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updated: 5/17/2012 7:42:42 AM
CEO: Fuel Prices, Uncertainty Clouding Economy
The head of a Fort Wayne-based member-owned buying cooperative believes there are signs the economy is picking up, but high fuel prices continue to temper any optimism. Do It Best Corp. Chief Executive Officer Bob Taylor tells Inside INdiana Business every one-cent increase in pump prices translates into a $38,000 hike in the co-op's costs from a delivery standpoint. Taylor says total purchases are increasing, especially compared to a few years ago when Do It Best was "almost at the epicenter" of the housing crisis. Taylor talks with Inside INdiana Business Host Gerry Dick about the business climate.
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Do It Best is closely tied to the housing industry through lumber and other building materials.
The co-op has around 500 workers in Indiana and 1,400 throughout the country.
Members are gathering this weekend at the Indiana Convention Center for a "purchasing market." The company's website says more than $100 million in purchases will be completed in just four days from vendors that work with Do It Best.
The co-op holds the events every May and October in Indianapolis.
Source: Inside INdiana Business, doitbestcorp.com
