The automotive industry is vast and multifaceted. It was valued at $114.6 billion in 2018. About 273 million cars were registered in the US alone, making the country’s automotive industry the world’s second-largest in production and sales. But that is only a portion of the immense benefits it offers to entrepreneurs, as well as large-scale business owners. If you have a good knowledge of cars, you can make a lot of money in this industry apart from buying or selling vehicles.
So, are you interested in developing a steady source of income from automobiles? Scroll on!
The pandemic has created a general phobia in the minds of people regarding public transportation. Car owners are seldom using others’ vehicles to commute. Hence, the servicing rate has also increased. So if you are planning to make some money in the automobile industry, you can start an auto-servicing business immediately. You can use your garage space for the same to reduce investment costs.
Car wash services
As the need to sanitize vehicles has increased in the last few months, this is the best time to develop your car washing business. You can start a mobile car washing business to reduce capital investment. All you have to do is reach the customers’ place to give their vehicles a good wash. You can also develop a mobile app to manage bookings and help make the process more convenient for your customers.
It is yet another profitable business idea related to automobiles. Initially, you may need to upgrade your knowledge on the different types of tires and get an idea about the traffic density in the area you plan to set shop. Also, do not forget to choose the right location, for example, a busy street or corporate area, to ramp up your business in no time.
Although this may not be the right time to start a shuttling business, it is a profitable idea in general. Develop a mobile app for easy routing, and you will be good to go. You can start with a few vehicles and buy more as the business grows. You may also arrange for the initial investment through carpooling services, which is quite popular in the US. Later, you can introduce airport shuttle services to gain higher returns on your investment.
Event car rentals
It is a tad different than shuttling or carpooling, as the vehicles used here are expensive and top-notch. They are suitable for luxurious events, like weddings, corporate seminars, parties, conferences, and conventions. Hence, it is not a small business idea. But if you have the capital to start right away, you can end up earning in millions within a few years.
Upholstery and car accessories
Keeping a vehicle in perfect condition is not easy. Starting from upholstery to technical requirements, like the music player, AC, and other advanced accessories, the vehicle owners need to update their cars from time to time. You can start a business from this need of the customers to stay on par with the latest trends.
Many vehicle owners prefer to have their window tinted to enjoy some privacy and protect the car interiors from the UV rays of the sun. The capital required for this business is way lower than others. You can start the business with $100. But if you need a competitive edge, you may have to spend about $600 initially. All you need are tinted films, snap knives, squeegees, and scrapers to start your venture.
Although it is not related to the vehicles, you can earn a great deal from them. Nowadays, most owners prefer to buy insurance from third parties, owing to the customization and discounts that they offer. Generally, the insurance offered by the car sellers are fixed with high premium rates. On the other hand, the third-party providers are more flexible with their insurance products so that the owners can pay for their specific needs and nothing extra. With little or no investment, you can become an insurance broker for automobiles.
Are you not ready to go into full-fledged auto repair? No issues! You can always start with a headlight restoration business and scale it up with time. If you have some knowledge in the electrical field, this is one of the best automobile business ideas.
Used car dealing
A vehicle is sold at least 3-4 times in its lifetime. If you want to make money in car dealing, it can be a good opportunity. You need to have a retail location for running your operations, as well as some knowledge of the market and depreciation assessment.
There is no lack of business ideas in the automobile industry. As the population of vehicles keeps growing, you can come up with numerous ideas to make money in this sector with negligible investment. Create a list of all the ideas that pop into your mind and evaluate them based on your knowledge, expertise, and credibility. You may also seek some professional advice to reach the best decision.