Digital technology focus of Latin Tyre Expo keynote

PANAMA CITY — Now is the time to begin a digitization strategy that best suits your business, while determining where you fit into the value chain.

Those are two of the recommendations that Eduardo Minardi, founder of Minardi Global and the former CEO of Bridgestone Latin America, shared with attendees at the Latin Tyre & Auto Parts Expo, held July 31-Aug. 2 at the Panama Convention Center.

Minardi's keynote address, entitled "Digital technology to sell more and improve product performance," examined how digital technology can be used as a source of competitive advantage in the tire and automotive parts sector.

Minardi also told a standing-room-only crowd that those in the industry must invest and divest where appropriate and to select the right partners going forward, whether that is in tire companies and brands; business alliances; and/or digital solutions companies.

He also encouraged the audience to recruit and retain employees, and most importantly, manage the change process to your benefit.

"Most businesses fail here," he said, delivering his address in Spanish.

More than 7,400 visitors attended the event, which featured around 650 international exhibitors. Both were record numbers, according to the group organizers. This marked the second time the tire show and the auto parts show were combined into one show at the new convention center.

Minardi also hosted a roundtable discussion with three other presenters who detailed digital products offered by their companies: Gaston Zelerteins, CEO of Alephee, an e-commerce platform; Matias Borges, CEO of Bravo Digital Solutions L.L.C., a website design platform; and Keith Ferry, CEO of Van Nuys, Calif.-based Cerebrum Sensor Technologies, which develops and distributes tire sensors, receivers and software.

David Shaw, CEO of Tire Industry Research, delivered a presentation on the tire manufacturing industry, focusing on the Asian market.

Shaw told attendees that incumbent brands and high-profit segments are losing market share, as new brands, including value-driven imports, are filling the gap. He maintains that the newer brands, some of whom already have or will be committing to new plants, have been expanding their footprint, forging relationships with wholesalers and distributors.

He noted that tire makers including Shandong Linglong Tire Co. Ltd.; Qingdao Sentury Tire Co. Ltd.; Jiangsu General Science Technology Co. Ltd. (GST), Kumho Tire Co. and Nexen Tire Corp. have posted double or close to double-digit gains in profit in 2024, while profit for Group Michelin, Goodyear and Pirelli S.P.A. has either been flat or declined.

He said that premium tire makers are focusing efforts on high-profit tires, including 18-inch rim diameters and up, as well as products for electric vehicles. Tires made by Chinese tire makers, he said, are improving, with better technology and marketing.

Other speakers included Jose Moreno, automotive tire service manager for the Tire Industry Association; David Stevens of the Tire Retread Information Bureau (TRIB); Evaristo Garcia, CEO of Integrate Data Facts; and Alejandro Marquez, director of operations for Walker Mexico.

Moreno emphasized the importance of safety and the training necessary to keep employees safe.

Stevens, meanwhile, gave the audience an overview of the retreading industry. He said retreading is the largest remanufacturing sector in the U.S., with 51,000 employees, supporting more than 2680,000 other jobs.

Retreading, Stevens told the group, accounts for more than $28 billion in economic value to the U.S. economy, while saving the U.S. trucking industry more than $1 billion annually.

Next year, the Latin Tyre & Auto Parts Expo will be held July 9 -11 at the same venue. For more information or to exhibit, see www.latinpartsexpo.com.