OK Tire Begins $100 Million, Nationwide Expansion
OK Tire Stores Inc. plans to spend $100 million over the next five years to expand its distribution capabilities. It's the most significant expansion in the company's 66-year history.
The tire dealer has one goal — to add to its market share across all of Canada.
“Thanks to our dealers, we are experiencing phenomenal and consistent growth in our network on both the commercial and retail side," says Jim Caldwell, CEO and president of OK Tire. "We are changing our business model to provide our dealers with everything they require to serve our customers’ automotive needs better. Today’s announcement marks the beginning of a new OK Tire as Canada’s premier tire and auto service company."
OK Tire will add more than 500,000 square feet to its distribution center footprint in all regions of Canada in the next three years. The company is about to begin construction of a new distribution center in central Canada, and says it will release details about locations in the coming months.
“Our objective is to future-proof our business, which is why we are installing state-of-the-art distribution systems at our new facilities," says Michael Rutherford, chief operating officer. "We will be able to carry more products and service our retail locations with an expanded line of tires and automotive products."
Caldwell says the expansion of distribution space is the first major inititave of OK Tire's five year plan.
“We are committed to adding value and profitability to our OK Tire retail stores and the company as a whole,” says Caldwell. “As we go forward this will include looking at building our network through acquisitions that complement our existing network.”
There are more than 300 independently owned and operated OK Tire stores across Canada.
For more information on OK Tire, visit www.oktire.com