Midas (automotive service)

Midas, Inc. is an American chain of automotive service centers headquartered in Palm Beach Gardens, Florida. In its North American main and home market, Midas stores are company-owned or franchised. In the 17 other countries it operates in, the service centers are either licensed or franchised. Midas is one of the world’s largest providers of automotive services, offering brake, maintenance, tires, exhaust, steering and suspension services at more than 2,000 franchised, licensed and company-owned Midas shops in 13 countries, including nearly 1,300 in the United States of America and Canada. Midas also owns the SpeeDee Oil & Auto Service business, with more than 150 auto service centers in America. Midas has ranked #199 on Entrepreneurs top Franchise 500.[3]

Midas, Inc.
FormerlyMidas Muffler
TypeSubsidiary
FoundedApril 20, 1956 (1956-04-20)[1]
Macon, Georgia, U.S.
FounderNate H. Sherman Mike
Headquarters
Palm Beach Gardens, Florida
,
U.S.
Number of locations
2,300+ (May 2011)[2]
RevenueUS$183.6 million (2011)
US$17.8 million (2011)
US$4 million (2011)
Total assetsUS$215.8 million (2011)
ParentTBC Corporation
(2012–present)
Websitemidas.com

History

In April 1956, Midas, an acronym of Muffler Installation Dealers' Associated Service, was established by Nate H. Sherman and the first Midas Muffler opened that year in Macon, Georgia. The chain was originally known as Midas Muffler as they specialized in the replacement of mufflers. In recent years, they have marketed themselves as Auto Service Experts, as they are capable of performing most routine and common automobile service, including brakes, fluid changes, and suspensions. The name is derived from the king Midas and his golden touch, hence the slogan "Trust the Midas touch".

Midas was acquired by TBC Corporation in 2012.[4]

Slogans
  • Nobody beats Midas. Nobody. (1977–1986)[5]
  • The Midas Way. The way it should be. (1987–1996)
  • You should trust a Midas touch (1995–2000)
  • Trust the Midas touch (2001–)
  • Trust Midas (2006–2007)

Fraud charges

A Midas franchisee was sued by the state of California in 2009 for using bait-and-switch method of defrauding consumers.[6] In 22 locations throughout the state, the locations were accused of luring customers into the store by advertising cheap auto-service, and then upselling them by up to $1,700. The findings came after a four-year undercover investigation.[7]

Midas Man

Midas has been represented in television commercials by a fictional character and spokesman called the "Midas Man". The character has been portrayed by actor Ralph Peduto.[8]

Association

The International Midas Dealers Association (IMDA) is an association of Midas dealers committed to working together to build success in an honest and ethical manner to protect the integrity of the brand, their own profitability and identify Midas as the clear choice for automotive service with the customer.

The association has roots tracing back to 1970 when it began as the National Muffler Dealers Association by eight Midas dealers. The association continued to grow and evolve over the years to meet the changing needs of the industry, the company and our membership. In 1979, the association changed its name to the National Midas Dealers Association and then again in 1994 to the International Midas Dealers Association when Canadians were invited to join the association.

The IMDA is led by Midas dealers who volunteer their time and energy advocating for the success and value of the Midas system. With a foundation that encourages the insightful exchange of information, both amongst Midas dealers and between the IMDA and Midas Inc., the IMDA continues to serve as a vital and valuable resource.[9]

References
  1. "www.americasgreatestbrands.com/volume6/pdf/Midas.pdf" (PDF). AmericasGreatestBrands.com. Archived from the original (PDF) on September 3, 2012. Retrieved April 18, 2016.
  2. Midas Reports First Quarter Results
  3. "Midas Int'l. LLC Franchise Information". Entrepreneur. Retrieved July 20, 2020.
  4. "TBC Corporation Has the 'Midas Touch,' Finalizes Acquisition"
  5. http://www.midas.com/aboutmidas/ourhistory/tabid/166/default.aspx
  6. https://oag.ca.gov/news/press-releases/brown-sues-22-midas-shops-block-bait-and-switch-auto-repair-scam
  7. https://articles.latimes.com/2010/jan/26/business/la-fi-midas26-2010jan26
  8. Guzman, Kara (May 13, 2014). "Ralph Peduto, Santa Cruz actor, dies from leukemia". Santa Cruz Sentinel. Retrieved June 12, 2014.
  9. http://imda.today/
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