ITDG members overcome 'challenging' 2016

TEQUESTA, Fla. (March 10, 2017) — Independent Tire Dealers Group L.L.C. (ITDG) registered another record year in 2016, with total purchases by members exceeding $210 million, according to President and CEO Michael Cox.

In addition, the group added 16 member companies representing 88 locations in the past year, pushing the group's reach to 620 points of sale in 45 states.

Mr. Cox called 2016 a "challenging year" for the industry, but said ITDG set records in purchases, profits, volume bonuses and dividends to both members and shareholders. During the year, 10 members became ITDG shareholders.

In addition, ITDG's sister insurance company, Independent Innovative Captive Insurance Co. (IICIC), declared a dividend to members totaling $400,000, or roughly $653 per share, which will be distributed to shareholders at the annual shareholders meeting May 20.

IICIC was founded in 2005 to help reduce and stabilize workers' compensation insurance costs for ITDG shareholders and members.

It currently covers policies in California, Colorado, New York, and Oregon, but is looking at adding to this in line with ITDG's expanding footprint, the business said in its 2016-17 review.