Cycles

The only constant in our industry is change.

Our industry, and indeed the world revolves around cycles. Economics, politics, business, even personal lives, all are subject to a cyclical process. Right now, as we gaze south of the border, Americans are in the midst of an election cycle.

The outcome of the 2024 Presidential Race could significantly change the political and economic trajectory of the United States, and if it does, that will almost inevitably impact Canada, since our economies are closely integrated. So, what does that mean for the automotive sector? For one thing, we could see changes made to trade agreements, which will impact the flow of goods and services between both countries. We could also see change in legislation, particularly as it relates to EV mandates and emissions requirements. We could also see impacts on currency exchanges, which will impact the cost of goods and services that are bought and sold.

Present and future

With Canada’s own federal election happening next year, many of us find ourselves in the difficult situation of trying to navigate through today’s complexities while at the same time trying to understand what the future might bring and plan accordingly. It’s one reason why it is so important for us to stay on top of the latest trends and predictions, to network and gather as many insights as we can. In this issue, we look at a range of issues impacting our sector, from tackling high rates of auto theft, to EV service protocols and over-the-air-updates, to effective inventory management at tire locations and optimizing collision repair processes in today’s environment of staff shortages and capacity concerns. While there is a lot going on and at times it can be hard to see the wood for the trees, the one thing to remember is that we are in cycle, and one phase always gives way to another. This time next year, things could be very different, and we, as an industry need to be prepared for that.