Tire Rack
 | |
| Company type | Privately held |
|---|---|
| Industry | Retail |
| Founded | 1979 |
| Founder | Peter Veldman |
| Fate | Acquired by Discount Tire |
| Headquarters | , |
Key people | Peter Veldman, Founder and President (1979–2014) Mike Joines, President (2014–present) |
| Products | Tires, wheels, auto accessories |
Number of employees | 400+ |
| Website | tirerack |
Tire Rack is a privately owned customer-direct tire, wheels, car accessories distributor company headquartered in South Bend, Indiana. In 2021 it was acquired by Discount Tire and continues to operate as a separate business and brand name.
History
[edit]In 1979, automotive parts and service business owner Peter "Pete" Veldman came up with his business idea for the Tire Rack after his son-in-law Mike Joines was frustrated when he couldn't find tires for his Opel Manta sports coupe. Mike recommended that they start a mail-order tire company that stocked a few of every tire. Although Pete convinced Mike to help him open a retail store instead, they had so many phone orders that they eventually shut down the retail location and opened more phone lines.[1] Three years after opening the store, Tire Rack got into the mail order business and by 1990 the store was shut down.[2]
In 1995, Tire Rack began its website where it posted reviews of tires it sold.[2] In 1998, Tire Rack began online sales.[3] Since 1995, Tire Rack has been the title sponsor of the National Sports Car Club of America (SCCA) Solo Program, a club that allows driving enthusiasts to compete at a local level.
By 2005, Tire Rack had grown into a nationwide company that distributes more than 2 million tires annually.[4] The company now offers 24 tire brands and has ten warehouses in nine states.[3][5] Customers who pick up orders from a warehouse location are offered a discount.
After 26 years of being a privately-owned family company, Los Angeles-based investment group Leonard Green & Partners took a 49% stake in the company with the Veldman family controlling the majority 51%.[6]
Pete Veldman died on March 14, 2014, at the age of 87.[7] Pete's son-in-law Mike Joines succeeded him as president.
On December 4, 2021, Discount Tire acquired Tire Rack for an undisclosed amount.[8]
References
[edit]- ^ O'Donnell, Jayne (December 17, 2003). "Family rolling to success on Tire Rack". USA Today. Retrieved November 27, 2010.
- ^ a b "Tire Rack founder remembered for energy, vision". Tire Business. March 4, 2014. Retrieved June 17, 2018.
- ^ a b Ulrich, Bob (November 2, 2017). "'I'm Tired of My Supplier Competing Against Me': Online Sales Remain a Sore Point". Modern Tire Dealer. Retrieved June 17, 2018.
- ^ Brown, Warren (December 25, 2005). "Hands-on and Still the Big Wheel at Tire Rack". Washington Post. Retrieved November 27, 2010.
- ^ "Tire Rack Frequently Asked Questions". Tirerack.com. Retrieved June 17, 2018.
- ^ "Investment Group to Take 49 Percent Share in The Tire Rack, Report Says". Aftermarket News. June 15, 2005. Retrieved November 27, 2010.
- ^ Allen, Kevin (March 14, 2014). "Pete Veldman leaves a legacy of generosity". South Bend Tribune. Retrieved June 17, 2018.
- ^ "Discount Tire To Acquire Tire Rack And Merge Operations, Creating Leading Omnichannel Tire Buying Experience". prnewswire.com. December 3, 2021. Retrieved December 5, 2021.