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Midas history
Midas company history timeline
In April 1956, Midas began life as a groundbreaking auto repair outlet with a reputation for service, quality, and reliability.
"Midas" was an acronym for the Muffler Installation Dealers' Association, formed in 1956 by Chicago muffler manufacturer Nate Sherman to create a chain of franchised muffler shops.
Founded in 1956, today Midas has grown to nearly 2,100 locations worldwide.
By the end of 1957, there were 100 Midas Muffler franchise shops independently operated in 40 states.
In order to protect and increase its share of the automotive services market, Midas introduced shock absorber service in 1960.
By 1960, there were 319 Midas Muffler Shops in operation and a growing number of competitors both locally and regionally.
1960: Midas begins offering shock absorber service.
The first Midas Muffler "Silencer" Shop opened in 1968 in Harlesden, England.
By 1970, there were 577 Midas Muffler Shops operating throughout the United States, England, and Canada.
In 1972, Midas International was purchased by IC Industries, Inc., which subsequently renamed itself the Whitman Corporation.
In 1974, Midas created the Midas Institute of Technology in Palatine, Illinois.
Because of the large number of applications for Midas franchises in the eastern part of the United States, the company duplicated the training services it had established in 1974 at the Midas Institute of Technology in Palatine.
In 1978, Midas opened its 1,000th shop in the United States; during the same year, Midas also extended its muffler guarantee to customers with foreign cars.
1979: The firm begins to offer brake service in all of its shops.
By 1980, there were 1,350 Midas Muffler and Brake Shops, with franchises in Australia, Belgium, Canada, England, France, Mexico, and Puerto Rico.
The company manufactured its 50 millionth muffler in 1983 largely due to improvements in production.
By taking advantage of these trends, Midas opened its 2,000th shop in 1986.
In 1989, Midas manufactured its 100th million muffler.
In 1992, sales and services provided by Midas shops accounted for 20 percent of Whitman Corporation's total sales.
Spurred by its franchising success, in 1993 Midas initiated an expansion campaign in Mexico.
1998: Whitman spins off Midas.
In fact, during 1999 the market declined by 20 percent, making the company's transformation from just a muffler place to a multi-service auto shop crucial to its survival.
In January 2003 a new chief executive officer, Alan Feldman, took over Midas, Inc.
The closest comparable competitors were Meineke Discount Mufflers (which in January 2003 changed its name to Meineke Car Care Center), operating about 900 stores in Canada and the Americas, and Monro Muffler and Brake, with about 600 stores in the United States.
Alcock, Joseph. "Midas Inc." University of Oregon Investment Group Monitor, January 7, 2004.
In March 2004 the first commercial in the new "Trust the Midas Touch" campaign broke. (Auto-repair sales typically spiked around April in the Northeast and Midwest.) As with the other spots to follow, it emphasized brakes and portrayed Midas as trustworthy.
In 2005, TBC Corporation was acquired by Sumitomo Corporation of Americas, the largest wholly-owned subsidiary of Tokyo-based Sumitomo, one of the world’s leading traders of goods and services.
The Midas brand is owned by parent company TBC Corporation, which purchased the franchise system in 2012.
In April 2018, Michelin North America acquired a 50% interest in TBC Corporation through a joint venture with Sumitomo Corporation of Americas.
Click here to see Item 19 of the Midas 2021 FDD for further information.
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Midas competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Brakes Plus | 1990 | $53.0M | 350 | 541 |
| Car-X | 1971 | $970,000 | 7 | 4 |
| Meineke Car Care | 1972 | $23.5M | 1,200 | 625 |
| Jiffy Lube | 1979 | $480.0M | 2,828 | 609 |
| Monro | 1957 | $1.3B | 6,157 | 701 |
| Tires Plus | 1972 | $248.3M | 6,500 | - |
| Tuffy Tire & Auto Service Centers | 1970 | $41.0M | 250 | 144 |
| Pep Boys | 1921 | $2.1B | 16,394 | - |
| Grease Monkey International | 1978 | $350.0M | 3,000 | 451 |
| Virginia Tire & Auto | 1976 | $2.2M | 375 | 61 |
Midas history FAQs
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Midas may also be known as or be related to Midas, Midas International, Midas International Corporation and Midas International LLC.