Analysts See Potential in Pep Boys Strategy
Following the release last week of Pep Boys’ first quarter 2011 results, in which the company noted it is continuing its aggressive service center growth strategy, BB&T Capital Markets said the parts and service retailer is on the right track for the long run. “We believe that management is on the right path to transforming
Les Schwab Readies for Expansion: Report
Despite the current economic conditions and uncertainty, Les Schwab Tire Centers anticipates growth and is making plans to expand. According to the Puget Sound Business Journal, Schwab Tire’s chairman and CEO Dick Borgman said the "company is looking at new markets, although the retailer is not ready to make any announcements." Borgman made the comments
Braveheart Star Gets Served Over Rubber Investment
Mel Gibson, as we often read and hear, has struggled to keep his nose clean in recent years.From allegations of racism and homophobia to well-publicized drunken rants, the actor has become a magnet for negative media attention. But at least he’s managed to avoid the attention of tire trade media, right? Until now, that is.
Deutsche Bank Lowers U.S. Market Expectations
Deutsche Bank has a dim view of the North American tire market for the remainder of 2011. The company lowered its estimates on both Goodyear and Cooper based on "evidence" that the replacement tire market was faltering. According to Deutsche Bank, U.S. replacement tire sales fell 11.2% in May following a 2.3% decline in April.
Letting ‘Green’ Take Root & Grow Your Shop’s Bottom Line
Tree huggers may not have inherited the earth, but some of their philosophies have taken root in the business world. What’s good for the environment, we’ve found in a time of limited resources and profits, is also good for the bottom line. And now, staying in the black is linked with going green. But there’s
Apollo Opens Market in Middle East
Infrastructure and tire usage in the Middle East is very similar to that in India, says Apollo Tyres, and this is the reason why the company’s products have enjoyed a high level of acceptance throughout the region. In total, the Middle East accounts for some 30% of the Indian tiremaker’s export revenues, and in the
Goodyear Paying Rare Stock Dividend
In a rare move for the company this decade, Goodyear Tire & Rubber Co. announced that it would pay a dividend to certain shareholders. The quarterly dividend of 74.25 cents per share will go to holders of mandatory convertible preferred stock. The dividend is payable July 1, to shareholders of record on June 15, and
Frustrated Americans Cutting Back on Spending
Some 51% of U.S. drivers claim they have cut back on products and/or services in order to pay the increased price of gasoline, according to a new Harris Poll.Those with lower household income are more impacted, with 65% of those with a household income of less than $35,000 a year having cut back on products
Canadians Tighten Budgets While Americans Open Wallets
According to a report in Monday’s Globe and Mail, Canadian consumers worried about paying down debt are tightening their belts as their American counterparts are moving in the opposite direction. The paper cited new global research from Boston Consulting Group, which shows more and more Canadians are adopting the frugal shopping habits they learned in
Titan Revises 2011 Sales, Earnings Outlook
As he prepares for a conference call on May 23 to discuss his company’s first quarter 2011 results, Titan International chairman and CEO Morry Taylor offered a revised outlook for the remainder of the year. "As everyone is aware, the first quarter of 2011 was Titan’s best quarter ever," said Taylor. "The agriculture segment remains