Hankook Tire Co. announced on Feb. 1 that it has acquired a 100 percent stake in Australia’s largest tire retailer JAX Tyres. With the latest acquisition, JAX Tyres will be incorporated as a subsidiary of Hankook Tire Group.
An official from Hankook Tire said, “With the takeover, we will strengthen our competitiveness in the B2C distribution sector, one of the mainstay of new businesses. In particular, we are planning to adopt an innovative franchise system for our distribution network so we can expand the interface with customers by strengthening the distribution competitiveness in the global market, beyond the Asia region.”
JAX Tyres is known as a franchise network that distributes tires with the price competitiveness along with the best customer services. The network opened its first store in Sydney, Australia, in 1949 and currently operates 83 franchised outlets. Unlike other tire stores, the tire shop is well known for eye-catching interior designs inspired by top-tier car dealers. JAX Tyres has differentiated its stores with modern customer-friendly interior designs.
Notably, 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. Based on the credibility that offers its products at the same prices listed on the website in offline stores, the network maintains its top place in terms of page view among Australia’s tire stores. In addition, consumers are allowed to use a simulator inside a shop to see a new tire suitable for their car and check an estimate before purchasing, which lead to higher customer satisfaction.