The floodwaters have left much of Texas underwater and people are scrambling to find any and all items they can salvage in the floodwaters, but car parts and salvage sales are soaring.
According to the National Auto Parts Association, car parts sales increased 8.4% in the second quarter.
The industry reported an estimated $4.9 billion in revenue, which is up 4.2% from the same period last year.
Sales are projected to increase again in the fourth quarter, when the economy rebounds from the hurricanes Harvey and Irma.
The National Auto Dealers Association estimates the market is set to expand at an average annual rate of 7.3%.
Car parts sales are expected to rise 4% in 2018, with a potential surge in 2019 and 2020, the NAPA said.
“It is extremely important to know your potential inventory, and this is what we are seeing,” said NAPAs CEO Mike Gillett.
“There’s a lot of activity in the industry.
If you have a lot left in your inventory, there’s a very good chance that you’re going to see some gains.”
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The NAPAS reported an additional $3.5 billion in sales in 2018.
In fact, the industry has expanded so much that NAPAA executive director Rick Haines expects 2018 sales to be “the strongest in almost 20 years.”
Haines, a retired auto parts salesman who also serves on the Texas Auto Dealership Council, said he expects the market to grow at an annual rate higher than any other time since the industry began keeping records.
“There’s going to be a lot more inventory available than ever before,” Hainess said.
He expects some people to keep buying their used cars, but he’s hoping they’ll keep buying vehicles from reputable dealers.
“We’ve got a lot going on,” Hainees said.
“We’ve seen an influx of folks from the Gulf Coast and from Texas and elsewhere who’ve got the desire to sell their used vehicles, but it’s a good time to be selling.”
A total of 6.2 million vehicles were sold in Texas in the first quarter, a 7.1% increase from the first three months of 2018.
The market is projected to be the second largest in the nation behind the United Kingdom.