If you’re in the thick of the auto business, particularly tires, knowing the current trends is just smart business. The numbers from month-to-month and year-to-year aren’t just stats; they’re the scorecard for our industry. Gas prices, travel data, and store visits – they all affect our bottom line. Here’s a straight shot of the stats that matter year-over-year (YoY – July 2022 vs. July 2023) and month-over month (MoM – June 2023 vs. July 2023):
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Quick Metrics:
📉 Gas Prices: Down 20.6% YoY | Slight 0.8% MoM Increase to $3.71
🚗 Miles Traveled: 1.8% YoY growth at 328M, but down 0.8% from last month
🚪 Store Visits: Not seeing the expected recovery yet |6.6% YoY decline and a sharp 6.8% MoM drop
Tire Pricing Snapshot:
💲 Retail Price: Steady YoY growth at 2.2% | Minor dip this month by 0.5%
💼 Cost: Up 2.6% YoY | Recent 0.5% MoM decrease
📊 Margin: Maintained 0.9% YoY growth | 0.7% decline from last month
As the automotive world shifts, it’s the numbers that help us keep pace and strategize. We’ve given you the metrics; now it’s up to you to use them to your advantage. Consider these stats as tools in your toolbelt, every bit as essential as a wrench or jack. Let these figures guide your next move, whether it’s adjusting inventory or revising marketing strategies.
Got questions or looking for more insights? Don’t hesitate to reach out. Remember, success in this industry isn’t just about what you sell but how well you adapt.
Ready to drive your business forward? Connect with Torqata for more tailored insights and strategies crafted just for your shop.
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