PHOENIX, Ariz., August 3rd, 2020 — According to recent data from RevolutionParts, the marketplace leader in online parts selling solutions, parts sales have increased daily by an average of 48% – despite a decline of $41 billion in vehicle sales during the COVID pandemic.
“With the average life of cars increasing and people spending more time at home, we’re seeing a huge increase in people searching for and buying parts and accessories,” said Ibrahim Mesbah, co-founder and CEO of RevolutionParts.
The data released is part of an infographic that RevolutionParts has published that highlights trends in the automotive industry during the COVID-19 pandemic. The infographic states that, despite a 34% drop in individual vehicle sales and a 40% decrease in service order repairs, parts and accessories have seen a sizable uptick in not only sales, but general interest.
Over the COVID-period thus far, the number of people actively searching for auto parts online has increased by 20%. Furthermore, the volume of parts and accessories sales has shattered records made since RevolutionParts joined the auto parts industry in 2013. In fact, out of the top ten selling days in the organization’s history, nine of them have fallen within the past 3 months alone according to the infographic.
“The growth in online sales of parts has been crazy,” said Ibrahim Mesbah, “Prior to COVID, the top selling day we ever had was Cyber Monday of 2019. That record has been smashed 5 times so far this year.”
According to RevolutionParts, dealerships using their platform saw parts sales dip slightly between March 15 through April 2nd, right when the pandemic was declared a national emergency and shutdown orders were issued. However, when stimulus checks were issued on April 13, parts sales not only rebounded according to seasonal trends, but continued showing a stark increase from the previous year. Since then, parts sales have maintained that growing momentum.
“The month-to-month growth since the stimulus checks were issued is astronomical,” Mesbah said, “Despite the state of the economy, the continuing pandemic has yet to halt sales volumes. With the Black Friday and Cyber Monday season approaching, we are predicting historical growth in the segment.”
To help dealers take advantage of the growth in online parts sales, Ibrahim offers the following advice:
Reevaluate Your Business Model – This isn’t the first time car sales have been hurt by an economic downturn. Before the pandemic, car sales had been on the decline year-over-year. The market is changing and it’s time to adjust business strategies for success.
Invest in Online – We are seeing upwards of a 10-to-1 ROI for dealerships using online part selling solutions with RevolutionParts. While business is down, now is the time to invest in a revenue channel that provides both short-term and long-term profit opportunities.
Get the Proper Tools – Finding a digital parts commerce platform that offers a modern parts-buying experience and an intuitive, easy-to-use dashboard is crucial to running a successful parts business. Make sure you partner with an eCommerce solution provider that benefits you, your business, and your customers.
To download the infographic, visit revolutionparts.com/covid-parts-trends.
About RevolutionParts
RevolutionParts accelerates OEM parts and accessories sales for every major automotive brand. The company’s core focus is to transform the way parts buyers and sellers connect, delivering an enterprise-ready platform for digital parts retail and wholesale commerce channels. The RevolutionParts platform powers more than $400M in annual sales and reaches millions of unique buyers globally. For more information, visit www.revolutionparts.com.
Media Contact:
Katie Gettinger
RevolutionParts, Inc.
630-391-8540
kgettinger@revolutionparts.com
About the Data
The data around part and accessory sales is based on RevolutionParts’ customer platform with over 1,300 new car dealerships.
