Discount Tire Acquires Tire Rack
Interesting news being released after markets closed today. Discount Tire, one of the countries largest tire stores is purchasing the largest online tire dealer Tire Rack. The news, while somewhat surprising to car enthusiasts, does keep inline with Discount Tire’s recent moves into online tire shopping.
For car enthusiasts the additional buying options and pricing power may be both a blessing and a curse. The reduced options may limit some choices enthusiasts have enjoyed. However, the additional buying power of the combined companies may also lead to lower prices.
Discount Tire intends to continue to use the Tire Rack brand name as TIRERACK.COM online, TR Wholesale Solutions in car dealer and wholesale channels, and Tire Rack Mobile Installation in the mobile installation arena. Tire Rack Team Members will be integrated into Discount Tire with the Tire Rack headquarters being maintained in South Bend, Indiana.
“The acquisition of Tire Rack is a natural pairing of two storied, family-owned brands that built thriving businesses by treating people how they want to be treated, and focusing on delivering the best possible experiences for our people and our customers,”Michael Zuieback, Executive Chairman of the Board of Directors
Discount Tire chief executive officer Dean Muglia, a 32-year veteran of the business, will continue as CEO of Discount Tire. Mike Joines, with 42 years leading Tire Rack, will join the combined organization as CEO of Tire Rack along with Matt Edmonds and Mark Veldman of Tire Rack’s executive team. The Tire Rack executive team and management team will continue in their roles to advance the company’s digital sales and online customer experience and partner with Discount Tire on integration efforts.
More on this breaking news as it is announced.