the automotive market in the u.S.

industry background

The USA is the second largest vehicle market in the world. Over 17 million cars, light trucks and heavy trucks were sold to customers in 2017. The automotive aftermarket industry is on the rise too. The total revenue generated by the auto repair industry in the United States in 2017 was estimated $64 billion. Though these are big figures, no need to say how expensive a car purchase,  repair or maintenance can be, and if they are affordable for everyone. When in need for a new car or car repair, people often turn to credit cards or loans. Credit cards make it possible not only to make purchase, but also many big companies offer credit card bonuses when purchasing new cars. These earned points can be used later to pay for various services. Another option to deal with financial hardships is loans. In spite of high interest rates Americans are reported to borrow record amounts for auto loans.

In car purchase not only finances matter. Another important factor to consider is insurance. Everyone engaged in buying and selling cars needs a motor trade insurance policy, which are available for full and part time businesses, vehicles sales, repairs & servicing, etc.

Vehicle deals assume big financial transactions, and laws are in place to make sure both the seller and the buyer are protected. There are also many firms that provide legal services on matters like buying a used car, car insurance, auto accidents, auto dealer fraud, dealership disputes, franchise matters, cost estimates for repairs, refusal to pay for auto repairs, unfair and deceptive acts and practices (UDAP), or unauthorized repairs.