Two big names in the tire industry, including one deeply rooted in Indiana, are joining forces. Arizona-based Discount Tire says it is acquiring Tire Rack, a leading tire tester and direct-to-consumer tire source headquartered in South Bend.
Terms of the deal were not disclosed, but the companies expect the transaction to close at the end of this month.
Tire Rack was founded by Peter and Wilma Veldman along with Mike Joines in 1979 in Indianapolis. Joines will join the combined organization as CEO of Tire Rack. Discount Tire CEO Dean Muglia will continue in his role at Discount Tire.
“This accelerates our omnichannel strategy, provides a broader distribution network and a platform to enhance our B2B and fleet capabilities. Quite simply, we are better together,” said Muglia. “We have for many years admired one another from afar, each pushing the industry forward to meet customers where they are most confident shopping for tires and wheels.”
Tire Rack headquarters will remain in South Bend.