Michael Chung is the Senior Director of Market Intelligence at Auto Care Association, where he spearheads market research initiatives for the automotive aftermarket sector. He plays a pivotal role in keeping industry members informed about market trends, primarily through monthly content, the promotion of a comprehensive industry data platform, and the publication of an annual factbook. Before joining the association, Michael co-led a market research consultancy, focusing on client relationships and strategic planning. Outside of his corporate responsibilities, he also serves as an adjunct professor, teaching environmental health and water quality to Master of Public Health students.
The tire and auto repair industry has recently encountered some unwelcome marketplace changes: Inflation has increased, interest rates have been hiking up, the cost of capital has risen, and the pandemic led to supply chain issues that have persisted to this day. How does that impact the price of goods and services? Is it all being passed along to the customer?
The Auto Care Association has conducted a member survey, according to Market Intelligence Director Michael Chung, asking executive-level managers about excess inventory, inventory management, and price changes. They found that product, customer, and market strategies have shifted quite a bit over the past several years and some had to find different suppliers. Stocking up on key and critical input materials has been common, Michael says, along with the diversification of supply sources.
On this episode of Gain Traction, Mike Edge welcomes Michael to chat about the strategic shifts executives and managers in the tire and auto industry have made as a result of increased interest rates, inflation, and supply chain difficulties. Michael shares some key takeaways from a recent survey which revealed changes in consumer driving habits and frequency of service.
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