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Automotive Market Size in Roanoke, VA
The current market size of the automotive market in Roanoke, VA is estimated to be between $701,228,719 and $880,481,124. In 2012, the market size was $694,395,000, according to the U.S. Census Bureau.
AUTOMOTIVE DEALERSHIP MARKET SIZE IN ROANOKE, VA
- In 2012, the automotive dealership market size in Roanoke, VA was $694,395,000. This figure includes both new and used vehicle dealerships (per NAICS code 4411) and is the most recent data available on this topic, per the U.S. Census Bureau.
- Between 2013 and 2018, the used car dealership market in the U.S. reflected a growth of 4.6% annually, according to IBISWorld.
- Between 2014 and 2019, the new car dealership market in the U.S. reflected a growth of 2.3% annually according to IBISWorld.
- In 2007, the automotive dealership market size in Roanoke, VA was $723,577,000.
- In 2002, the automotive dealership market size in Roanoke, VA was $684,997,000.
RESEARCH STRATEGY
In order to estimate the current market size of automotive dealerships in Roanoke, VA, we first located the most recent, publicly available information concerning this market size, which as found via the U.S. Census Bureau and published in 2012. Using this market size as a jumping off point, we next attempted to analyze the growth rate of this market in order to perform a calculation that would bring the 2012 market size to a current estimate. In doing so, it was necessary to rely on market growth data specific to the U.S. as a whole, as data specific to Roanoke or Virginia as a whole as not found to be publicly available, even after analysis of government websites, professional organizations such as the Virginia Dealers Association, and market reports, including those published by IBISWorld. For example, while IBISWorld provides some state-specific market size reports for the automotive dealership market, they do not have one for Virginia. Despite these challenges, we were able to locate some growth rate data for the U.S. as a whole that can be used as a proxy for the purposes of this estimate, as shown below:
Roanoke, VA Automotive Dealership Calculation:
- The growth rate of the automotive dealership market in the U.S. is about 3.45% annually (or, [4.6% + 2.3%]/2=3.45%).
- The total number of years between 2012 and 2019 is 7 years (or, 2019-2012=7).
- Using a reverse CAGR calculator tool we estimated that the current market size of the automotive dealership in Roanoke, VA is around $880,481,124. In doing so, we used $694,395,000 as the starting value, 3.45% as the growth rate, and 7 years for the number of periods which gave an end result of $880,481,124.
Roanoke, VA Automotive Dealership — Second Estimate:
To look at this estimate from a different perspective, we also used historical market size data for Roanoke, VA provided by the U.S. Census Bureau to assume a recent growth rate based on the historical growth of this market, as shown below:
- The total number of years between 2002 and 2012 is 10 years (or, 2012-2002=10).
- Between 2002 and 2012, the annual growth rate of the automotive market in Roanoke, VA was about 0.14%, which was determined by using a CAGR calculator, wherein the starting value used was $684,997,000, the ending value used was $694,395,000, and the number of periods used was 5 years.
If this growth trend were to remain relatively stable beyond 2012 into the current year, the current market size would be about $701,228,719. This was determined using a reverse CAGR calculator in which the starting value used was $694,395,000, the CAGR used was 0.14%, and 7 years was used as the number of periods.
However, it should also be noted that the growth rate between 2002 and 2012 would likely have been affected by the Great Recession, and therefore, the growth rate beyond 2012 could reasonably be expected to be a bit higher than 0.14%.