LAS VEGAS — Coming off a successful year in 2022, with business up about 14%, wholesale distributor K&M Tire Inc. is working to keep the momentum with a pair of new distribution centers and upgrades to its online ordering system.
K&M President Cheryl Gossard attributed the firm's revenue growth both to higher overall prices as well as its ability to attract new customers.
Supply was tight, and when competitors didn't have a tire in stock, dealers turned to K&M, which often did, she said during an interview with Tire Business at K&M's annual Tire Dealer Conference and Trade Show, held Feb. 1-2 at the Paris Hotel in Las Vegas.
"It was a really good year for us," she said, adding that while 2023 is starting a bit slower, K&M has plenty of inventory to meet demand.
"I think in a lot of industries, things are just starting out slow, and it's just going to take a little bit longer into the year to see things start to flow a little bit more."
K&M starts planning for the year ahead well in advance. Management takes a week in the fall to set sales goals for the following year and look at potential acquisitions or new locations.
"We really try to pay close attention to our employees and if they are ready for more, or if we just had a crazy year and need to take a bit of time to regroup," Gossard said about K&M's strategy.
"We really try to make sure that we're doing what's right for the company and what's right for the employees."
K&M wants to keep growing — has to keep growing — and every year it does, she said, adding that in the last 10 years, K&M has had good growth and had double-digit sales revenue growth most of the those years.
"There's no plans on changing that," she said.
When considering new facilities, K&M, which has 34 locations, is open to possibilities.
"Of course, we never want to go too far from where we currently exist," Gossard said.
It's important that K&M can transfer between locations, and there's a lot of opportunity to increase market share with existing markets while also pushing toward new customers in new locations.