The market has shifted from a period where imports were at historic levels to where inventory has backed up. Williams said the "sell-in" has remained high, but the "sell-out" hasn't.
"And to be clear, I know what number matters, and it's not the sell-in."
"I think for most dealers the main focus is 'Help me sell the product out,' and that's where we've been spending the majority of our time and effort."
This is a change from previous years, where record sales made getting inventory the biggest challenge. Williams said in the last year, the market has gone "old school—selling one-on-one with the dealers, helping them understand what they need on their shelf, ensure they sell out and are competitive doing so."
The OE side of the business is different, Williams said. Unlike the replacement market, the OE tire market suffered during the pandemic, but overall, the North American OE market was up almost 10 percent last year.
"We're very proud of the fact that we were up nearly 30 percent on the OE side in North America," Williams said. "Twenty-plus years ago, our first (North American) OE fitment was a mini spare (on a Ford). In 2024, we now have 45 OE fitments."
Hankook, he said, will pursue OE growth "cautiously and carefully" as OE fitments are ultimately less about profitability and more about brand exposure.
"It's truly all about getting our brand out there on as many vehicles as we can to give (dealers) a replacement opportunity," he said.
On the TBR side, Williams said the overall market was down 24 percent after years of double-digit growth. "We struggled as well," he said. "We were down 17 percent."
Williams called the Hankook TBR portfolio "clean and concise," saying that the company would be launching new TBR products later this year.
"Truly, in my 35 years in the business, I've never had more fun or been more passionate than I am now with the team that I have here at Hankook, and they are a team that is truly dedicated to the partnership," he said.
