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Hankook Tire Acquires JAX Tyres, Australia's Largest Tire Dealer
- - Hankook Tire decides to acquire a 100% equity stake in JAX Tyres
- - Strengthen global distribution business based on its competitiveness and experience in distribution sector as a new growth engine
1st February 2017 (Seoul, Korea) – Hankook Tire has decided to acquire a 100% share of JAX Tyres, Australia's largest tire retailer on January 23. Hankook Tire will incorporate JAX Tyres into Hankook Tire group by acquiring a 100% stake from Fred Hurrell, Chairman of JAX Tyres, and others.
Following through the acquisition, Hankook Tire group plans to grow into a global top-tier company by expanding customer relationships and strengthening its competitiveness in the B2C distribution sector as a mainstay of new business, as an extension of the B2B characteristics of tire manufacturing industry. Especially, the company is designed to strengthen its distribution competitiveness from Asia to the global market by applying an advanced franchise system to its distribution network. Hankook Tire will expand its growth model not only from the hardware-oriented business such as a plant establishment but also the software’s growth including distribution channels and premium services.
JAX Tyres is a tire retail and a distribution franchise alongside with the price competitiveness and offer the best customer service. The company opened its first store in Sydney, Australia in 1949 and currently operates 83 franchise stores. Unlike ordinary tire stores, JAX Tyres’ all stores are transparently open similar to a luxury car dealership. The company differentiated themselves with the modern style exterior and the customer-friendly interior which customers can visit easily and intimately.
Customer can check the price and designate any offline store where they want to make a purchase. Especially, JAX Tyres’ real time tire price update in online become a standard price for tires in Australia. Also, the store prices are kept same as indicated online. With these endeavors of price transparency, the online tire store has maintained as No.1 website page view in Australia. Besides, the customer can visualize the tire mounted on the vehicle through online simulation and able to estimate the price in advance through the website. As a result, the visiting customer's satisfaction rate is all time high.
Mr. Seung Hwa Suh, Vice Chairman and CEO of Hankook Tire said, “We will solidify the position as the global top tier brand by extending the role of holding company.” He added "We will concentrate more on enhancing global competitiveness by diversifying the Inorganic business in the automotive sector based on organic growth of tire.”