Status of the Aftermarket – Journalist Mark Phillips [RR 538]

Mark Phillips is editor and publisher of Aftermarket Intel and has been in the automotive aftermarket for more than 12 years. Previously, he was editor of newspapers in several cities in Ohio and Boston. He is a graduate of Ohio Wesleyan University.  Aftermarket Intel HERE.

Key Talking Points:

• Automotive industry- essential industry during the pandemicLos Angeles County stay at home orders for next three months but Ohio has more than 90% of businesses are open- long road to reopening as a country
• To get unemployment down to where it was (4%) it could take up to a decade or more 
• Easy to stop the economy and have people stay at home, harder to bring people back
• Travel continued to be limited
• Manufacturing facilities starting to reopen- are consumers ready to buy/lease vehicles when uncertain about employment? Opportunity for aftermarket repair businesses
• GDP for the US is $20 trillion, over $20 trillion in debt- cannot stop spending 
• New legislation of $3 trillion for a relief package
• Fear and uncertaintyWhat is coming? How to deal with it?   
• Luxury goods are no longer needed
• More conservative with stimulus checks
• VaccinePeople rely on what they know- most are not medical experts
• Some people do not take flu shots and would be hesitant to take Covid-19 vaccine

Resources:

• Thanks to Mark Phillips for his contribution to the aftermarket’s premier podcast.
• Link to the ‘BOOKS‘ page highlighting all books discussed in the podcast library HERE. Leaders are readers.
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