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Mike Odell, Pep Boys CEO and president, on the company celebrating its 90th anniversary and what the future of the business looks like.
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-- not sure many mall or Jack -- foresee their business going into a 700 store auto parts and service powerhouse over the next ninety years.
With us now is Michael Dell CEO of Manny Moe and Jack's company today the Pep Boys might -- earlier celebrating -- years -- New regulations on that thank you for coming off a very disappointing quarter.
What have.
-- it's disappointing relative to expectations but we still we grew the top line we grew the bottom line were much better company that we were a few years ago so.
We still feel like the future is bright -- just didn't quite -- -- his expectations you know quarter.
You touch value consumer every single day -- -- -- -- what is the mood of the consumer at this moment in time because there certainly is a lot going on.
On the -- on the investing front on the economic data -- certainly in Washington but what do you seeing on the ground.
Yeah we think times are tough for folks we've we help them what their budgets a lot of times they come in and there's more work may be that they need done with their vehicle to maintain at that they can afford that particular time.
So we took it down for them to work pay check by check paycheck to make sure -- vehicles work and right.
During the recession.
You really had a lot of success because people are keeping their cars longer they -- -- -- them serviced more than -- -- parts of books -- do it themselves always seen over the last couple quarters is.
The automotive manufacturers for the -- words in the genes are selling more cars is that affecting your business and how is your business tied directly.
To how those the Big Three particular doing it all on what manufacture yeah we look number one exit miles driven -- that's what.
The more people are drive and the more they're using their tires surge -- and all that -- in other parts.
The new car sales becomes more effective between is that we're gonna be done by the deal certain where people tend to go right after -- -- -- vehicle still covered under warranty.
And then it eventually gets done and aftermarket when they're tired of to the pay and those dealer prices.
You know what you see right now -- you've been we're down to the third year of of those lower car sales and so that will start rippling through in terms of those cards are just coming -- now.
For for the first set of tires are first new -- that -- of her ex.
-- you've said that there's two important factors that impact your industry overall and certainly your business one is unemployment into is gas prices.
There are looking very good right now I'm not looking to improve any time in the -- near term so how do you manage these headwinds with your business what is it that you are doing.
I see you last separate yourself from your competitors in continue to -- Number one is -- is about taking care of our customers that's what we speak about earning the trust of our customers every day.
Number two is making sure we provider a great value particularly when it comes to service.
We're the only one out there who buys because of our retail business in our service business we buy a lot of parts direct from the manufacturers.
It allows us to actually have a lower cost for the consumer to save that money.
And then the third part is the convenience being close to where people live and work which is why we've been growing through the -- entire senators.
To be closer to where our customers live and work.
-- view this debt ceiling debate and He is it does it really impact you in your meetings with the other executives at the board members to learn not so much.
I think it's important that we averted -- default because honestly who knows what that would have meant.
Terms of anything else that's been accomplished I can't say much has been accomplished so it's kind of business as usual for us but at least we have -- -- averted the biggest catastrophe.
And your ringing the closing bell arena closed down exactly stand -- and any -- any out there without.
It's a yeah make you feel parasite.
A little bit five minutes you know that the family actually still Rosenfeld will be there with -- sees the the grandson.
-- of many Rosenfeld -- and is actually the head of or the distribution operations so.
We'll have the whole team there including including the legacy of Manny Moe and Jack in the actual characters and so I think we will look forward to thanks Mike Garcia thank you think you.
Well coming up next it's opt to Phil -- at this CME are more trader reaction.
Adding news out of the -- -- Plus not -- -- here with his stock picks -- help give across very minute is up market giving up above this.
