Meet the 2014 Tire Review Platinum Performers
Not only did our Benchmarking Study set standards of performance against dozens of real-world business measures, the results also allowed us to grade the actual results of participating dealers against the group. The end result is 10 tire dealers – some are pure retail, some with a mix of vibrant wholesale and/or commercial elements –
Platinum Performers: Conclusion and Tire Brands Carried
This is just a snapshot of the mass data collected in our first Tire Industry Benchmarking Study, and we expect going forward as more and more dealers participate, the level of information and analysis will only improve. Download the Tire Review Platinum Performer Awards feature here. Establishing clear-cut benchmarks that all dealers can use as
Personnel: Make Up of Platinum Performers
As we noted, Platinum Performers posted higher retail tire sales ($800,000 vs. $614.000) and higher service sales ($1 million vs. $570,000) for 2013. This is likely driven by a greater emphasis on practices and programs that make Platinum Performers better operationally and more attractive tire dealers with which to do business. Above all, Platinum Performers
Marketing: Make Up of Platinum Performers
As we just saw, Platinum Performers, on a median basis, devote 5% of their revenue on advertising and marketing in 2013, and they spent that money primarily on traditional forms of advertising: TV, radio, newspaper and direct mail. Reaching customers digitally is key as well – despite the majority of budgeting going towards traditional forms
Operations: Make Up of Platinum Performers
As a percentage of all customer visits, Platinum Performers are 200% more likely to schedule appointments (50% vs. 25%), which allows their businesses to optimize schedules and workflow, forecast trends and quote more jobs. In quantifiable terms, scheduling more appointments equates to a greater likelihood of increased cars per bay per month, as Platinum Performers
Sales: Make Up of Platinum Performers
Compared to other dealers, service sales make up the majority of a Platinum Performer’s overall sales compared to tires. Platinum Performers reported a median tire/service sales mix of 40/60; other dealers reported a 57/43 mix. Simply put, Platinum Performers do more service jobs (168 median total more service jobs), make more on service and justify
Building/Equipment: Make Up of Platinum Performers
When it comes to the physical location, Platinum Performers are more likely to dedicate more space to service bays than any other portion of their physical building. The additional square footage equates to, on a median basis, two more service bays than other dealers. Having more service bays does not equal more equipment though; Platinum
Introducing the Tire Review Platinum Performers Awards
Opinions are subjective. So is your interpretation of something you saw or heard. The objective represents cold hard facts, like numbers in an account ledger or the size of a building or the service revenues generated for a year. While we often get to visit with tire dealers and see their facilities at work, rarely