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INDUSTRY NEWS


Average age of vehicles steady at 11.4 years
Tire Review
The combined average age of all light vehicles on the road in the U.S. remained steady at 11.4 years, according to IHS Automotive, which incorporated Polk into its business last year. This number is based on a snapshot of vehicles in operation taken Jan. 1 of this year. IHS says this average age is in line with the trend shift first seen in 2013, in which the combined fleet of cars and light trucks on the road is older than ever. New analysis, however, indicates the average age of light trucks has increased in the past year to the same age as passenger cars, both at 11.4 years. This milestone marks the first time this has happened since 1995, when the data was first reported.
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Keep it simple: Switching to automated expense management
PYMNTS
What's next in payments? The simple answer is: a lot. A slightly more in-depth answer is: save money by cutting back on paper and the time it takes to manually enter information. More organizations are looking to integrate automated expense management systems, as these options can provide a much shorter path from receipt to balance sheet. Additionally, cloud-based systems or automated software can help businesses streamline their tax processing and payment structures.
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US to check asbestos in brake product imports
Tire Business
The U.S. House of Representatives voted May 29 to approve an appropriations bill that includes a provision ordering the Commerce Department to investigate imports of brake products containing asbestos. The Commerce, Science, Justice and Related Agencies appropriations package for fiscal year 2015 passed 321-87, according to the Motor & Equipment Manufacturers Association which, along with the Brake Manufacturers Council and the Automotive Aftermarket Suppliers Association, supported the brake products provision.
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5 reasons why diversity is crucial for success
By Scott Steinberg
As you may have noticed, most working professionals tend to surround themselves with like-minded individuals who have similar backgrounds, experiences and education. But while it's important that everyone on a team buy into the same overarching vision and share similar goals, there are some compelling reasons why it's crucial to work with others who possess different perspectives, skills and thoughts on how to achieve desired outcomes — even if their opinions may run counter to ours.

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TPMS: Educate the consumer to turn a blinking light into a profit center for your shop
Tire Review
As TPMS technology has grown out of infancy, it has become clear that TPMS is in fact an extremely important aspect of tire sales and service that must be handled well at both the mechanical and the customer service levels for a tire business to be successful today.

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Record US car sales with sustained profit sets trend
Bloomberg Businessweek
A half-decade after the near-death of American automaking, the Detroit Three have reached an unprecedented milestone: They're boosting sales while remaining consistently profitable. May U.S. auto-sales numbers are projected to show Americans are continuing to buy more cars.

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Air filter technology
Modern Tire Dealer
To operate at peak efficiency, vehicles need clean filters to prevent contaminants from entering fuel, engine or air conditioning systems. Particles can cause poor performance and shorten the lifespan of the vehicle. When these filters should be replaced depends on many factors, such as vehicle maker's recommendations and the environment in which the filter operates. Therefore, routine inspection of the filters' condition is crucial.
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Preserving your reputation is easier than repairing it
LinkedIn
"It takes 20 years to build a reputation and five minutes to ruin it." - Warren Buffett
For so many companies, reputation management can be a knee-jerk, reactionary move. But as with your health, prevention is always better than the cure. And smart businesses know that putting in the groundwork can pay huge dividends when you need it most. Reputation and crisis management should always be considered as part of a long-term public relations strategy. In fact, it should be the cornerstone. In the age of lightning fast social media, where a reputation can be destroyed with a stray tweet, companies simply cannot afford to view crisis management as a "nice to have".

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Michelin exec: Tire makers should participate in regulatory process
Rubber News
Smart tire manufacturers will learn as much about legislative and regulatory processes as they can, get to know the legislators and agency officials with authority over them, and participate as much as possible in the crafting of legislation and regulations that affect their industry. "It's not like we're a drug maker, but we're a regulated industry, and it affects what we do and how we do it," said Michael Wischhusen, technical director-litigation for Michelin North America Inc. "This is not necessarily a topic I love, but it's one we've got to deal with, because regulations are part of our lives."
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Successful combo product sales
Dealer Marketing
There is nothing hotter in the finance and insurance office today than combo packages. Combo packages take individual products like tire and wheel and paintless dent repair and puts them together to create a compelling value proposition for customers. The challenge most people face with having five to seven items on their menu is finding themselves saying "and another product you can take advantage of is X and another product you can take advantage of is Y" and so on and so on. Not only is this selling style exhausting for the customer it is very ineffective and a little embarrassing too.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    A good sense of humor is great for your sense of life and business (Small Business Trends)
Building workplace safety with rewards and recognition (Occupational Health & Safety)
How to survive rising health care costs (The Washington Post)
Execs: Recycled tires gaining traction in market (Rubber News)
The pressure's on to check your tires (Globe Newswire)

Don't be left behind. Click here to see what else you missed.


 

TTDA Today
Colby Horton, Vice President of Publishing, 469.420.2601
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Lisa Smith, Senior Content Editor, 469.420.2644 
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