The Drill Down podcast with Cory Johnson tells the business stories behind publicly traded companies that are making waves in the stock market. Episode 159 features John Lai, CEO of Mister Car Wash. Beginning at the 15-minute mark, the CEO conversation colors the picture of Mister’s profit margins, growth, and the national attention on the car wash category.
“What changed the game for us is when we discovered the power of a subscription model,” Lai said. “We took a relatively infrequent service for the average American motorist and changed their behavior. And if you can change the behavior of how people consume your product and have them adopt it as part of their regular purchasing pattern, that’s the holy grail.”
Lai has led Mister Car Wash as CEO since 2013, maintaining the title of the nation’s largest car wash chain. At that time, the company operated 91 units. Today, Mister operates 409 locations and counting in 70 markets across 21 states. Lai cited joy as part of the car wash experience that keeps consumers returning to the tunnel even though the service may seem strictly functional for some.
“There’s an emotional component to wanting to be on top of your game – your vehicle is an expression of yourself in a lot of ways for many Americans. There is a car culture in this country and a joy that people derive from driving,” said Lai. “For many Americans, this is their second most valuable asset next to their home, and they want to keep it clean, they want to feel good about it.”
Mister Car Wash (NYSE: MCW) joined the New York Stock Exchange on Monday, June 25, 2021. The Drill Down podcast was released within days of the company’s first IPO anniversary. Learn more about Mister Car Wash and review financial results on the Investor Relations website.
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Drill Down Podcast
The podcast aims to provide business insights and news for audiences who appreciate in-depth analysis. Hosted by veteran financial journalist Cory Johnson, the podcast interviews CEOs and investors to understand what is happening behind the scenes of successful stocks.