Car audio sales are projected to increase by 30 percent in September compared to the same month a year ago. The increase would have been even higher if not for the significant shortages in many 12 volt products, said Chris Cook, President of the Mobile Electronics Association (MEA), speaking at GoFast Solutions’ Virtual Winter Summit on Tuesday.
Car audio sales were up around 40 percent in August, and up 35 percent in July, compared to the same months a year ago, according to the MEA.
Overall, the industry was up 6 percent for the year compared to last year as of July. This made up for a steep drop in sales in April of 28 percent and a drop of 14 percent in May. June sales were up 33 percent.
Still, 9 percent of dealers report no increase in sales, despite the surge that many others are experiencing, according to MEA surveys.
Most retailers believe that the sales boom will continue for at least another month and/or through the rest of the year. Sixteen percent believe this higher level of sales is the new normal.
As far as current business, 44 percent of dealers say that they are now booking installs out two weeks or longer. See full chart below.
Cook, speaking after the presentation, said of this statistic, “That’s a pretty good chunk of business out there that dealers are booking. I’m not hearing from retailers that things are slowing down significantly. I think they impressed a lot of people who had never been in their stores and those people are telling their friends and family. I think we ended up in this industry with a lot of new customers.”
Cook also presented some advice to retailers. One is to make sure that your shop is registered as an automotive repair shop if you meet that criteria, so in the event of another shut down you have the choice to remain open.
Another tip is to get involved in your local government so you can make sure the needs of small business are heard. He suggests joining the local Chamber of Commerce and attending networking events.
Photo: Chris Cook, MEA