Even dark clouds sometimes have a silver lining!
Today we live in a global economy, and the whole world shares in the risk and the pain caused by the financial meltdown. This has prompted governments around the globe to take steps to stimulate their economies. This necessary intervention may well prevent a major economic disaster, but it does come with a huge price tag that must be paid by this generation or the next.
In these difficult economic times small business owners are forced to make tough decisions that could mean success or failure of that business. Every day we hear of businesses going under and rumours abound that many more will soon follow. In our industry, the rapid decline in automobile sales has forced vehicle manufacturers to seek huge financial bailouts in order to avoid bankruptcy. As painful as it is to see the new vehicle automotive industry in trouble, we are starting to see a bit of a silver lining for the automotive aftermarket service industry.
The decline in new vehicle sales indicates that motorists are opting to hold on to their present vehicles for longer periods. For some motorists, it is an attempt to save money by staying away from new car payments for as long as possible, while for others the present credit crunch is the problem.
Whatever the reason, this situation can only work to the benefit of service and repair businesses. The automotive aftermarket is one of the few industries that stands to flourish in tough economic conditions. Those automotive businesses who embrace the need to deliver outstanding service to their customers, may well come to realize that this dark cloud does indeed have a silver lining.
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