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Mar 09

The Sad Truth

Growth Potential:

According to the Automotive Industries Association of Canada Report [Be car care aware], while human resources are AIA Canada’s most positive factor now, there is a growing concern for deterioration in this key enabler. Why? The answer lies in the cut-backs in investment (training, development and retention) and slow and inadequate response to growing problems related to future skill level requirements and worker availability in the automotive sector[1].

Key findings of 3M Car Care’s ‘Elbow Grease Economics’ Second Annual Study[2] include:

  • Just over one-third (36%) of car owners consider their car to be one of their biggest investments, although for those making between $50,000 and $75,000 annually, this increases to 42 percent.
  • Nearly half (49%) of car owners depend on their cars to get to work. This is even higher (65%) among men ages 45 to 54.
  • More than one-third (34%) of car owners feel they have to take better care of their car now because they can’t afford a new one.
  • For some respondents, the economy is so worrisome that 3% say they might have to live in their car if their home is foreclosed.

[1] Competing Without A Net: The Future of the Canadian Automotive Industry [Council for Automotive Human Resources, April, 2008]

[2] 3M Car Care’s Second Annual “Elbow Grease Economics” Study, April 27, 2009 [3M Press Room www.3M.com]