Forty-three percent of wholesalers who responded to MTD’s exclusive State-of-the-Industry Survey reported that their tire unit sales were up by an average of 14.3% during the first quarter of 2024.
Fifty-two percent of wholesalers reported that they saw dollar sales increase by an average of 9.36% during 1Q 2024
By contrast, 23% of tire retailers who responded to the survey said their tire unit sales increased during the first three months of the year by an average of 10.8% and 25% of retailers said their dollar sales increased by an average of 9.6% during the same period.
Fifty-three percent of tire retailers reported that their tire unit sales were down by an average of 10.9% during 1Q 2024, while 56% reported their dollar sales were down by an average of 12.2%.
Twenty-nine percent of wholesalers said their unit sales fell by an average of 8.2% during the first quarter of 2024, while 33% of wholesalers said their dollar sales were down by 5.7%, on average.
Fifteen percent of wholesalers said their dollar sales were flat during 1Q 2024, while 28% of wholesalers reported that their tire unit sales were flat.
Twenty-four percent of tire retailers reported that their tire unit sales were flat and 19% reported that their dollar sales also were flat.
The bottom line
When asked, “How did the bottom-line profitability of your company in the first quarter of 2024 compare to the first quarter of 2023?” 48% of tire wholesalers said their bottom-line profitability went up by an average of 16.4%.
Twenty-three percent of tire retailers reported that their bottom-line profitability increased by an average of 9.4% during 1Q 2024.
Forty-eight percent of wholesalers said their bottom-line profitability dropped an average of 8.5% during 1Q 2024 versus 1Q 2023, while 51% of retailers said their bottom-line profitability was down by an average of 11.5%.
Two percent of wholesalers told MTD that their bottom-line profitability was flat versus 1Q 2023, while 26% of tire retailers said their bottom-line profitability was flat versus the same period in 2022.
