Midas Completes First Independent Shop Conversion, Grows Nashville Shop Count to Eight
ITASCA, Ill., Nov 28, 2005 (BUSINESS WIRE) -- The number of Midas automotive service shops in Nashville, Tenn., is increasing significantly.
Ron Atkisson, who opened his first Kar Plus shop in Nashville in 1984, has become a Midas franchisee and will convert four Kar Plus shops in the Nashville area to the Midas brand. He also will reopen two previously closed Nashville-area Midas shops.
The conversion of independently owned repair outlets to the Midas brand is part of a strategic effort to accelerate the growth of the Midas system in North America. Independents who convert are being offered special incentives from Midas to assist in shop renovation and purchase of equipment.
"The conversion of the Kar Plus outlets into Midas shops significantly enhances the presence of the Midas brand in the Nashville market," said Alan D. Feldman, president and chief executive officer of Midas, Inc. (NYSE:MDS). "These shops will join our other Midas shops in providing a full range of high quality, cost-competitive automotive repairs and routine maintenance services to Nashville motorists."
Four Kar Plus shops in Nashville, Madison, Belle Meade and LaVergne are being refurbished and re-equipped to open as Midas shops by early 2006. Atkisson also will reopen one Midas shop in Nashville and one in Hermitage.
Atkisson said his Kar Plus shops have specialized in basic maintenance, engine tune-ups and drivability. As his shops convert to Midas, he will put more emphasis on brake repairs and will add tires and exhaust service.
"We are extremely excited about serving our customers through the most respected brand name in the industry," Atkisson said. "Our shops also will benefit from the marketing, operational and training support Midas offers, as well as the improved buying power for parts through Midas''' supply chain partners.
"Being associated with Midas positions us to compete more effectively in the marketplace," he said.
Atkisson is active in the Nashville community and serves as a member of the Williamson County board of the Nashville Better Business Bureau. His wife Karen will continue to be involved in the business as controller.
"We are aggressively reaching out to independent operators such as Ron Atkisson, who can grow their revenues and profitability by converting their shops to Midas," Feldman said. "Conversions provide the company with an effective method to expand the Midas brand and our shop base."
In addition to the Kar Plus conversion, former Midas franchisee Michael Chilando is returning to the system to reopen a Midas shop on Charlotte Pike in Nashville. Current franchisees Billy and Danette Godwin will continue to operate their Midas shop on Murfreesboro Rd. in Nashville.
Midas is one of the world's largest providers of automotive service, offering brake, exhaust, maintenance, tires, steering and suspension services at more than 2,600 franchised, licensed and company-owned Midas shops in 19 countries, including 1,800 in the United States and Canada.
NOTE: This news release contains certain forward-looking statements that are based on management's beliefs as well as assumptions made by and information currently available to management. Such statements are subject to risks and uncertainties, both known and unknown, that could cause actual results, performance or achievement to vary materially from those expressed or implied in the forward-looking statements. The company may experience significant fluctuations in future results, performance or achievements due to a number of economic, competitive, governmental, technological or other factors. Additional information with respect to these and other factors, which could materially affect the company and its operations, is included in the company's filings with the Securities and Exchange Commission, including the company's 2004 annual report of Form 10-K and subsequent filings.
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