In response to recent speculation surrounding The Tire Rack, the Veldman family would like to announce that Pete and Wilma Veldman, respectively 79 and 78 years young, have recently announced their intention to retire from the day-to-day operations of the business and focus on their charitable interests. Peter Veldman is The Tire Rack's president.
In an official statement, the family said it "has retained financial advisors and is in the process of identifying an equity investor, outside of the industry, to facilitate this move." All remaining family shareholders will continue to be owners and executives, leading the continued growth of The Tire Rack.
"In keeping with The Tire Rack’s position as a privately held company, no further details are being made available at this time," added the company.
Since 1979, the family-owned company, headquartered in South Bend, Ind., has grown to encompass more than 1.2 million square feet of warehouse space across the country, employ 400 staff members and partner with more than 3,600 "recommended installers" to service customers nationwide. The Tire Rack says it is America's largest source for tires, wheels, springs, shocks, brakes and accessories for every kind of domestic and imported passenger vehicle.
