts, accessories and tire stores saw a 10.2 percent increase in retail sales, when compared to Q1 2022. DAC added that the numbers reported for Q1 2022 were “already elevated,” making Q1 2023’s results all the more impressive.
“Retail sales in the automotive aftermarket saw fascinating market dynamics in the first quarter of 2023,” said Andrew King, managing partner at DAC.
The first quarter also saw a “dramatic” split in performance between retail sales of new and used vehicle dealers. New dealers saw a 9.3 percent increase alongside growing inventory levels; used dealers saw a 2.5 percent decline as consumer focus shifted to the now-available new vehicles on the market.
Gasoline prices, compared to Q1 2022, remained “fairly flat” as the price jumps influenced by Russia’s invasion of Ukraine have largely subsided, said DAC.
“Gasoline has levelled off, the aftermarket continues to outperform, while market forces push new and used dealers in different directions,” concluded King.
The full report on Q1 automotive retail sales is available via subscription to DAC. Email Daniel Azarov for more information.
