At present, the balanced economy of the Commonwealth of Virginia has helped the state earn for itself the name for being one of the best states for business prospects, irrespective of any field where business can be done.
According to recent surveys, auto business in Virginia is seen as a lucrative prospect. As a matter of fact, in terms of labor, raw materials and the open market, Virginia is one of the best places to venture into the automobile industry. The state has a very good market with one third of the working population of the state involved in the service sector. The unemployment rate in Virginia is quite low (7%) and the transportation network of the state is quite advanced, making it more opportune for the car sellers.
Though the state is not exactly an automobile manufacturing hub, there are electric and kit car manufacturing companies in the state. In addition, there is a motor vehicle assembly plant in Norfolk. Automotive servicing companies in the state also provide services such as shuttle service, towing, pick up and delivery service and loaner car. The Norfolk Assembly manufactures sedans, Model T and station wagons for the Ford Motor Company.
Products sold in the automotive market include lithium ion batteries, fuel cell systems, electric cars, photovoltaic cells, geothermal energy systems, and wind turbines (large).
There is also a very profitable used car market in Virginia and the cities where this business is more popular are Richmond, Norfolk, Blacksburg, Charlottesville, Roanoke, Virginia Beach, Danville, Winchester, Lynchburg and Harrisonburg.
