Thursday, July 1, 2010

Aging Vehicles Present Opportunity

According to research firm R.L. Polk and Co., the average vehicle age has increased steadily in recent years, increasing 15 percent over the last 10 years and 21 percent over the last 15 years. Brian Funke, R.L. Polk director of sales and client services, believes the aging vehicle population presents increased sales opportunities for the lubricant market. “Obviously for the oil lube market [this] is a great trend because the out-of-warranty period is longer, and people are wanting to service their vehicle a little bit longer because they are holding onto them longer,” said Funke. Polk research reveals motorists are also keeping their vehicles 56 percent longer than they were in 2001. “They were at 28 months on average in 2001 and are at 44 months now,” said Funke. “When people are holding onto their used vehicle that much longer, they’re going to be servicing their car better and more frequently.”

Polk also reported on recent shifts in recommended motor oil viscosities. The number of vehicles calling for a 5W-20 motor oil is up more than 7 percent since 2008, while the number of vehicles recommending 10W-30 is down 6 percent and the number of vehicles recommending 5W-30 is down 1.6 percent.