Automotive Dealership Owners

Overall, though, the number of new-vehicle dealerships continues to decline, from a high of 49,200 dealerships in 1949 to 16,838 as of midyear 2023. These sobering statistics suggest that opportunities for dealership owners are shrinking, and unless sales demand greatly increases, it will be difficult to become an auto dealership owner. The best opportunities for aspiring dealers will be in populated areas that have a dearth of auto dealers. There is also growing consumer interest in used vehicles because of economic uncertainty and the high cost of new cars and trucks. In the right location, aspiring dealers may be able to take advantage of this trend by opening a new dealership. Finally, more dealers are offering electric and hybrid electric/gasoline vehicles due to rising consumer demand and declining sales prices. In 2023, Kelley Blue Book reported that the EV share of the total U.S. vehicle market was 7.6 percent, up from 5.9 percent in 2022. In 2023, U.S. buyers purchased a record 1.2 million electric vehicles.