Torqata is proud to present Trends + Treads, a blog series that brings you actionable market insights in the automotive tire industry! We’re dedicated to equipping tire and service shops with actionable data and analytics tools that can help increase profits, identify blind spots in the business, and optimize the supply chain.
For our next Trends + Treads post, our very own Franklyn Quiteh, Business Development Manager, previously from Tesla, takes our Q2 2023 wrap-up and breaks it down for you.
Business Development Managerfor Torqata Data and Analytics
Gas Prices and Store Visits Down
Reviewing month over month (MoM) trends is huge in this industry. There are so many uncontrollable variables that can determine the success of a retailer or dealership. It appears we are slowly trending upwards, and tires will be a hot commodity come the fall and winter seasons.
- What is selling in your market?
- How much is it selling for?
- What are your competitors selling?
- How often is the market turning its products?
These are all questions that should be answered in preparation for that upswing in sales. Better to be proactive than reactive!
Retail Margins Stay Green
The consistency in YoY pricing provides a great opportunity to stabilize pricing and gain solid insights. Data is KING and understanding your local and national trends can be the difference between a good year and a great one. Do not get left behind!
Torqata has the insights and data to identify and provide profitable opportunities at your fingertips. Why pass this up?
Tire Sales Volume Take
With tire sales volume decreasing, perhaps this would be a great opportunity to get more “bang” for your buck. Evaluating the profit margins on your top 10 or 20 bestsellers can very well determine how these economic rollercoasters impact your bottom line.
Consider this, with volumes decreasing due to a variety of different factors, including weather, perhaps using Torqata’s data to see if the cost of the tire is changing in your market, could help. Even with a decrease in volume, there could still be an opportunity to see an increase in average profit per unit!
You never know; the top vehicle or tier-type of tire may surprise you!
Tier 4 Remains Dominant!
Even as overall sales decline, YoY we are seeing Tier 4 tires rise to the top of many retailers’ sales reports! This directly coincides with the conservative nature of the customer — in other words — the “that’ll do” mentality.
Retailers! Adjust and capitalize! Review the top market movers in the tier 4 category in your area today and cash in on this opportunity. There is always a solution, allow Torqata to help you find it.
Where our insights come from:
Our exclusive insights leverage data from over 15 thousand tire retailers and 50 million tires sold, which we combine with our comprehensive catalog of 221 thousand tires. For more information on our tools, contact support@torqata.com or call 828-TORQATA.
