For decades, the automotive industry has been a highly centralised and difficult sector in which small businesses could grow. From supplier contracts allocated to big companies to the choke-holds that domestic and foreign automakers maintain in their markets, most automotive business ideas were well-dominated by brands with many millions – or even billions – in assets.
However, technology is a disruptive force and its increasing influence on economics and society has presented new opportunities for entrepreneurs to exploit. Many business ideas are taking form and enjoying success due to this revolution of sorts: let’s look at four of these automotive entrepreneurial ideas and how they’ve managed to succeed.
Calling a Taxi
For those without a car, finding a way to get to and from various places in the past usually revolved around either a traditional taxi or public transit. Thanks to technology and a bit of entrepreneurial spirit, today’s taxi passengers have a whole new set of options.
With ride services such as Lyft and Gett, the taxi industry has been turned on its head. Likewise, everyday auto owners can easily sign up and become their own bosses, providing rides to passengers in and around their communities. With a simple mobile device, your vehicle could easily become a full-time taxi service.
All-in-One Car Financing
When shoppers in the market for a new vehicle needed financing, they often had to rely on big institutions with strict terms. Banks and other financial lenders often made it difficult for those with bad credit, no credit, or less-than-ideal salaries to secure reliable transportation.
Some entrepreneurs have discovered that there is ample demand for easy, available car credit options. Businesses such as Zoomo Car Credit have made the entire process simple, handling the application process, credit decisions, and even vehicle selection under one roof. Now, many shoppers are choosing to apply online for credit, select their vehicle, and drive away same-day.
Comparison Shopping
Technology hasn’t just made shopping for new or used vehicles in-person easier: it also makes the initial process possible in the privacy of your home. An increasing number of auto comparison websites have emerged, providing consumers with the ability to compare automobiles and dealers using dozens of different metrics.
Whether filtering down the list of potential vehicles based on occupancy or performance or ensuring that the dealer(s) you’re considering is reputable, these sites provide a valuable (and often free) service for consumers, earning their revenue through a combination of passive elements and premium features.
Parking Services
As urban areas become denser than ever, auto parking continues to become more difficult. Some innovative entrepreneurs have discovered a way to ameliorate the problem: let homeowners lease their parking spaces.
Through services like JustPark, those who refuse to pay huge sums to park are finding solace. Likewise, those with available parking spaces are earning income passively when at work or away on vacation.
As technology continues to change the way we commute, it will likewise continue to change the business opportunities that exist in the automotive sector. Small businesses up and down the supply chain are finding new ways to earn profits by providing both products and services. With a never-ending stream of potential business ideas waiting to be discovered, the next great thing may be your very own creation!
