Have you been able to pass along tire manufacturer price increases?
Based on all factors affecting pricing, we strive to remain price-competitive in the marketplace and focused on delivering value to our consumers.
How have customers reacted to price increases?
With prices continuing to rise on everything from food to gas to appliances, the majority of customers also expect increases for automotive services.
What types of product shortages have you experienced this year?
Product shortages have affected our entire supplier base, albeit at different rates. We continue to work closely with our suppliers, manufacturers and our supply chain partners to mitigate any associated impacts.
What do you expect with supply shortages for the rest of the year?
Product supply will remain a key focus area. To ensure our customers receive the product that they need in a timely manner, we will continue to develop and expand our relationships with our industry partners.
What kind of trends are you seeing in the marketplace?
While the electric vehicle (EV) market is relatively small today, the adoption and interest for alternatively fueled vehicles is increasing and is expected to grow rapidly over the next decade in both the plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV) segments. To prepare for emerging mobility trends and EVs, we work closely with our suppliers and manufacturers to ensure we are ready to meet the unique demands of the evolving diverse marketplace.
What do you see as your biggest challenge for the second half of the year?
The global logistics issues due to COVID will continue to challenge the market on many levels from COVID-driven labor shortages to supply-chain challenges.
How has your company addressed these challenges?
The TBC team truly prioritized the health, safety and well-being of all team members, customers and our surrounding communities.
Throughout the pandemic, we implemented many procedures and additional precautions to ensure safety, reduce contact between individuals and assist with social distancing, including:
- Instituting multiple taskforces focused on individual business units, as well as providing updates, sharing findings and implementing pandemic-induced modified best practices to overcome any challenges enterprise-wide.
- Establishing a cadence of virtual meetings and calls to connect associates to ensure all business continuity initiatives were functioning as planned and all team members were safe.
- Mobilizing our customer service and sales team members in varying geographical locations to ensure we were available to support all business needs.
The COVID-19 pandemic challenged all of us to take an introspective look and helped us focus on what is important. It is our learnings from facing this unprecedented environment coupled with the strength of all team members that provided us with the greatest opportunity of all — the ongoing growth of our relationships.
How did your 2021 sales compare with 2020?
Across all of our well-known retail and franchise brands (NTB Tire & Service Centers, Tire Kingdom Service Centers, Midas and Big O Tires), we experienced a sales increase over the prior year.
How do you expect your 2022 sales will compare with 2021?
Recent 2021 vehicle miles traveled expectations show a dramatic improvement over 2020, but the pandemic continues to linger. We are optimistic about the opportunities ahead.
