As people hold onto their vehicles longer and companies try to keep their fleets functional for an extra year, AAMCO Transmission is looking to nearly triple the number of its shops in metro Detroit.
More vehicles have been scrapped in the past 15 months than new vehicles sold, according to R.L. Polk, the Southfield-based automotive research firm. But the combination of flat incomes, falling housing prices and general economic anxiety is leading many consumers to hold on to vehicles longer, which leads to more maintenance work.
The average vehicle on U.S. roads is now more than 10 years old, the oldest in more than 20 years. More.