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Hankook Tire acquires Aussie tire retailer JAX TYRES

Collected: 2017.02.02

Distributed: 2017.02.03

Source: Go Direct

[Photo by Hankook Tire Co.]

Hankook Tire Co. has acquired Australia’s largest tire retailer JAX TYRES in a bid to leverage the tire multi-shop’s advanced retailing and franchising systems to beef up its retail business beyond production and marketing.

The top Korean tire maker said on Wednesday it purchased the entire share capital of the tire franchise for an undisclosed amount. Market watchers estimate the deal to be worth around 100 billion won ($86.5 million).

JAX TYRES sells 13 global tire brands including Bridgestone, Continental and Michelin through 83 shops across Australia. The tire shop is well known for eye-catching interior designs inspired by top-tier car dealers and a reliable online pricing system.

All product prices are transparently reported on its website. Consumers can check the price tag online before purchasing at an offline shop they want to visit. JAX TYRES updates tire prices in real time, providing a reference for retail prices to consumers in Australia.

Consumers are also allowed to use a simulator inside a shop to see a new tire suitable for their car and check an estimate before purchasing.

With the acquisition, Hankook Tire aims to improve competitiveness in tire retailing. It expects to expand the franchise system to other countries.

By Park Chang-young

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