A lot was at stake when drag racers from around the country converged at the brand-new Indianapolis Raceway Park (IRP) for the NHRA’s seventh annual National Championship Drags in 1961. More than 900 competitors from some 40 states turned out to win races, set records, cement championships and build reputations during that humid Labor Day weekend.
Having weathered more than a year of global pandemic and with the 2021 SEMA Show now clearly on the horizon, I want to draw your attention to recent SEMA research that yields some clarity on how the industry has managed during the pandemic and what we can expect moving forward.
U.S. suppliers selling over the internet to European consumers need to comply with new regulations regarding the collection, reporting and payment of value-added taxes (VAT). Starting July 2021, sellers located outside the European Union (EU) and shipping orders to consumers located in any of the 27 EU states are required to collect and pay VAT taxes through a new platform known as the Import-One-Stop-Shop (IOSS). These new requirements cover all individual sales of up to €150 (approximately $178 USD) but do not include sales overseas suppliers make through third-party platforms such as Amazon. The following are frequently asked questions regarding requirements for overseas suppliers.
First-time exhibitors are often of special interest to SEMA Show attendees because they bring never-before-seen products and services to the industry. In fact, first-time exhibitors are great sources of innovation and the latest product-line opportunities for installers, jobbers and retailers. They can even introduce attendees to potential crossover markets.
The proliferation of advanced driver-assistance systems (ADAS) on OE vehicles since the turn of the 21st century has posed numerous challenges to the automotive industry. That has been especially true for the automotive aftermarket, where modification and customization are the coin of the realm. Even the slightest modification to any ADAS-equipped vehicle—a new layer of window film or a freshly painted bumper, for example—can potentially affect an ADAS system’s ability to function as intended by the manufacturer. Further complicating matters is the lack of any standardized industry protocols regarding sourcing, positioning and calibrating these systems. The learning curve can seem steep indeed to an aftermarket manufacturer looking to R&D new products to integrate with ADAS sensors or a repair shop tasked with installing them.
Porsche 992 GT3 RS: Yet another prototype of the 992 GT3 RS has been spotted at the German Nürburgring race circuit. ’23 Ford Bronco Raptor: All the expected workings of a Raptor are present and accounted for, including significantly higher ground clearance, wider wheel arches, and a wider, more aggressive stance. Techart GTStreet R: The GTStreet R performance model of the Porsche tuning company Techart was spotted parked in downtown Stuttgart.
The current outlook of the U.S. economy remains positive, with several tailwinds helping to drive the recovery, according to the latest “SEMA Industry Indicators.” States have lifted many COVID-19 restrictions as vaccination rates rise and consumers are responding. This, combined with loose federal monetary policy and stimulus payments, is spurring consumer spending.
The SEMA Show is back for 2021! Attracting more than 150,000 industry leaders, including 60,000 buyers from around the world, the annual Show, to be held November 2–5 in Las Vegas, is still growing. This year, it will expand into the Las Vegas Convention Center’s brand-new West Hall, providing an additional 1.4 million sq. ft. of exhibit space. Despite the Show having been canceled last year due to the COVID-19 pandemic, many companies industry-wide (including those that were first-time exhibitors in 2019) are reporting record sales over the past year, and those that struggled are now starting to bounce back.
Even in the face of a pandemic that ravaged livelihoods and economies globally, the automotive specialty-equipment market somehow managed to continue its steady growth trend, up to $47.89 billion in 2020—a 4% increase over 2019, according to the recently released “2021 SEMA Market Report.” Slower growth is expected to continue into 2022 as more businesses reopen and compete for consumer dollars before taking off again in late 2022 or early 2023.
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