Even though 2020 has altered the vehicle landscape for many, the specialty equipment market has shown great growth over the last 10 years with industry retail sales climbing nearly 4% to a new high of $46.2 billion in 2019, according to the new 2020 SEMA Market Report, which provides a comprehensive review of the automotive specialty equipment market, market sizing by vehicle segment, purchasing channels, and trends to help SEMA member companies make better business decisions.
Thousands of exhibitors and attendees are registered and planning to attend the 2020 SEMA Show, taking place Nov. 3-6, in Las Vegas, NV.
The top 15 applicants of the SEMA Young Executives Network (YEN) Launch Pad Competition have been selected and now move on to the online voting stage. Each applicant will receive a complimentary, one-year SEMA membership, as well as one professional Launch Pad video and widespread awareness of their business through SEMA communication channels.
Ted Wentz III, CEO of Quadratec Inc., has been elected to the 2020-2021 SEMA Board of Directors in the Distributor/Retailer category. He will replace outgoing Board member Greg Adler of Greg Adler Motorsports, effective in July.
Rich Barsamian, Jack Chisenhall, John Gaines, and Joe St.Lawrence will receive the specialty-equipment industry’s highest honor as the newest members of the SEMA Hall of Fame. The four are the latest representatives of an esteemed group of industry icons who have influenced and inspired the $44.6 billion automotive specialty-equipment industry.
The majority of businesses in the specialty automotive industry continues to operate during the Coronavirus pandemic. Even with “shelter in place” rules in effect in many states, more than two-thirds of industry businesses have not closed any of their facilities during this time.
The Specialty Equipment Market Association (SEMA), in partnership with eight other automotive trade associations, urged the National Governors Association and Governors of all 50 states to standardize the definition of essential businesses and workers. The groups recommend adoption of the U.S. Department of Homeland Security’s (DHS) March 28 directive, “Guidance on the Essential Critical Infrastructure Workforce: Ensuring Community and National Resilience in COVID-19 Response,” which identifies essential workers and business operations throughout the economy. DHS guidance clarifies that automotive repair, maintenance, and transportation equipment manufacturing and distribution facilities are “essential services” that are critical to ensuring the safe and ongoing operations of our nation’s transportation and logistics sector.
Now in its seventh year, the program provides emerging business leaders the opportunity to pitch their business idea to a panel of iconic industry judges and compete for a prize that includes $10,000 to be used for the benefit of their business, and exhibit space at the industry-leading SEMA Show.
Voting will take place online between May 12 and May 26 and is open to current SEMA-member companies. Votes must be cast by each company’s primary contact. Details on the upcoming election will be sent to the member company’s designated primary contact beginning April 30. Winners will be announced by May 29 and formally inducted into the SEMA Board of Directors at the SEMA Installation Gala on July 24, 2020.