Tire Rack
Tire Rack is a customer-direct tire, wheels, car accessories distributor headquartered in South Bend, Indiana.
Privately held | |
Industry | Retail |
Founded | 1979 |
Founder | Peter Veldman |
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 |
History
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]
By 2005, Tire Rack had grown into a nation-wide 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 passed away on March 14, 2014 at the age of 87.[7] Pete's son-in-law Mike Joines succeeded him as president.
Motorsports
Tire Rack has been the title sponsor of the National Sports Car Club of America (SCCA) Solo program since 1995 - a club that allows driving enthusiasts to compete at a local level.
References
- O'Donnell, Jayne (December 17, 2003). "Family rolling to success on Tire Rack". USA Today. Retrieved November 27, 2010.
- "Tire Rack founder remembered for energy, vision". Tire Business. March 4, 2014. Retrieved June 17, 2018.
- 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.