NEW YORK—GfK's first release of data from its U.S. point-of-sale tire retail panel is the first of many that U.S. tire retailers and manufacturers will see from now on, according to the German-based market research firm.
For those businesses, this is the first time they will see data that will help them understand countrywide trends, competitor activities, sale prices and brand market share, according to Neil Portnoy, managing director of GfK POS tracking in North America.
GfK is collecting data weekly from more than 3,500 U.S. tire retailing stores, and will update the information to the industry on a monthly basis, Portnoy said.
"For the first time, tire dealers will be able to benchmark against their competitors and the national distribution channel," he said. "We think this is an incredibly important tool for tire companies to have."
The first GfK tire panel report, issued Feb. 7, covered data for 2016 and 2017, Portnoy said. Later in February, it will issue its figures for January 2018.
It is yet to be determined whether GfK will issue public reports every month, but press releases will appear "frequently," Portnoy said.
Every tire dealer on the GfK retail panel has been very helpful to the company, according to Portnoy.
"We owe a great deal of thanks to a lot of people," he said. GfK's greatest thanks, however, go to John Gamauf, retired president of Bridgestone/Firestone North American Tire. Gamauf joined the panel in April 2015, soon after its inception.