ITDG sets another fiscal year record
With a 17.5% increase in gross purchases, the Independent Tire Dealers Group LLC had its best year ever in 2011, says CEO and President Mike Cox. The group also increased its shareholders from 66 to 74.
Gross purchases totaled nearly $160 million, says Cox.
"We also tied our record for new shareholders, adding eight more, brininging the total to 74. Another record was eclipsed with the payment of over $5.8 million in volume bonus and dividends to our members and shareholders.
"As we look back over the recent years, the Independent Tire Dealers Group has grown from a Southwest phenomenon to an internationally recognized member of the largest tire dealer network worldwide after the signing of the Master Franchise Agreement with Point S."
The ITDG's "sister" companies also are doing well, says Cox.
"ITDG Financial is being used extensively by our members for leasing equipment and short-term inventory financing, and... the Independent Captive Insurance Co. IICIC appears to be on track for one of its most profitable years." (The captive insurance company's fiscal year ends March 31.)
ITDG represents more than 350 independent tire and automotive service locations in 27 states.