How would you describe consumer confidence/spending in your market(s)?
We would describe consumer confidence in spending in our markets as conservative, with a slowdown from spending compared to last year.
What kind of differences do you see in business in the West compared with the locations in the East?
Our West locations are outpacing the East at this point. Our East locations are much more seasonal and weather dependent.
How has your association with Point S helped your business?
During supply shortages, Point S does a good job of pivoting to non-traditional brands in order to help maintain supply to the locations and decrease the impact of the shortages on its members.
What shifts in consumer buying behavior have you seen?
Repair and maintenance have been stronger than tire purchases. We are seeing some hesitancy from customers in investing in larger tire purchases.
Have you been able to pass along tire manufacturer price increases?
For the most part, yes, we have.
How have customers reacted?
We have seen some migration to stepping down a tier to more value pricing.
Have you increased your labor rates to customers this year? By what percentage?
Yes, 10-15%.
What types of product shortages have you experienced this year?
Most all products, everything from parts to tires to accessories.
What have you done to offset the shortages?
We have had flexibility on brand preference and have negotiated deals with other suppliers.
What kind of trends are you seeing in the marketplace? How is your company reacting to them?
We are seeing price increases and labor increases. We are staying current with the market and trying to be flexible.
What do you see as your biggest challenge for the second half of the year?
Our biggest challenge will be adapting to the ever-changing labor market and consumer market.
What were some of the procedures/changes your company implemented to tackle those challenges?
We have been revamping our employee training, promoting from within, adapting budgets to reflect spending trends and setting achievable goals to make employees feel motivated.
Are you experiencing staffing shortages? What are you doing to attract qualified job applicants?
Yes, we are aggressively recruiting, taking care of existing staff and focusing on promoting retention from within.
Have you been able to increase wages this year? If so, by what percentage?
Yes, 5%-plus.
