As one of the fastest-growing sectors in the Canadian economy today, the car wash industry has proven itself time and time again to be one of the best places for investors to stake their claim in.
With the number of automobile purchases from coast to coast steadily growing and the country’s climate posing even more challenges for drivers, the need for proper automobile cleaning is at an all-time high. This high rate of demand for washes and waxes, in turn, spells much hope for those in search of financial growth opportunities amid the economic turmoil brought about by the pandemic.
Although it can be quite a stressful sight to see many Canadian industries experience financial blunders and hurdles left and right because of COVID-19, the car wash industry stands out as a rare anomaly. Considering that you’re looking to grow your wealth with sustainable solutions, the idea to invest in an express car wash is a good one—but this also bears one question:
How exactly have express car washes been able to thrive during the pandemic?
Dissecting the Service
In what many consider an interesting sight to behold, express car washes have shown consistently growing returns in an environment where many other businesses fail to see a sliver of the same fate.
While cars can last for a period of time without a thorough clean, the fact of the matter is that the car wash industry now finds itself in the position of playing along the lines of essential services. As more drivers become aware that keeping a car clean is necessary for normal vehicle maintenance, it’s easy to see why a growing number of washes are thriving.
Car washes have been proven to prevent premature body damage and further caveats, many now consider them as a modern need to the point of being considered an essential business in more states. With a growing number of customers needing to keep their vehicles clean, businesses are more capable of fetching consistent returns with minimal imposed compliance standards.
Circumventing a Common Hurdle
One of the most common reasons businesses have been forced to halt operations because of the pandemic is that most of their operations involve extensive contact between workers and customers. Contrarily, car washes aren’t susceptible to the same fate because of the nature of the processes involved and how they allow for maximum distancing.
When visiting a car wash, customers only need to park their car, hand over the keys, and wait. This is a customer experience that only lasts a few minutes, thereby ensuring minimal contact in the process. Thanks to automation and innovations in car wash technology, express washes can also ensure that they never have to come face-to-face with customers to render services.
Current Figures
The value and viability of a car wash as an investment are best displayed in its figures.
According to this recent report from the International Car Wash Association, professional car washing reached a record high in 2019, with estimated retail sales of nearly $11 Billion. This statistic alone shows just how much of an evolving asset express car washes are as investments compared to other “commodity” businesses.
Based on the findings of the same study mentioned above, researchers discovered that 83 percent of those who own or lease a vehicle used a professional or express car wash at least once in the past year. As if this figure wasn’t astounding enough, recent studies show that numbers have only been growing, with 77.5 percent of people choosing to wash at a professional car wash!
Conclusion
If you’re looking to invest your hard-earned money in something that’s guaranteed to provide returns and help your portfolio thrive, you must look into the growing car wash market. With more Canadians relying on washes than ever to keep their cars clean and roadworthy, there’s only room for more developments that will lead to long-term gains!
CCW Solutions’ team of car wash builders in Calgary can fit your business with the best gear to perform your treatments to your customers. Get in touch with us today to discover the wide selection of logistical improvements that we offer!
