Ho hum, another record year for the Independent Tire Dealers Group LLC (ITDG). In 2016, both top- and bottom-line results set new highs, with total purchases exceeding $210 million.
If that was not enough good news, the ITDG numbers increased as well, with 16 new members.
“2016 was a challenging year for the Industry, however, the Independent Tire Dealers Group once again surpassed previous records in purchases, profits, volume bonuses and dividends paid to our members and shareholders," says CEO and President Michael Cox. "Plus we added 16 new members representing 88 locations.
"Adding to our achievements in 2016: 10 of our members qualified for and became ITDG shareholders."
Cox says ITDG's "sister company," IICIC -- the group's captive insurance company that offers workers' compensation insurance to the membership -- also finished another tremendous year. The company will be paying a dividend this year in the amount of $400,000, or approximately $653 per share.
"We would like to thank all the manufacturers, vendors and distributors that have supported our organization throughout these remarkable growth years, and obviously our members and shareholders who make up this remarkable group," adds Cox.
ITDG, which orginated in Southern California in 1994, is one of the largest "affinity groups" in the U.S.