Jobber News reached out to leaders in the supply and distribution segment of the automotive aftermarket and asked them what they see happening in the industry over the next 12 months, what will improve, what one challenge to the industry will be and what opportunities are out there for jobbers and suppliers alike. We will present their answers in alphabetical order over the coming weeks…
You can view the full feature in our January 2024 issue.
Jeff Coolen, Chief Information Officer | Lordco Auto Parts
Interest rates may decline but will continue to remain restrictive as governments work to address pandemic-induced inflation. The combination of inflation and interest will continue to put additional pressure on the consumer. Sustained high costs of new vehicles combined with current interest rates will continue to drive consumers to seek more cost-effective options for vehicle maintenance and upgrades. These market forces will collectively translate into a strong year for the aftermarket.
The upcoming year has many headwinds, including escalating costs, consolidation, rapid government policy changes and continually evolving technology. Effectively addressing these headwinds requires the right talent — talent that is increasingly in demand. Attracting and retaining talent has become the single biggest challenge for 2024, and there is no single simple action or easy button that can close this gap. Creating an inclusive environment that embraces a growth mindset will form a foundation in which team members can see their future. The path to success starts with developing a clear vision for the organization and its culture, supporting it with strategy, and delivering it through a planned roadmap for change.
From pandemics to supply chain chaos to inflation to an engineered economic slowdown to tame inflation, the only constant is change and the threats and opportunities it creates. Teams need insights to help them successfully navigate these changes. While experience, instincts and attitude are critical, facts and data provide clarity. Developing and harnessing data insights becomes crucial to swiftly comprehending an ever-changing business landscape and identifying how to adapt and thrive.
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