MTD’s latest webinar covered a lot of ground in a single hour, and all of it is designed to help you and your tire dealership win in 2021.
The good news is you can listen to the whole webinar and see the full slide presentation here. So whether you missed it the first time, or just want to refresh some of the topics or share it with your team, the webinar is available on demand.
Here’s a quick glimpse of some of what you missed from our panelists.
Jamie Ward, CEO and president of Tire Discounters Inc., said one lesson from 2020 remains a priority: to focus on what you can control. And if 2020 was the year of working in your business, Ward says it’s time to dedicate 2021 as the year of “working on the business.”
He shared guidelines for net income, gross margin, a healthy mix of tires and service, plus margins for tires, service and parts.
David Shoulders, head of consumer and industrial investment banking group at Matrix Capital Markets Group Inc., said there’s no shortage of capital available for business investments.
He says independently owned businesses — including tire dealerships — are attractive to investors and there’s a “favorable dynamic” at play.
Joe Doyle, chief operating officer at McCarthy Tire Service Co Inc., talked about the lessons the dealership learned as a result of COVID-19, and how those lessons are now part of the game plan for 2021.
Many of those lessons focused on McCarthy Tire Service’s employees, and Doyle says the company has worked to support and show thanks for the team’s work, whether through a simple thank you, a shout-out on social media, or by buying lunch for the team. And when the company did have to furlough some employees, their benefits were extended and the human resources staff worked to stay connected. Hiring good workers is tough enough in normal circumstances, and Doyle says the company didn’t want to lose any of its team members.
Dave Vogel, general manager of ASA Automotive Systems, talked about the modern customer journey, and how word of mouth is still important, but tire dealers can’t rely on that solely. The digital forces are critical.
Vogel says a tire dealer’s website is the “backbone of your online presence.”
