Sale of Car Parts Booms during the Economic Downturn

Sale of Car Parts Booms during the Economic Downturn •50% increase in car parts sold as credit crunched motorists look to ‘make-do-and-mend’ their existing cars • Number of motorists looking to buy a second hand car in next 6 months up 172,000. Sales of car parts have more than doubled since September 2009, the latest figures released today [Tuesday 12th October, 2010] from the UK’s leading car parts website 247spares.co.uk reveals. Over the period September 2009 – September 2010 the website, www.247spares.co.uk reported a 50% increase in sales of all car parts - which includes the sale of gearboxes, exhausts, brakes and body panels - as cash strapped Brits look to keep their motors on the road for longer. Imran Asghar, Group Chairman, 247 Spares explains; “Car part sales have more than doubled over the last 12 months via our website. Items such as exhausts, gearboxes, brakes, suspension, radiators and body panels have really soared in terms of sales, as well as the sale of larger car parts, too, such as individual engines and axles. “We are certainly seeing more and more of our customers adopting a make-do-and-mend approach to their cars than they did in the pre-recession years when car finance was easier to come by and job security less of a concern. The majority of our customers are either looking to fix a problem with an existing vehicle or have just bought a second hand vehicle – possibly for a bargain price – and are looking to improve it.” Around 3.6 million second hand cars are bought each year, with consumer spending totalling £24 billion. Sainsbury's Finance research published recently indicates that for the period September, 2010 to February 2011 5.89 million people will be looking to buy a second-hand car, up by 172,000 on the previous six months' figure. Data from the Society of Motor Manufacturers and Traders shows 7.425 million of the 31.167 million cars on UK roads are aged between three and six years old and this is likely to grow as a result of the economic downturn with motorists running second hand cars for longer. The September market for the new ‘60’ plate fell 8.9% to 335,246 units – the second lowest volume for the month since 1999 when twice yearly registrations were established – suggesting that uncertainty over the economy and future job prospects are leading many people not to buy new cars. Concludes Mr. Asghar; “With economic uncertainty playing on the minds of many car owners we anticipate sales of car parts to continue to rise over the next 12 months as drivers tighten their belts and decide against trading in their old cars for brand new dealership vehicles.” Notes: Contact Dale Lovell on 01753 859 588 or email: dlovell@searchnewsmedia.co.uk for more information. Formed in 1999 247 Spares is the fastest growing car parts network in the UK, operating in 180 locations, with an inventory in excess of 9 million parts, including over 90,000 dismantled cars ranging from 1985 to the present day. The website www.247spares.co.uk is a Hitwise Top 10 ranking website for the Shopping and Classifieds – Automotive section.