HANKOOK TIRE ANNOUNCES POSITIVE 2nd QUARTER RESULTS, SIGNIFICANT INCREASES IN REPLACEMENT TIRE SALES
Further Growth Expected Despite Down Economy
WAYNE, N.J. August 3, 2009 - Despite current economic and industry challenges, Hankook Tire America Corp. is announcing a significant jump in U.S. sales for the second quarter in a row, with sales up 22 percent from Q1 2009, an increase of more than $30 million.
The majority of this growth comes within Hankook Tire America’s replacement tire business, with new product and new size offerings giving dealers a solid mix of value-added high-quality product to offer customers. Hankook has also improved distribution with increased warehouse space and logistics solutions for dealers.
Globally, Hankook Tire has announced an increase in sales of 10.8 percent QoQ, along with an increase in operating profit of 310.2 percent QoQ.
“Considering the current state of the industry, we are very pleased with these results,” said Greg Pae, president of Hankook Tire America Corp. “These numbers reflect the efforts by Hankook to maintain our investment in technology, brand reputation and on-going support of consumer needs. We remain optimistic that this upward trend will continue in the second half of 2009.”
Hankook saw the largest increase in sales from replacement tires within its current dealer network. In the past 12 months, the brand has launched several new dealer support programs and a comprehensive training program educating dealers about its products and warranty offerings.
Hankook’s Empowerment Program is an online dealer training program aimed at educating dealers about the Hankook brand. Each of the product line modules includes a video introduction, product position guide, sales guide, data sheet, competitive comparison, product application guide and Empowerment training program.
In addition, through the use of a new Web-based order/tracking system, and an additional 145,000-square-feet of warehouse space added to its California and New Jersey distribution centers, Hankook has been able to streamline its distribution process making it better equipped to meet dealer needs in this rapidly changing market.
But ultimately, it’s the product that delivers.
“We recently have added additional sizes to our Dynapro ATm and Dynapro RT’03 product lineups. This combined with greater consumer awareness of our new Ventus V12 evo and the value that product offers has raised our replacement tire sales numbers substantially,” said Bill Bainbridge, director, brand communications, Hankook Tire American Corp.
In a recent tire comparison test by Car and Driver magazine, the Ventus V12 evo was ranked second out of nine ultra-high performance tires on the market today. The Ventus V12 evo was noted as “deceptively quick” and performed exceptionally well in wet conditions, taking home top marks in braking and placing second in the skidpad run, missing the top spot by only one point.
“These sales results are an indication that in these difficult times, consumers are becoming more value conscious and are demanding a higher value product for their dollar when making purchases,” said Bainbridge. “Dealers are recognizing this trend and we will continue to provide them with a large range of dependable, high-value products to meet their demand.”
About Hankook Tire America Corp.
Headquartered in Wayne, N.J., Hankook Tire America Corp. is a technology-focused, market-driven company that markets and distributes a complete line of high performance and ultra-high performance passenger tires, light truck, SUV tires, as well as medium truck and bus tires to more than 400 independent dealers through 3000+ retail sales locations in the United States and Canada.
For more information, please visit the Hankook website at www.hankooktireusa.com.
|Director of Brand Communication
||Assistant Account Executive|
|Hankook Tire America Corp
|Phone: 973-633-9000 x 531