ITDG hits 2 growth thresholds

TEQUESTA, Fla. (March 22, 2016) — Independent Tire Dealers Group L.L.C. (ITDG) passed two growth thresholds last year — 100 shareholders and $200 million in collective purchases — and disclosed a dividend payment to members from the group's associated captive insurance company.

With the growth in shareholders, ITDG's network grew by about 40 locations to more than 590 in 42 states, according to Michael Cox, president and CEO of the buying/marketing group.

Because of the growth in collective purchases, members and shareholders will receive $8 million in volume bonuses and dividends for the year, up from $7 million a year ago, Mr. Cox reported. Over the past 10 years distributions have exceeded $55 million.

In announcing the ITDG's results, Mr. Cox acknowledged the efforts of the group's suppliers that supported the organization “throughout these remarkable growth years.…”

In addition, ITDG's sister insurance company, Independent Innovative Captive Insurance Co. (IICIC), voted recently to declare a payment of $175,000 to its members, which reflects a reduction in claims that resulted from a “vigorous risk management program” and efforts to “expeditiously” close existing claims, according to IICIC Chairman Bob Slagle.

Formed in 2005, the IICIC writes workers' compensation insurance for its owner/members and is licensed to offer workers' comp in all the non-monopolistic states.

“The trends that have been established over the past four years will be maintained,” he said, “and I anticipate increasing profits over the upcoming years with additional returns to our shareholders."

2015 was the second straight year for a payment of this size.

According to Bev Cap Management, the program administrator, the owners/members of IICIC earned $425,000 from previous years' policies and the value of their stock from inception has increased by 229 percent.