As reported by the Businesswire.com
The average age of light vehicles in operation (VIO) in the U.S. has risen again this year to 11.8 years, according to new research from IHS Markit (NASDAQ: INFO).
This acceleration of average age can easily be seen when looking across the last 17 years. From 2002- 2007, the average age of light vehicles in the U.S. increased by 3.5 percent. From 2008-2013, however, the increase was 12.2 percent. Over the last five years, the average age increase has returned to its more traditional rate – aging by 4 percent over this time period.
“Better technology and overall vehicle quality improvements continue to be key drivers of the rising average vehicle age over time,” said Mark Seng, director, global automotive aftermarket practice at IHS Markit. “The 40 percent drop in new vehicle sales due to the recession created an acceleration in average age like we’ve never seen before. In the last couple of years, however, the average age has returned to its more traditional rate of increase.”
Overall light vehicle fleet continues to grow
Light vehicles in operation in the U.S. have now reached a record level of more than 278 million according to the analysis — an increase of more than 5.9 million (2.2 percent) since 2018. This represents one of the highest annual increases the U.S. auto industry has seen since IHS Markit began tracking VIO growth – second only to the 2.3 percent growth in 2016.
“The increasing VIO fleet is providing a robust new business pipeline for the aftermarket,” said Seng. “A larger fleet means more service and repair opportunities in the future.”
About IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
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About Gary Barbera’s on the Boulevard and His Barbera Cares Programs– Proud Recipient of Prestigious Family Business Awards and Corporate Philanthropy as the Region’s Most Charitable Givers
Gary Barbera’s on the Boulevard proudly celebrates their 30th anniversary since swinging open the doors showcasing Dodge, Ram, Chrysler, Jeep and CPOV vehicles collaborating with it’s own Philadelphia’s Credit Connection- On-Site Instant Auto Credit. Over 1000 Vehicles including 300 Jeeps Cheap at one location. Barbera’s on the Boulevard is recognized by FCA as Philadelphia’s #1 volume dealer in both new and pre-owned vehicles for decades. Getting their start as a Dodge dealer has propelled them to be the #1 Dodge Dealer in 6 states, PA, NJ, DE MD, VA, and WV since the start while receiving Chrysler’s highest accolade J D Power certification.
The Barbera Culture, rooted in the belief that Business Comes Where it is Invited and Stays where it is Well Treated. The Barbera organization hires hospitality and trains talent instilling within every single employee the philosophy of guest hospitality, consistent service, and gratefulness for the client’s most precious gift of their valuable time. Their proudest moments are when they are welcoming back families who have purchased 9-10 cars and who send their friends and family. The biggest compliment is the thoughtful gift of a referral of family and friends.
The Barbera family credits their parents with instilling the Barbera Culture of Hospitality, Family Values and Work Ethic. Their mother Rita Barbera known to all as “Lovely Rita” was kind, socially conscience, and valued family and hard work. Their father, Eugene Barbera planted the automotive seed through his business, Palm Auto, a carwash, gas station, auto repair and body shop center located in Fishtown before it bloomed into the sprawling area it is today. The Barbera family would work for their father as children inspired by their father’s work ethic and client satisfaction standards. Their dad said, “Hard work never hurt anyone but Aggravation will kill you.”
Honored to be recognized with the prestigious Family Owned Business award for dual accolades; Gary Barbera’s on the Boulevard for positively impacting their communities economically and Barbera Cares for Community Service Excellence. On the heels of this crowning achievement Gary Barbera’s on the Boulevard is recognized along side industry icons 6ABC, QVC, and Comcast NBCUniversal for Corporate Philanthropy as the region’s most charitable givers.
Barbera Cares principles of Support, Enhance, and Inspire lead the way in community service including broadcasting their Don’t Text and Drive Campaign- Keep the Boulevard Safe message to everyone, especially the young. Proud to be the inaugural partner of Governor Edward G. Rendell’s Adopt-A- Highway state wide clean up initiative from the ground up, 1000’s of Turkey and Winter Coat hand deliveries to underserved sections of the city such as Strawberry Mansion, massively leading the way in Solar Recycling Cans around the city. Support of Philadelphia’s finest including P.A.L , honoring Veterans for their service and sacrifice. Of course 1000’s of individuals, children, families, youth groups, churches and synagogues have been added to the list of those being assisted by Barbera Cares over the 3 decades.
Their Philly famous mascot – the Barbera Bear can be seen lending a paw and entertaining during parades and community clean-ups. Gary Barbera’s on the Boulevard is also known for where the Stars buy their Cars! It all began with Jim McMahon and Doug Pederson as a young Quarterback in the 90’s with many, many stars in between and after. Now it’s Coach Doug Pederson and he’s been driving Barbera for decades! Now it’s your turn. I would be remiss if I didn’t ask you…. Is Barbera the Best… Boy I Guess!