Sometimes a certain level of competition will shake up an automotive aftermarket industry enough to change it for the better. That’s what the Reinvent the Wheel Hackathon 2.0 on November 11, 2022 aims to do, shake it up at ATD’s headquarters in Huntersville, NC!
Envision a 24-hour battle of the brains, inviting college students and data scientists of varying experience to come up with the most groundbreaking sustainable solutions for the industry.
Now…. Picture an industry having a positive environmental impact on our world! Looks great, doesn’t it?
With 2022 halfway over and it’s multiple industry-wide impacts, Torqata remains committed to your success.
Despite rising prices, supply chain stress and aging vehicles (average age is at a 12 year high!) we’re not slowing down in providing solutions and insights to help you navigate the miles ahead.
This last quarter, we simplified and strengthened access and security in Torqata, gave our analytics engine a tremendous power boost, and released an exciting new dashboard for manufacturers that will also soon be available to retailers.
You can read all about these exciting updates below.
Store Performance Dashboard
A new dashboard section of your Torqata home screen shows immediate insights on how your stores are performing.
Total Sales, Gross Profit, and Tire Unit Sales
Filter for MTD, QTD or YTD performance
View one specific store or all stores
We’ve added an expansive new dataset to the Torqata Analytics engine, boosting our product catalog by 100,000+ new entries.
Increased number of transactions and inventory now recognizable in Torqata
More analyzed data means more possible pricing and inventory recommendations
Better, Stronger Access Security
In our continuing efforts to strengthen data security, we’ve taken extra steps to ensure safer access and go above and beyond security standards.
Auth0 implemented for a singular, secure login experience to Torqata tools
SOC2 Type II recertification completed, which ensures Torqata meets the same high security standards met by the world’s largest financial institutions
The times we live in continue to present unprecedented challenges and opportunities. Our products aim to help everyone in the tire industry maximize the potential of their business and strengthen it for the road ahead.
In the Torqata Analytics Portal, you will see the improvements we’ve made throughout the year:
Q1 and Q2 brought products updates designed to increase the speed of our data processing platform and enhance our inventory recommendation tools.
In Q3, we introduced two new products: 1) a new lead generation and marketing campaign tool to drive traffic to your stores; and 2) piloted Auto-Replenishment, which allows you to automatically re-order your fastest selling tires from ATD.
Q4 has brought additional improvements to our retailer tools. To close out 2021, we’ve rolled out updates to our branding and website to strengthen Torqata’s position and focus for the future. Check out our new look at https://torqata.com
In this post, we’ll provide details on Q4 releases.
Our Inventory Optimization tool provides flexible, accurate, and improved recommendations to give you the ideal mix of products to carry in your store. So now, with new improvements, you can see your recommended inventory adjustments based on size, tier, and now tire type. For instance, you can see passenger A/S, All Terrain AW, Trailer AP, and others.
This is one of many examples that show how we continually refine and enhance our existing products based on your feedback! Most importantly, we can provide exactly what you need, when you need it.
We understand that your business moves quickly and having up-to-date information is critical in your decision making. Therefore, data in the Torqata Analytics Platform is now updated daily! This will enable you to make more accurate and improved decisions to run your business.
Torqata is piloting a new approach to auto-replenishment using a first-of-its-kind combination of shared data, smart ordering logic, and integration with ATD to automatically place orders on behalf of customers. This model is currently in testing with a select SKUs at select locations.
Here’s how retailers are receiving auto-generated shipments without lifting a finger:
First, our solution evaluates customer daily inventory and open orders data to determine if new orders are needed.
Next, our solution determines whether an order can be placed based on ATD availability and retailer preferences.
Based on these outcomes, any possible orders are placed directly with ATD.
We’re excited to report back from another great dealer conference hosted by Tire Pros!
Torqata representatives met Tire Pros dealers from October 12th to 14th at the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee. Thank you to everyone that visited Torqata!
The Tire Pros conference holds a special place in our hearts because it was at their 2020 conference in Phoenix that Torqata was first introduced. At that time, we had just three core products, Category Compass, Market Price Explorer, and Profit Expert, that the team demoed to hundreds of Tire Pros dealers for the first time.
Since then, we’ve been busy. We’ve launched numerous customers onto the platform and also made improvements to our existing products. All the while, we continually seek feedback from our customers on their experiences with our products and their suggestions for how we can do better. In fact, the ideas for some of the improvements we’ve made came from suggestions by customers. That’s the reason their feedback is so important to us: our customers know better than anyone how we can continue to improve our products.
Recently, Torqata has introduced additional products, including Demand Navigator, and currently in pilot, Auto Replenishment. This year’s conference goals were therefore threefold. First, we wanted to introduce our suite of solutions to prospective customers. Second, we wanted to introduce our new products to both new and existing customers. Third, we wanted to continue training to improve customer experiences with our products. We accomplished all these goals and more.
During breakout sessions and the vendor fair, the Torqata team interacted with hundreds of dealers. Here are some of the highlights:
Q3 is “in the books” and the industry is gearing up to close-out 2021 as strong as possible. As always, Torqata is here to support and partner with you during this crucial time by driving better decision through analytics.
We are excited to announce our Q3 releases and introduce the benefits that are now available on the Torqata Analytics Portal.
Demand Navigator is a new lead generation and marketing campaign tool drives incremental traffic to your store. Pilot partners have seen $4 – $9 in gross profit gains for every dollar spent with 3 out of every 4th customer responding as net new on selected campaigns. And, if you are a Michelin or Hercules dealer, you can even use co-op dollars to get reimbursed for campaign costs.
Auto-Replenishment, currently in pilot with select tire retailers, allows you to automatically re-order your fast moving tires from ATD. No more stock-outs and no more manually ordering the same product day-in and day-out. Stay tuned for more distributors and more POS systems to be added over the next six months.
Based on your feedback, we have enhanced the onboarding and data cleansing process as well as introduced many improvements to allow you to price products more competitively in Market Price Explorer.
Lastly, I would like to introduce you to the Torqata Customer Success Team: Tim, Molly, Jose, Mina and Ely are here to help you get the most out of the Torqata tools. Feel free to drop us a note, or even better- come meet the Torqata team at the TirePros Conference or at SEMA.
Torqata uses your inventory data to automatically reorder the tires that you’ve sold! Configure tire SKUs for Auto Replenishment on ATD Online and they will be ordered automatically, saving you time by reducing manual orders. Currently in pilot with select dealers and partners
Utilize inventory settings to automatically generate orders
Leverage the POS/DMS system data that you’re already sending to Torqata
Real-time inventory API is also available for order accuracy
See how your market is pricing tires at the local and national level
Retailers using Market Price Explorer will see expanded local and national pricing visibility for competitively pricing tire inventory. Pricing can be set strategically and competitively to make sure that your pricing is aligned with your business models.