More than half (55%) of automotive enthusiasts recently surveyed indicated that price was “very important” to them when considering the purchase of specialty-equipment parts and accessories. So how do consumers that purchase street rod accessories rank price? The following is a short excerpt from the 2006 Hot Rod Industry Report, which answers this very question:
It is common for street-rod and custom product consumers to participate more directly in the project while the vehicle is under construction, which has a direct effect on where the products are purchased. Another factor in the place-of-purchase decision is the technical knowledge required to match engine and drivetrain components. It takes a high level of expertise and knowledge to properly match components for top performance. The parts for a given car may come from different parts of the country, may be a combination of original and newly produced equipment and may require a lot of legwork and Internet research to obtain.
Even though price is the factor considered most often when consumers are deciding where to purchase street-rod and custom products, availability and guarantee are a close second and third, respectively. The survey distributed to Hotrod & Restoration magazine subscribers included the question: “What are the biggest challenges businesses face in the hot rod and restoration market?” The question was open-ended, but several responses appeared often. These included:
- The affect of EPA laws on hot rodding
- Will the youth market be able to carry hot rodding in the future?
- Anti-hobby legislation
- Competition and rising costs
- Parts availability
Respondents were also asked whether they have seen increases or decreases in various segments of the market. For each of the four categories, more than 50% of respondents answered “yes” to experiencing increases.
SEMA members can receive a complimentary copy of the full-length 2006 Hot Rod Industry Report as another benefit to being a SEMA member. The report is filled with valuable facts and figures about the ever-growing hot-rod industry, and you may download the report by visiting www.sema.org/research.