There’s no doubt that paying attention to the finite details of your everyday shop operations pays dividends in productivity, customer service and profitability. But, taking a close look at various industry dynamics can help define business strategies based on market trends, position your dealership to capitalize on new profit centers, fine-tune tire and parts inventories and provide innovative solutions for customers—all to safeguard and grow your business for the long term.
In August, Tire Review is publishing special “State of the Industry” articles, as we have in years past, comprised of the thought-leadership editorial that takes a look at various trends shaping the global tire industry through the eyes of subject matter experts and industry influencers. This year, in particular, the articles spotlight our industry’s resilience, strength, initiative and innovation.
- A State of the Aftermarket in 2021 article by Auto Care Association’s Director, Market Intelligence Michael Chung, who details how the automotive aftermarket continues to be strong, having weathered the storm of 2020. He provides an optimistic outlook, noting “confidence abounds that all aspects of the supply chain will continue to demonstrate their resolve, innovation and agility throughout the balance of the year and into 2023.”
- Tire Review’s Maddie Winer interviewed Steve Rathbone, managing director at global investment banking and advisory firm Stout, and his colleague Phillip Kane, senior advisor, regarding the topic of tire industry M&A activity in 2021 and beyond. They paint a picture of the dynamics surrounding retail, commercial, wholesale and manufacturing landscapes and their impact on tire dealers and the value of their businesses.
- Janine Young, commissioning editor for Smithers’ reports and consultancy business, provides insights into the future global vehicle parc, which she says will be characterized by connected, electric, autonomous and fleet-owned and operated vehicles. Young discusses how these vehicles will impact the design, composition, manufacturing, distribution and sale of tires, as well as the service implications for tire dealers, emphasizing the need to figure out the best way to prepare to service these new vehicles.
This is only a snapshot of resourceful articles we’ve included, so be sure to check out the entire State of the Industry special section in our August digital edition. And, remember, take a good look at what’s going on outside your business to make the best decisions inside.