Background
Our client with over $100 million in revenue annually, sells original and aftermarket parts for automotive enthusiasts. They cater to individuals with private garages and lifts, and of the components they sell, almost 60% are for Ford Mustang, Jeep, and Chevy vehicles. During the pandemic, many enthusiasts had more time to work on their vehicle projects, and demand jumped.
The Challenge
The client was concerned about the erosion of profits caused by inflation and supply chain disruptions and realized they needed to raise their prices. The Iris Pricing Solutions team provided guidance and support in addressing these challenges, providing a data-driven strategy that enabled them to raise prices confidently. Our goals included boosting revenue and improving their pricing strategy to capture even more revenue and get more out of their pricing to offset increased costs and growing inflation pressures.
