The SEMA Professional Restylers Organization (PRO) is hosting an online General Membership Meeting on Friday, March 22, 2024, at 9:00 a.m. PDT/12:00 p.m. EDT.
Automotive restylers and accessory professionals are invited to attend the event to receive new and exciting updates from the council's leadership. Attendees will discover resources for helping automotive restylers succeed in the marketplace and learn how to get more involved with PRO through volunteering.
A Q&A with the PRO Select Committee will follow the meeting, offering members an opportunity to provide feedback and ask questions. All current and prospective members are encouraged to attend, as it's a great way to connect with a powerful group of business leaders dedicated to enhancing the automotive restyling market.
In partnership with Toyota and Lexus, the SEMA Garage has announced a measuring session for the all-new '24 Toyota Land Cruiser and '24 Lexus GX.
SEMA members will have the opportunity to test-fit prototypes, 3D scan, measure and have a close-up experience ahead of the vehicle's public release. Take advantage of this exclusive event, scheduled for March 12-13, at the SEMA Garage in Diamond Bar, California.
'24 Toyota Land Cruiser and '24 Lexus GX Measuring Session
Since its launch in 2012, SEMA Data has become a crucial resource for SEMA members and the industry at large. Originally called the SEMA Data Co-op, SEMA Data’s mission has been simple and unchanged: to facilitate the exchange of clean, reliable product data between manufacturers and resellers, boosting sales to our industry’s consumers. Today, SEMA Data serves more than 500 brands, making about 4.5 million SKUs available to more than 3,500 retailers in various export formats, from industry-standardized ACES and PIES to custom-configured.
The mission may be simple, but the needs of SEMA Data members are varied, and the world of product data has grown increasingly sophisticated over the past decade. For example, online sales points such as Amazon are demanding ever more robust data. For manufacturers, this means that maintaining and regularly updating a high-quality dataset is critical for ongoing engagement with resellers and consumers.
SEMA Data has risen to meet the challenges of a fast-changing marketplace, launching tools and services for manufacturers and resellers to make managing and utilizing all the product data easier and more efficient.
As of February 1, SEMA Data released an update to its Data Scorecard program to keep pace with these heightened data expectations. The familiar bronze, silver, gold and platinum levels are still there, but the requirements for each are more delineated. Of course, the SEMA Data team remains committed to helping each brand meet its data excellence goals. That individual attention to member service has been the hallmark of SEMA Data from the very beginning—and something we’re especially proud of.
But there’s even bigger news to report. As this magazine goes to press, SEMA Data is preparing to launch a new SEMA Data Marketplace to connect product brands more directly with the more than 3,500 resellers currently in the SEMA Data network, including nearly all the big resellers and warehouses. The new Marketplace website will enable a reseller to log in, search for items they wish to sell, and request the appropriate product datasets. Manufacturers will also be able to communicate specials, featured products and news directly with these resellers.
This is an evolutionary next step for SEMA Data. Previously, it was simply a member-to-member data exchange. While that aspect of the program remains, the Marketplace goes beyond the exchange of product data to being a virtual central catalog of companies, brands, products and their unique selling propositions. It aims to forge a more immediate and direct relationship between qualified resellers and our industry’s many manufacturers of every type and size. In short,
it promises to better inform resellers about who our industry is and what its manufacturers do to ultimately speed more products to a demanding market. (Keep an eye out for more SEMA communications on this topic.)
This is just the beginning of a much bolder strategic plan. We envision the SEMA Data Marketplace’s future to include deeper integration with other SEMA programs, most notably our Shows, where so many new products are launched. Through the Marketplace, products introduced and
displayed at such events will achieve greater, year-round attention and promotion. It’s all a part of our association’s mission to keep our industry growing, succeeding and prospering.
Both private and public companies are expected to be significantly impacted by new SEC rules requiring a “show-me-the-money” commitment to cybersecurity.
Your Cyber Defenses May Go Under a Microscope in 2024
By Joe Dysart
Businesses that have been “winging it” when it comes to cybersecurity may want to reconsider their position in 2024, when new rules for all public companies (sec.gov/corpfin/secg-cybersecurity) require tougher defenses against hackers.
That advisory also goes for many private companies, which are expected to be significantly impacted if they do business with public companies or want to do
business with public companies.
Says Gary Gensler, chair of the Security and Exchange Commission (SEC), the agency activating the new rules: “Whether a company loses a factory in a fire or
millions of files in a cybersecurity incident, it may be material to investors. Currently, many public companies provide cybersecurity disclosure to investors.
“I think companies and investors alike, however, would benefit if this disclosure were made in a more consistent, comparable and decision-useful way.”
Put another way: Beginning in 2024, anyone interested in closely scrutinizing the cybersecurity plan of any public company, including investors, an everyday citizen or even an extremely curious journalist, will be able to pore over that company’s official report to the SEC to their heart’s content.
Granted, the new rules are aimed squarely at publicly traded companies. But many cybersecurity insiders also believe the crackdown will reverberate with privately held companies that are partnered with publicly traded counterparts or are hoping to become partners.
Says Agnishwar Banerjee, product marketing
manager of MetricStream (metricstream.com), an IT advisory firm specializing in cyber risk management and compliance:
“A key takeaway is that while the rules do not directly apply to private companies, by virtue of being part of the third-party ecosystem of public companies, the rules may in effect extend to them.
“Implementing a cyber-governance, risk and compliance program without factoring in the extended enterprise cannot be deemed effective
or complete in today’s interconnected business environment.”
New Reporting Requirements
The new SEC rule that will probably smart most for businesses is a requirement that forces them to report a known hack of their systems to the SEC within four days.
That’s a far cry from the way businesses have reported hacks previously: Often, victimized firms have been known to wait months before reporting a cyber-intrusion.
Still others try to skirt reporting an incident completely, hoping to avert bad press and liability.
Besides the short four-day window allowed for fessing up to a cyber break-in, other new SEC rules are designed to force companies to go into great, written detail on about their cybersecurity infrastructure.
Again, technically speaking, such reporting will only be required of publicly traded companies. But you can bet scores of computer security information officers
at publicly traded companies are going to have nice, long talks with many of their counterparts over at private companies regarding the strength of their partners’
cybersecurity.
Who could blame them? Essentially, computer security information officers’ jobs are decidedly at extreme risk with the new rules even if the original source of a break-in is with a privately held partner.
As far as the specifics in writing the SEC is mandating: The SEC now requires publicly traded companies to describe in detail the kinds of defenses they’ve developed to combat hackers, including the kind of protections they’ve developed with third-party companies.
And the SEC has also decided to put corporate boards on the hook as well, requiring companies to describe in writing the oversight role the corporate board is playing in defending against hackers.
Company management, too, is of course high up on the radar with new, “in writing” requirements. And the SEC also wants to know, in writing, if the company is working with assessors, consultants or auditors when it comes to cybersecurity planning.
Finally, the SEC wants to see—also in writing—how companies have woven their hacker defense systems into their overall risk management system.
Toughening Up Defenses
Not surprisingly, business reaction to the new SEC rules, which technically first went live in mid-December 2023 only for companies that run on calendar, year-end fiscal reporting, has been swift and decisive. An October Deloitte & Touche poll (www2.deloitte.com), for example, found that 65% of public company executives have already made plans to toughen their defenses against hackers.
Plus, more than half of executives surveyed vowed they would push third-party partners, including private companies, to beef up their cyber-defenses as well.
Says Daniel Soo, a principal at Deloitte & Touche: “Whether organizations are publicly traded or do business with public companies, clear communication from top leadership about cyber-risk management expectations can help mitigate security risks within organizations themselves.
“Increasingly, more executives understand cybersecurity is not just a CISO’s responsibility but a multifaceted business risk that demands many groups work together.”
New regs aside, as most businesses with cybersecurity defenses already know, a good cybersecurity plan also just makes good business sense.
That’s especially true given the never-ending cat-and-mouse game hackers insist on playing with businesses, year after year.
A new survey from CompTIA (comptia.org), a training and certification organization for the computing industry, for example, finds that businesses are still plagued by many of the usual suspects when it comes to cyber harassment.
In particular, malware remains a top concern at these organizations, with 40% of survey respondents identifying the malware scourge as a core focus of their defenses.
Another 33% pointed to ransomware attacks as critical, followed in priority by the hacking of firmware (31%), internet-of-things attacks (31%) and attacks on computer hardware (31%).
Of course, our old friend, phishing (30%)—through which hackers attempt to penetrate business computer networks using stolen passwords, IDs, malicious links and similar—was also high up on respondents hit-list, with 30% of respondents saying it’s a top priority.
Says Seth Robinson, vice president of industry research, CompTIA: “Businesses have begun to consider cybersecurity as a critical function. Excessive cybersecurity measures can hinder overall progress. But if measures are too relaxed, it can lead to serious incidents, resulting in potentially greater negative impacts. This balancing act is a full-time job. With technology trends evolving and attack patterns changing, true equilibrium may be impossible to achieve.”
Adds Matt Gorham, a cyber and privacy innovation leader at PricewaterhouseCoopers: “Surprisingly, there are still many companies who struggle with the basics. There is no shame and no consequence in revisiting the fundamentals of your cybersecurity risk management program.”
SOME TRUSTED RESOURCES
Fortunately, a number highly respected cybersecurity think tanks and organizations have
recently come out with detailed studies and advisories on how to handle the cyber-security threat landscape in 2024.
Together, these reports should enable your business to be a step quicker when it comes to
outfoxing the ever-persistent ne’er-do-wells.
Here’s where to scoop up a representative sampling of these reports for free:
Connecticut—Internal Combustion Engine Ban: Connecticut Governor Ned Lamont withdrew a SEMA-opposed regulation that would have required the state to adopt California’s strict motor-vehicle emissions laws and outlaw the sale of new gas- and diesel-powered cars beginning in 2035. Governor Lamont, however, has not abandoned the pursuit of more stringent emissions standards. He has indicated that he will address the issue by seeking legislative action in 2024. SEMA believes Connecticut residents, not the government, should decide what vehicles are best for them and their families.
Delaware—Internal Combustion Engine Ban: In a surprising move, the Delaware Department of Natural Resources and Environmental Control finalized regulations adopting California’s latest motor-vehicle emissions laws through 2032 but stopped short of banning the sale of new gas- and diesel-powered cars beginning in 2035. This initiative requires automakers to deliver an increasing number of zero-emission vehicles (ZEVs) for sale in Delaware, reaching 82% by model-year ’32. However, the initial proposal envisioned a 100% ZEV target by 2035.
Ohio—Internal Combustion Engine Ban: The Ohio legislature passed SEMA-supported legislation to prevent any state or local government unit from restricting the use or sale of motor vehicles based on the energy source used to power the motor vehicle, including internal combustion engines. The bill now awaits approval or veto from Governor Mike DeWine. The bill represents a significant step forward for proponents of consumer choice, who believe individuals should have the right to select the vehicles that best fit their lifestyle and budget, regardless of fuel type.
FEDERAL UPDATE
CARS Act: The U.S. House of Representatives passed HR 4468, the “Choice in Automobile Retail Sales (CARS) Act,” with bipartisan support (221 to 197). The SEMA-supported bill would prohibit the U.S. Environmental Protection Agency (EPA) from finalizing the agency’s proposed federal emissions standards for model years ‘27 to ‘32 light- and medium-duty motor vehicles, which intends for electric vehicles (EVs) to make up 67% of all new vehicles sales by 2032. The CARS Act also prevents the EPA from implementing motor-vehicle emissions regulations in the future that would mandate certain technologies or limit the availability of vehicles based on engine type.
Most Americans do not support the Biden Administration’s rush to electrify motor vehicles. The American Fuel and Petrochemical Manufacturers’ national survey that found 60% of likely voters oppose the EPA’s proposed EV mandates. A further breakdown of likely voters found that the overwhelming majority of Republicans (87%) and Independents (61%) oppose the EPA’s de facto internal combustion engine (ICE) ban, while Democrats are split on the matter (41% support, 32% oppose and 27% undecided).
HR 4468 awaits consideration in the U.S. Senate Environment and Public Works Committee along with its bipartisan Senate companion bill, S 3094.
Outdoor Recreation: The U.S. House Committee on Natural Resources Chairman Bruce Westerman (R-AR) and Ranking Member Raúl Grijalva (D-AZ) introduced HR 6492, the “Expanding Public Lands Outdoor Recreation Experiences (EXPLORE) Act.” This bipartisan public lands and recreation bill expands on S 873, the “America’s Outdoor Recreation Act of 2023” (AORA), and
includes SEMA-supported key provisions from AORA. The EXPLORE Act increases opportunities for motorized and non-motorized access to public lands, streamlines permitting for recreation, improves visitor experiences, creates new opportunities for recreation, addresses the lack of affordable housing that is causing staffing shortages on public lands, and transforms outdoor recreation experiences for active-duty military members, veterans and Gold Star families.
The House Natural Resources Subcommittee on Federal Lands held a hearing on the EXPLORE Act and the bill is expected to move swiftly through the full Natural Resources Committee. SEMA is advocating in support of the EXPLORE Act because the bill will improve and expand America’s outdoor recreation economy while delivering sustainable economic boosts to rural communities.
Right to Repair: HR 906, the “Right to Equitable and Professional Auto Industry Repair Act” (REPAIR Act), currently awaits consideration in the House Energy and Commerce (E&C) Committee. SEMA and its coalition partners continue to advocate for the bill and engage with lawmakers to address the presented amendments that were ultimately withdrawn before the House E&C Subcommittee on Innovation, Data, and Commerce passed the bill in November. SEMA is working to expand the REPAIR Act to ensure that it protects the right to modify your motor vehicle. The SEMA-supported REPAIR Act would ensure automotive enthusiasts, aftermarket parts manufacturers and repair shops have access to the information and tools needed to maintain and personalize vehicles as automotive technology evolves.
The bill currently has 48 bipartisan co-sponsors
evenly divided between Republicans and Democrats. SEMA thanks Representative Neal Dunn (R-FL) for championing this important bill and bringing together all active stakeholders to ensure that the bill protects consumer choice and maintains competition in the vehicle repair and maintenance market.
Washington Rally: The 2024 SEMA and PRI Washington Rally will take place on May 8–9 in Washington, D.C. The Washington Rally provides an opportunity for SEMA and PRI members to meet face-to-face with your U.S. Senators, Representatives and key congressional aides to discuss the issues that matter most to your business and the industry. Whether it’s protecting the right to repair and modify vehicles with advanced technology, combating vehicle technology mandates that limit consumer choice, or protecting motorized access to federal government lands, SEMA and PRI members face many issues in our nation’s capital.
With the 2024 presidential election heating up and the balance of power in both the House and Senate up for grabs, it’s more important than ever for SEMA and PRI members to come to Washington, D.C., to advocate for the industry! To register or for more information, go to sema.org/washington-rally or contact Eric Snyder at erics@sema.org.
Specialty-Automotive Companies Foresee Further Growth Through 2024
By Michael Imlay
Despite the economic uncertainty of the last year, 55% of automotive aftermarket manufacturers say they expect growth in 2024, up from only 44% last Fall, according to the new “SEMA State of the Industry Fall 2023 Report,” which is now available for download at
sema.org/market-research.
The report is the latest study in the “SEMA State of the Industry” biannual series that explores the current state of the automotive specialty-equipment industry, including how businesses are doing, key industry trends and metrics, challenges and opportunities along with an outlook for this year and beyond.
“Released just prior to the new year, our ‘SEMA State of the Industry Report’ shows that despite inflation and economic unpredictability, including the United Auto Workers [UAW] strike, aftermarket sales continue to grow,” said SEMA Market Research Director Gavin Knapp. “While there has been softening sales for some firms, two-thirds of industry companies are reporting stable or growing sales over the course of 2023.”
Other key findings from the report include:
• Specialty-automotive sector sales topped $52 billion in 2023, a new high in an ongoing upward trend.
• Even amid inflation and other market ups and downs, one-third of manufacturers report double-digit growth over the last year.
• Inflation continues to impact the industry, with more than half of manufacturers indicating their prices have increased in the last year. Nearly 90% of companies say that increased supplier costs are the key driving factor.
Even with ongoing uncertainty, most industry firms expect sales and revenue to remain steady or grow over the coming year.
• New-vehicle sales—a principal driver of demand for aftermarket products and services—continue to rebound and are projected to exceed 16 million in 2024.
• The truck sector continues as the top market for the industry, with the majority of manufacturers and retailers viewing the off-road segment as a growth opportunity.
A Report With Purpose
Encompassing 54 pages, the report offers a look at a variety of economic statistics and market trends affecting the aftermarket through detailed charts, graphics and explanations. It is designed to help SEMA-member companies benchmark their performance while staying current with challenges and opportunities emerging within the aftermarket and broader automotive sector. The report also offers important insights into sales changes over
the last year, how businesses are doing generally, and outlooks for the future to aid in strategic planning.
According to Knapp, SEMA’s “State of the Industry” research complements the association’s market reports, which focus on consumer trends and spending habits. By contrast, “State of the Industry” reporting focuses on trends affecting the industry’s actual businesses.
“It’s really about the perceptions of businesses and how things are going for them,” he explained. “Are their sales up or down? What is their optimism for the future? Are they seeing growth trends or declining trends in their sales channels, the vehicles they sell products for, or the products themselves?”
Tracking Industry Performance
Entering 2023, the big question was the extent to which the widespread industry growth seen during the COVID-19 pandemic might continue. Large numbers of businesses posted record numbers as consumers turned to automotive pursuits to get through COVID lockdowns. Armed with government stimulus checks, these consumers also had plenty of money to spend. But as things opened up, consumers gained more options for discretionary spending, including dining and entertainment. Then inflation struck.
“We’ve seen a lot of disruption across the economy, and there’s been a lot of uncertainty out there,” observed Knapp. “We saw some industry companies give back some of their COVID growth. But overall, the majority of companies either saw growth or remained stable in their sales, which says our market has continued in a positive direction.”
In fact, roughly a third of companies surveyed reported double-digit growth in 2023. “Even as we’re seeing the overall market’s rate of growth slow somewhat, some companies are still doing really, really well—and going forward, most companies are expecting stable, if not increasing, growth in 2024,” Knapp said.
Nor was company size much of a factor in the growth curves. “The big guys seem to be doing slightly better, but they have obvious advantages like name recognition. But there’s not a dichotomous split between big and small companies,”he noted.
That’s not to say that industry businesses won’t face some challenges in the coming months. Inflation remains top of mind, with supplier, materials, labor and other costs forcing many industry businesses into price hikes.
“Most companies say they have increased prices in the last year, and a lot of them still think there will be more increases to come,” noted Knapp.
On the plus side, unemployment remains low and consumers, who seem to have learned to weather supply chain issues and other hiccups in the wake of COVID, continue to spend money. “Of course, if a big disruption hits the economy, that would change things for our industry,” Knapp pointed out.
New-vehicle sales were on track to finish 2023 at about 15.3 million units. Supply-chain issues and slower sales mean levels won’t likely approach their pre-pandemic numbers until 2025.Specialty-automotive sector sales topped $52 billion in 2023, and are expected to climb to more than $58 billion by 2026.
Growth in Sales Channels
Specialty automotive manufacturer, retail and installer sectors all saw growth across a variety of sales channels in 2023. Although 41% of manufacturers say they increased their direct sales to consumers online, the report finds that the share of manufacturer direct-to-consumer sales nevertheless “remains consistent with previous years.” Overall, the industry sells through both online and in-person channels equally in a 50/50 split. At the retail level alone, in-person sales at a store location still account for 67% of sales, with online sales coming in at roughly half that figure (33%). Even so, the industry’s ratio of online sales dwarfs that of American retailers at large.
“Our industry has been ahead of the game for a long time,” explained Knapp. “Before the pandemic we ran about 50/50 in online purchases versus in-person purchases, with online sales scooting up a little bit during the pandemic. Now it’s come back to what for us seems like an equilibrium state.”
Part of the explanation behind this lies in the nature of the aftermarket consumer. Enthusiasts are knowledgeable consumers—they do their research and know what they want. Online purchasing offers them instant selection and price comparison when they’re ready to buy. Plus, since they enjoy working on their vehicles, they don’t rely as much on professional installers.
This isn’t to say those enthusiast consumers avoid retail outlets altogether. Many purchase online for in-store pickup, getting the instant gratification of grabbing what they need when they need it and getting on-the-spot advice. “Even hardcore enthusiasts like to have those discussions with other knowledgeable people,” underscored Knapp.
While some businesses saw sales drops last year, few expect soft sales to continue into 2024.
Vehicle Trends to Watch
It’s no secret that the aftermarket’s fortunes are closely tied to new-vehicle sales. Whenever a vehicle changes hands it creates the potential for customization. This applies not only to a new car or truck, but the used vehicle it replaces, which is often sold, becomes a hand-me-down, or turned into a project car. Consequently, the “SEMA State of the Industry” report includes a look at what is (or isn’t) selling at American car lots.
According Knapp, rising car prices and interest rates have helped slow new-model sales—a trend that will likely continue through 2024. But even that phenomenon presents the aftermarket with an opportunity.
“You’d think that if there’s fewer people buying new cars, then that would be bad for us, but there’s a flip side to our relationship with auto sales. If people hold off on replacing their current model with something new, then they may want to give their current car a refresh,” he observed. (Of course, older-vehicle modifications may differ somewhat from those a consumer would pursue with a newer vehicle.)
The specialty-equipment industry is a dynamic part of the national economy, supporting more than 1.3 million jobs paying significant wages and benefits to employees.
What’s more crucial for the industry to grasp, said Knapp, is the changing makeup of the U.S. vehicle fleet.
“A lot of our industry grew up around the idea of musclecars and traditional cars like coupes and sedans, but those types of vehicles are largely
going away,” he explained. “Most of OEM production and sales are now crossovers [CUVs]. Even though they’re a relatively new vehicle type, they actually now represent half of all vehicles sold this past year and about of quarter of all vehicles on the road. This is the area that our industry needs to focus on because this is the only area for growth right now.”
For awhile it was an open question whether the specialty automotive industry would treat CUVs more as cars or as trucks, but OEM advertising has helped settle that matter.
“We’ve talked to many retailers who say they’re starting to kill it in the CUV market, especially with vehicles like the Subarus,” Knapp related. “OEM commercials are saying, ‘hey, this is our crossover—take it off road.’ They show vehicles on the dirt road equipped with racks and holding kayaks—really pushing that utility aspect.”
“All of that is great for our industry because, from camping to outdoor recreation, we’ve got products that will help you do that. And as long as your mindset is that a CUV is more like a truck than it is a car, that opens up a whole world of possibilities, from lift kits to larger, more aggressive tires, nicer wheels, trailer hitches and more.”
Meanwhile, electric vehicles (EVs) are ubiquitous in the media, but not so much on American roads—and may not be for some time. As of Q3 2023, they accounted for only about 8% of new-vehicle sales. With OEMs increasingly questioning the feasibility of EV mandates, and consumer take-up rates slowing, it’s doubtful that battery electrics will dominate the vehicle fleet anytime soon.
“We are seeing slowing in EV rollouts,” confirmed Knapp. “General Motors recently announced that they’re pushing off production of their EV pickup for a whole year. And if you’re not going to make an EV pickup, that says a lot.”
“Still, the OEMs have to meet CAFE [Corporate Average Fuel Economy] standards and bring fuel economy up. So things like hybrids can help with that since there’s an established consumer interest in hybrids. We’re also starting again to hear a lot more about hydrogen and biofuels as another avenue. And newer internal-combustion vehicles are moving towards smaller, turbocharged engines. So the industry needs to keep aware of this changing vehicle mix.”
In fact, OEMs are even tapping old playbooks in their quest for CAFE compliance, with the reintroduction of midsize trucks a case in point. This class of truck disappeared from the U.S. market over a decade ago, “but now we’re starting to see a new crop of small trucks like the Ford Maverick,” said Knapp. “It’s a sector that is really good for our industry as well as the automakers, and will be another one to watch and see if the consumer demand is really there.”
Increased supplier and production costs are the most-cited reasons behind industry companies raising their pricing for products and services.
Projections for 2024
All in all, the industry’s manufacturers, distributors and retailers have reason for optimism in 2024. The manufacturing and retail sectors each averaged 4% overall growth last year. The distributor sector was less rosy with a 1% overall gain, but most distribution companies were stable or growing nonetheless. In fact, 55% of manufacturers, 58% of distributors and 45% of industry retailers expect increased growth this year.
“There was a lot of uncertainty last year at this time, and industry businesses seemed more worried. But they were able to get through the uncertainties, and now they see the way forward,” summed
up Knapp.
This is not only good for the industry, but for the U.S. economy as well. SEMA’s recent research estimates the industry’s total economic impact at $336.91 billion, accounting for 1,333,658 American jobs taking home $104.29 billion in total wages and benefits.
“When COVID first hit and we went into lockdown, the initial reaction was, ‘Uh oh, we’re in trouble,’” recalled Knapp. “But within a couple of months, companies in our industry were having their best year ever. That actually pushed our industry up, so it’s not surprising to be leveling off. We’re still better off than we were in 2019.”
Joe Rode, a seasoned professional in the performance boating industry and a contributor to Speedboat Magazine, has launched "Powerboat Talk," a podcast devoted to discussing high-performance boats. With a focus on interviewing influential people in the world of fast boats, the show aims to become the go-to destination for performance boating enthusiasts.
With more than three decades of experience in the marine and automotive aftermarket, Rode has wide-ranging knowledge about the individuals and parts that help boats go fast.
"I feel incredibly fortunate to have had a career in such an exciting industry. I've met so many fascinating people along the way, and I want to learn more about them, listen to their stories, and share them with other fast boat enthusiasts like myself," Rode said.
Report: Racing Simulator Market Projected to Reach $1.1 Billion by 2030
The racing simulator market is projected to grow from $500 million in 2024 to $1.1 billion by 2030 at a compound annual growth rate of 15.6%, according to a new report by MarketsandMarkets.
The growth of the racing simulator market is mainly driven by the rising e-sports tournaments and leagues, inclination towards professional motor racing events, constant advancement in simulation technology, rising affordability and easy accessibility. Further, the inclusion of virtual reality and AI technology in racing simulators and a growing focus on professional training and recreational gaming would prompt the development of the racing simulator market globally.
The report is available for download as a PDF through the Market and Markets webpage here.
Got racing industry news? Releasing a new product? Contact editors@performanceracing.com.
While the engines have quieted, the reverberations of the 2024 Motorsports Day at the West Virginia Capitol persist.
Held on February 23, the event brought together industry professionals, elected officials, and state agencies, serving as a platform for collaboration, education and the celebration of motorsports' significant contributions to the Mountain State.
Left to Right: Erik Hubbard, Back Roads of Appalachia; Delegate Gary Howell; AK Whatley, Chaos Motorsports; Delegate Wayne Clark; Maria Whatley, Chaos Motorsports.
In the State Capitol Rotunda, more than 30 businesses and vendors, including SEMA and PRI, showcased the diverse landscape of West Virginia's motorsports scene. Meanwhile, outside the Capitol, more than 30 racing vehicles displayed the pinnacle of motorsports engineering and design. Notably, Chaos Motorsports' AK Whatley received legislative recognition for completing the grueling 2024 King of the Hammers event.
Throughout the day, attendees engaged in open discussions and networking, fostering collaboration and identifying avenues for growth with government officials and peers.
"Participating in West Virginia Motorsports Day is vital for SEMA and PRI," said Christian Robinson, SEMA senior director of state government affairs and grassroots. "It afforded us direct connections with industry-driving businesses. Through events like these, we can foster collaboration, advocate for the future of motorsports, and celebrate its positive impact on communities in West Virginia."
PRI Senior Editor/Social Media Manager Christen D'Alessandro attended the 24 Hours of LeMons at Thunderhill Raceway in Willows, California, last weekend, and she's giving PRI News readers an exclusive peek into what it was like to cover--and participate in!--the budget endurance road racing series designed for cars bought and race-prepped for just $500.
D'Alessandro attended to capture content from the iconic race for PRI's hundreds of thousands of social-media followers, but little did she know that she would be recruited to drive behind the wheel of a race car before the weekend would wrap.
"This was my first time at a 24 Hours of LeMons event, but I had heard about them and thought it was a great concept, so I wanted to check one out. My goal was to capture video and photo content from the event for PRI's social channels and PRI Magazine, but to my surprise, I ended up driving in the race! The guys from the Flavor Town team who were driving the K24 Mini sponsored by Permatex let me borrow the proper safety gear and hop in the car for about 30 minutes on the second day of racing.
"It was such an amazing experience! I was super nervous because I have no prior racing experience, but once I got out there and felt more comfortable with the course after a couple of laps, I pushed it a bit harder and actually did okay. The car finished the race, which is a win in itself with budget endurance racing."
The 24 Hours of LeMons holds various events throughout the United States each year, and the premise behind this one was to purchase and build a car for just $500 maximum (safety gear not included). However, they are fairly loose with enforcing the rules, and teams can even "bribe" the judges during tech inspection to look the other way (all part of the fun of the race). It's a very grassroots style of racing, which is the main appeal. You don't have to spend a bunch of money or be an experienced racer to participate in these events. Nearly anyone can dip their toe in the water and try it out… and once they get a feel for it, they might want to continue racing and move up the ladder.
This event is an endurance race but doesn't actually last 24 hours. They raced seven hours on Saturday, and then another seven hours on Sunday, but reversed the track and drove it backward the second day. The fun thing about this event is that everyone has a theme for their car and team, so the visuals are awesome. The series lets you dress up your car however you want, so you get some clever-looking race cars.
My main takeaway from the 24 Hours of LeMons is that anyone can participate and get their racing fix without breaking the bank. I'm still on a high from being in the race car last weekend and feel like I'm a real race car driver now!
And I'll end with this: You should follow PRI on social media because we offer a wide variety of motorsports content. Many race fans have their favorite series that they love (i.e. NASCAR, IndyCar, NHRA), but PRI puts in our best efforts to cover those popular motorsports as well as other niche markets. And I think all racing fans/gearheads can appreciate all types of motorsports, even if it's not their favorite to watch. At PRI, we highlight our manufacturers and exhibitors as well, and what better way to do that than to show all the types of race engines that use their products? Follow PRI on Instagram, Facebook, YouTube, TikTok and LinkedIn.
World-renowned athlete, entrepreneur and philanthropist Tim Tebow shared his mission-possible life message with attendees of the 2023 SEMA Show as part of the trade-only event's professional development experience.
Video highlights of his keynote presentation are now available on YouTube, offering valuable insights for living a life of significance and reaching your goals.
Tebow is best known as a two-time national champion, Heisman Trophy winner, first-round NFL draft pick and a former professional baseball player, but he is also the poster of success as an entrepreneur and TheNew York Times best-selling author. Tebow is passionate about his work with the Tim Tebow Foundation (TTF), which has a mission to bring faith, hope and love to those needing a brighter day in their darkest hour of need.
Tebow's keynote was part of a comprehensive SEMA Show Education program that was focused on leadership and year-round skill development. His message aims to inspire individuals to find their mission and create a purposeful life that counts. Topics covered in the video include showing up with the right mindset, why having extreme passion matters, the significance of having the right people and team, and how to keep perspective on what is important.
Watch Tebow's video now and stay tuned for additional seminar highlights from the 2023 SEMA Show as they are released throughout the coming weeks at semashow.com/education-videos.
By SEMA News Editors
