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PRI’s Annual Motorsports Report Reveals Strength Among Retailers

 

Nearly 90% of companies experienced growing or steady sales in the previous year, according to a recent survey of businesses representing all forms of racing.

 

ALISO VIEJO, Calif. (March 12, 2020) – Motorsports retail sales either increased or held steady for 90% of businesses over the previous 12 months, according to Performance Racing Industry’s (PRI) Racing Business Survey, an annual research report that provides information on growing markets, investments, sales, and marketing strategies, among other insights.

Despite uncertainty about regulatory changes and trade policies, including tariffs on imported goods, the state of the racing industry remains strong. Companies surveyed reported that both their customer base and gross sales had either grown or remained steady in 2019.

“PRI’s Racing Business Survey provides unique insight into the current state of motorsports retail companies and their practices over the last 12 months,” said PRI Marketing Manager Jon Shakill. “It is a valuable tool to help identify and understand the needs of key businesses in the racing industry.”

This exclusive survey, which was conducted in late 2019 and published in the March 2020 issue of PRI Magazine, covers US-based engine builders, fabricators, dealers, machinists, tuner/installers, service/repair and race prep shops. Thousands of businesses representing all forms of motorsports were contacted.

Companies surveyed reported that over 50% of their customer base comes from the drag racing and street/strip (or high-end street performance) market segments. In addition to bringing in the lion’s share of business for many shops, these market segments also represent their fastest growing categories.

Additional findings include:
• More than half of motorsports retailers haven’t built a website to promote their business or sell parts online; however, almost 60% use some type of social media to draw attention to their products or services.
• The most popular site used to market products is Facebook, with 98% of companies on social media using this channel.
• Nearly 70% of racing companies invested in new machinery in the last one to three years.
• Despite a continued rise in online sales, only 33% sell online. Out of the 67% who don’t sell online, 78% have no plans to do so in the future.
• Many business owners are hesitant to hire staff due to the difficulty in finding qualified candidates.
“The findings in this report indicate there is still ample opportunity for growth within the motorsports retail sector,” added PRI Magazine Editor Dan Schechner. “PRI will continue to provide usable data and best practices to help these businesses position themselves for sustained success, both today and in the months and years to come.”

To learn more about current trends and business practices in the racing retail industry, access the Racing Business Survey report in the March 2020 issue of PRI Magazine.

About Performance Racing Industry
Since its inception in 1986, Performance Racing Industry (PRI) has served as the motorsports industry's key source for trends, merchandising ideas, new products, business strategies, and more. Through its monthly business magazine, Performance Racing Industry, and the world’s premier auto racing trade show, the Performance Racing Industry Trade Show in Indianapolis, Indiana, motorsports industry members from all over the world remain in tune with the worldwide racing marketplace. For more information, visit performanceracing.com.

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Editor's note: An image is available for this release. Please contact Juan Torres, juant@performanceracing.com.


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