LAS VEGAS—Two years after acquiring automotive service business franchisor Midas Inc., TBC Corp. is busy building the revamped Midas Total Car Care into what it expects to be a billion-dollar business by 2018.
TBC reported at the brand's recent national convention in Las Vegas that the network of Midas stores had reported 13 consecutive months of same-store sales increases and cumulative year-to-date sales growth of 4.6 percent.
Erik Olsen, president and CEO of Midas' parent TBC Corp., told those in attendance that the network is on pace to open 25 service centers in 2014 as the company shoots for growing to 1,400 locations throughout North America by 2018.
A network that size would generate revenue of $1 billion, according to information posted by the International Midas Dealers Association (IMDA). Representatives of more than 500 franchises attended the four-day convention at Aria Resort & Casino in late September.
TBC is driving the Midas expansion three ways, Mr. Olsen said:
c By building “greenfield” locations;
c By reopening closed locations; and
c By recruiting independent car repair business operators who want to boost their fortunes by joining Midas, which TBC considers one of the most respected names in the business.
“Midas is very focused on growth and we are excited to partner with entrepreneurs who are ready to build or expand their business,” said Brant Wilson, senior vice president of TBC Franchise.
Mike Gould, Midas executive vice president and COO, introduced the five Midas “Core Values”—guiding principles that will help steer Midas toward its mission and vision:
c Build trust;
c Be driven to win;
c Create an excellent customer experience;
c Pursue and invest in strong relations; and
c Be proud of Midas' past and prepare for the future.
Midas' 2015 integrated marketing plan will feature six flights of national TV advertising, expanded communications with customers, multiple digital marketing initiatives, a greater presence in social media and a soon-to-launch Intranet upgrade, TBC said.
This broad media presence will give Midas franchisees the ability to manage their local marketing, a package that includes the ability to monitor online consumer reviews in order to improve service.
The convention—with the rallying cry “The Touch is Back”—also signaled a renewed commitment to the community with the roll-out of “Drive out Hunger,” a North America-wide initiative that the company said will put the breadth and depth of the Midas organization behind the efforts of local food banks.
The food drive will start Nov. 1 with a “Gift a Meal” campaign on FaceBook in which Midas will donate one meal for every “like” on the page during November and December.
TBC/Midas revived the “Midas Touch” marketing slogan earlier this year—featuring the “astute and humorous” talking Golden Hand—to help position the business as a more complete auto repair and maintenance destination.
TBC did not present any awards at this year's convention, according to the IMDA.
Now in its 58th year in busniess, Midas has 2,100 retail outlets in 13 countries—Algeria, Australia, Austria, Belgium, France, Italy, Mexico, Morocco, New Zealand, Portugal and Spain in addition to the U. S. and Canada.
Midas also owns the SpeeDee Oil Change business, with 149 auto service centers in the U.S. and Mexico.
Earlier this year, Midas was ranked 31st on Entrepreneur Magazine's “Franchise 500” list, an evaluation that takes into account financial strength and stability, growth rate, size of the system, etc.
The Midas chain was top-ranked among auto service franchises.