Using Data To Price Out Tires

Using Data To Price Out Tires

Sponsored by Continental

Every tire dealer’s goal is to better understand what their customers want. This can improve sales, maximize overall profitability and drive more traffic to their stores. Tire Review’s Tess Lovrak discusses how data can help dealers do so from the Tire Review Continental Tire Garage Studio at Babcox Media.

Data and analytics platforms can be used to help dealers accomplish goals by collecting and analyzing data about a dealer’s sales history, inventory and market demand and then recommending actionable improvement opportunities.

These platforms are particularly useful for small, independent dealers who maybe don’t have in-house IT teams or the time to talk with various agencies and consultancy companies.

Data platforms can analyze one store, or several stores owned by the same person, to provide recommendations on what tires the dealer should be stocking. For a retailer looking to open a new shop who is unfamiliar with a market, the platform can determine which tires to order based on the market, leading to a highly productive opening day.

So, if people are seeing success from these platforms, why isn’t every tire dealer using them? Well, there are a few obstacles to overcome before there is a real expansion of these data platforms.

One is most of the tire industry still runs on older software, which makes automatic replenishment and data analysis difficult. Even if the industry can overcome that hurdle and the data can be extracted, many of the existing platforms are too difficult to use or too generic for the tire industry.

Distinct SKUs have also skyrocketed and sellout visibility across the tire supply chain can’t be easily tracked once a tire leaves a factory.

But don’t worry, it’s not all dreary, and there are still ways to take advantage of these new tools given that technology exists at an affordable price. A sophisticated data analytics platform can help with inventory and replenishment, pricing, profits and more.

You May Also Like

What tire wear can tell you about ride control

Let’s go over some common tire wear conditions and what they could indicate regarding the vehicle’s ride-control components’ health.

TR-Continental-What-Tire-Wear-Can-Tell-You-About-Ride-Control

Tire wear patterns can tell you a lot about the condition of a vehicle's suspension and ride control components. By closely examining a customer's tire wear, you can often pinpoint issues before they lead to more serious problems down the road. Let's go over some common tire wear conditions and what they could indicate regarding the vehicle's ride-control components' health.

Don’t estimate when it comes to parking brake adjustments

Let’s discuss a couple of different components of parking brakes to find out the best practices for adjusting them.

TR-Continental-Parking-brake-adjustments-1400
Important tips for wheel bearing service

Complaints like exhaust leaks to tire balance issues to vague statements like “it just doesn’t sound right” may mean bad wheel bearings.

TR-Continental-Important-tips-for-wheel-bearing-service
Three facts about modern electric power steering

EPS has enabled key vehicle advancements like stop/start systems, hybrids and advanced driver assistance features or ADAS.

SUV/CUV tires continue to grow and adapt

Ask the customer questions to learn their routine and the type of performance they look for in CUV or SUV tires.

TR-Continental-SUV-and-CUV-tires-continue-to-grow-and-adapt
Other Posts
Continental names head of automotive aftermarket & original equipment services

Stefan Feder’s responsibilities will include the management of sales, marketing, operations, quality and product management.

Continental-Stefan-Feder-1400
Continental Tire’s Sumter, SC plant celebrates 10 years, unveils extruder line

The Sumter plant, which officially opened in 2014, employs approximately 1,300 employees and focuses on producing PLT tires.

Continental-Sumter-plant
Continental equips the Chevrolet Traverse with OE tires from its CrossContact series

Continental received worldwide original equipment (OE) approval for the CrossContact LX 20 in 20 and 22 inch sizes.

Continental_PP_Crosscontact-lx20
Continental Tire to rebate customers up to $200 on qualifying tires

Qualifying tires include the ExtremeContact Sport02, ExtremeContact DWS06 Plus and more all-season touring tires.