Campaign to Bring Back the “Midas Touch”
Midas wants to return to its core value of trust with the resurrection of a marketing campaign first used in Midas advertising in the 1980s. The company’s new national advertising agency DDB Chicago is collaborating with Ogilvy & Mather Toronto on the “Trust the Midas Touch” campaign. The campaign will include commercials that take place in a Midas shop and show a humorous dialog between a customer of Midas and a Midas service employee, who is hooked up to a polygraph machine. The commercials are the first in a long-term campaign to grow Midas’ category-leading shares in brakes and exhaust and to support the expansion of its services, including oil changes and other routine maintenance services.
Hankook Premiers New Corporate Identity Program
Hankook Tire Co. unveiled a new corporate identity program during a recent presentation at its headquarters in Seoul, Korea. The new look is the latest in a series of strategic moves to build the company’s global image as a leading manufacturer and marketer of tires.
Union Plant to Make More Assurance Tires
Goodyear Tire & Rubber Co. will expand production of its brand-new Assurance tire line at a union plant in Gadsden, Ala., ending a labor dispute that threatened to overshadow the product launch. The United Steelworkers of America accused Goodyear last month of violating a labor contract by building the new passenger tires at a nonunion plant in Lawton, Okla. The United Steelworkers of America accused Goodyear last month of violating a labor contract by building the new passenger tires at a nonunion plant in Lawton, Okla.
Monro Names Valvoline Vendor of the Year
Valvoline has been named Vendor of the Year by the Monro Muffler Brake automotive service chain. Monro owns 600 stores in more than 18 states, operating under the Monro Muffler Brake and Service, Speedy Auto Service by Monro, Kimmel Tires-Auto Service, Tread Quarters Discount Tires and Mr. Tire brands. Valvoline has been principal lubricants and filter supplier to the Rochester, N.Y.-based chain since late 2002.
Maxxis Announces Sports Sponsorships
In conjunction with its global branding efforts, international tire manufacturer Maxxis International has become the “The Official Tire of the Houston Rockets.” The sponsorship agreement remains in effect for the balance of the 2004 NBA season. Maxxis has also announced its sponsorship of LPGA Tour Golfer Candie Kung for the 2004 LPGA season.
Jim Pearl Rejoins Denman Tire Corp.
James Pearl has rejoined Denman Tire Corp. as senior vice president of sales and marketing. Pearl worked for Denman for ten years prior to leaving in late 2002 to pursue other opportunities. Pearl will once again have overall responsibility for the sales and marketing functions and will be leading and coordinating the efforts of the sales and marketing department.
Terry Shively Named Vice President and General Manager of Clevite Engine Parts Division
Terry Shively has been named vice president and general manager of Dana’s Engine and Fluid Management Group’s Clevite Engine Parts Division. Terry McCormack, president of the Dana Automotive Aftermarket Group (AAG) made the announcement.
Exide Signs Exclusive Supply Agreement with TBC Corp.
Exide Technologies has signed an exclusive supply agreement with TBC Corp., one of the largest marketers of automotive replacement tires in the U.S. A significant new customer for Exide, the agreement with TBC includes the company’s recent acquisition of National Tire & Battery (NTB) from Sears, Roebuck and Co., which was completed in November 2003.
Brake Parts Inc. Launches Raybestos Spring Brake 2004 Promotion
Brake Parts Inc. has announced its plans for the Raybestos Spring Brake 2004 promotion, which will run April 1 through June 30. When professional service technicians purchase an open stock order of superior quality Raybestos brand brakes from their participating WDs, they will have the opportunity to choose from a variety of premium items by redeeming points, as well as receive entry forms for the 2004 Spring Brake sweepstakes.
Restructuring Charges Drive Midas to a Net Loss of $76.2 Million in 2003
Midas reported a net loss of $76.2 million — or $4.93 per diluted share — for fiscal 2003, which ended Jan. 3. Midas said the loss is primarily the result $102.6 million in charges related to its restructuring, completed in April. As part of the restructuring, Midas exited its wholesale distribution business and refocused its resources on retail franchising and real estate businesses.