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Tire Business 08/10/2020 17:02
WASHINGTON, D.C.—Representatives from both Kumho Tire and Pirelli are joining the U.S. Tire Manufacturers Association board. Yong-Sik Shin of Kumho and Pietro Berardi of Pirelli were elected to the group during a July 29 virtual meeting, the trade group said. Board Chair Steve McClellan, president of Americas for Goodyear Tire & Rubber Co. also saw his current term extended through October 2021. "The Board's decision to ask Steve to continue as chair during these unpredictable times speaks to the confidence they have in his strong leadership," USTMA CEO Anne Forristall Luke said in a statement.
Tire Business 08/10/2020 11:25
HYOGO, Japan — Toyo Tire Corp. posted 48.3% lower operating income for the six months ended June 30 on 15.7% lower sales, prompting management to project double-digit declines in sales and earnings for the full fiscal year. Operating income for the period fell to $73.4 million on sales of $1.39 billion, cutting the operating ratio to 5.3% from 8.6%.
Tire Business 08/10/2020 11:03
CLEVELAND — The staff at Tire Business has won five awards, including two first-place honors, in the Press Club of Cleveland's All Ohio Excellence in Journalism contest. The final results of the contest, which honors the best of Ohio's print, broadcast, digital media, freelance, trade and college journalism, were announced Friday night during a virtual awards ceremony held via Zoom. Tire Business competed in the Trade Publications category. Tire Business editor Don Detore earned a first place award in the Features/Special Section Package category for his package of stories on the winner of the 2019 Tire Business Humanitarian Medal recipient, Warren Tire's Bob Kellogg.
Tire Business 08/07/2020 16:08
KUALA LUMPUR, Malaysia — Demand for natural rubber (NR) is set to increase 2.6% in the three months to end of October, following seven months of consecutive declines, according to the latest data by the Association of Natural Rubber Producing Countries (ANRPC). The trend will be driven primarily by U.S. economic revitalization initiatives and by demand from China, which emerged from COVID-19 downturn, with a 3.2% second quarter growth in economy, the ANRPC said in its most recently monthly NR update. Following the "earlier-than-expected" recovery, China has scaled up its outlook on the consumption of NR for 2020 to 5 million metric tons from 4.93million tons a month ago, the ANRPC said. However, with increasing preference toward the use of
Tire Business 08/07/2020 16:07
MUMBAI, India — Apollo Tyres Ltd. suffered a 34% drop in sales in the quarter ended June 30, although business in India began a strong recovery throughout the month of June, the company reported. "While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market," Apollo Chairman Onkar Kanwar said. Operating profit for the firm's fiscal 2021 first quarter was almost halved to $35.1 million, on 33.8% lower sales of $375 million, the Indian tire maker reported Aug. 5. The company reported a net loss of $1.8 million, compared with a net profit of $3.3 million reported in the first quarter of the previous fiscal year. In spite of the decl.
Tire Business 08/07/2020 14:39
NORTH RICHLAND HILLS, Texas — The Automotive Service Association (ASA) has shifted its ninth annual MSO (Multi-Shop Operations) Symposium to a virtual event, to be held Nov. 9-13. The event will be free for attendees, according to Ray Fisher, president and executive director of the ASA. Fisher said the ASA has been preparing for a virtual event since May as a result of the COVID-19 pandemic. "The advisory board and past attendees definitively stated that this event is critical to the MSO sector and should not skip a year or postpone," Mr. Fisher said.
Tire Business 08/07/2020 13:00
The trucking industry is in the throes of great change with new trucks and shorter deliver areas. As a result of the growth in e-commerce and the "Amazon effect" on shipping, logistics itself is changing. Decentralized and regional distribution networks that locate inventory near customers and local, last-mile fulfillment centers are popping up like Starbucks, in order to shorten delivery times. The end result is that instead of freight being hauled an average of 800 miles 20 years ago, the average length of a haul today is only 500 miles The industry's focus is on last-mile deliveries. Last-mile deliveries (from the distribution center to the customer) have burgeoned and are now being made not only by Class 3-6 vans and medium-duty trucks
Tire Business 08/07/2020 12:22
PHILADELPHIA — Bolt On Technology has launched FourthGear, an upgrade to its NextGear stand-alone platform featuring Review Manager to help auto service shops boost their positive online customer feedback and raise their Google rankings. Available on any web-enabled mobile device independent of other shop management systems, FourthGear gives shops command of their online reputation, proactively prompting customer reviews soon after they leave the shop, the company said. Review Manager will alert the shop to any negative reviews, so the shop staff can respond and address any issues. Review Manager is the latest addition to the NextGear suite of products designed to give shops more control over the entire customer relationship, without the ne.
Tire Business 08/07/2020 12:22
SUNNY ISLES BEACH, Fla. — Icahn Automotive Group L.L.C. posted larger operating and net losses in the quarter and half-year periods ended June 30 on double-digit drops in sales, parent Icahn Enterprises L.P. reported today. Icahn Automotive — which operates the Pep Boys – Manny, Moe & Jack retail automotive service chain and oversees the AAMCO, Precision Tune and Cottman Transmission franchise businesses — posted adjusted pre-tax operating (EBITDA) losses of $7 million and $49 million for the quarter and half-year, respectively, compared with losses of $3 million and $26 million a year ago. The business had net losses of $50 million and $123 million for the quarter and half-year, compared with $38 million and $80 million, respectively, in 2.
Tire Business 08/07/2020 12:00
August is decision time for many in the U.S. This year has been a beast. To use some of the most overused phrases of 2020: These are unprecedented, trying times that are full of uncertainty. When COVID-19 cases in the U.S. first spiked in March, we shut it down — everything. Well, we shut down everything but the essentials. There are everyday community needs that couldn't be shut down. We needed hospitals to stay open. We needed certain products to continue to be produced and delivered. Surely, tire and automotive service was essential. What if an emergency vehicle needed repaired or a delivery fleet needed new tires? And we needed Big Macs. As the nation sat at home and congratulated recent graduates with a honk of the car horn, it felt as.
Tire Business 08/07/2020 10:50
CHARLOTTE, N.C. — Driven Brands, the parent company of Meineke Car Care Centers, claims it is now the largest auto aftermarket services company following its acquisition of International Car Wash Group (ICWG). With the addition of ICWG's 184 locations in the U.S. and 925 worldwide, Driven said it now has more than 4,000 locations across 15 countries and approximately $3.8 billion in annual system-wide sales. It claims to now be the largest automotive aftermarket services company by location count in North America. Driven is a portfolio company of Roark Capital and has completed more than 35 acquisitions over the past five years. In addition to ICWG and Meineke, Driven's portfolio includes Take 5 Oil Change, Automotive Training Institute, Ma.
Tire Business 08/07/2020 10:49
TOKYO — Bridgestone Corp. posted a 68.3% drop in operating income and a net loss for the six months ended June 30 on 22.1% lower sales. Bridgestone attributed the earnings and sales declines to the negative effects of the COVID-19 pandemic on the global economy. For the full year, Bridgestone is forecasting the trend established in the first half will continue — sales will fall about 23% shy of fiscal 2019 revenue, with pre-tax operating income falling 70% short. For the first half of fiscal 2020, Bridgestone reported operating income of $ $477.2 million on sales of $16.1 billion.
Tire Business 08/07/2020 10:15
RANCHO CUCAMONGA, Calif. — Sumitomo Rubber North America Inc. (SRNA) has launched the Falken RI191 all-position truck tire designed for high-scrub delivery routes. SRNA said it expanded its commercial product line to meet the increasing demand for the fast-growing 19.5 segment. The RI191 offers high-mileage capability for aggressive, high scrub applications and features a four-rib design, shallow tread sipes and an all-new carbon particle cap compound with Falken's 4D Nano Technology to increase tread life and even wear, the company said. The tire has up to a 16-ply rating, 17-18/32nd tread depth and a 75-81 mph speed rating.
Tire Business 08/06/2020 15:44
WARREN, Mich. — Bosch Aftermarket has introduced the ADS 525X diagnostic scan tool with live data access and bi-directional functions. The ADS 525X helps technicians resolve issues across a broad range of vehicle makes and models faster and easier, Bosch said. With its Quick-Scan capabilities, the ADS 525X can perform all-systems DTC scans in under 60 seconds on average, with complete scans taking 30 seconds or less for many vehicle makes and models, the company said. With its intuitive user interface and complete pre- and post-scan reporting for all systems available for the vehicle, the tool gives technicians the ability to diagnose the issue and receive repair information directly to the scanning tool, the company said. Other features in.
Tire Business 08/06/2020 12:00
WASHINGTON — Recipients of a Paycheck Protection Program (PPP) loan can save time by utilizing a simplified PPP forgiveness application, if the recipient falls into one of three categories. The National Federation of Independent Business () hosted a webinar July 22 focused on how to fill out PPP Loan Forgiveness Application Form 3508EZ. "This is by far the easiest way to fill out a forgiveness application," Holly Wade, director of research and policy analysis for NFIB, said.
Tire Business 08/06/2020 10:20
BOWIE, Md. — Reacting to the cancellation of the 2020 SEMA Show, the Tire Industry Association (TIA) is moving its centennial celebrations — originally scheduled for the week of Nov. 2 in Las Vegas — to November 2021 to coincide with the 2021 SEMA Show. The Specialty Equipment Market Association disclosed Aug. 5 its decision to cancel the 2020 due to the uncertainty that the COVID-19 pandemic presents in trying to stage a major convention and trade show. TIA CEO Roy Littlefield said: "While this was not the original intention, we are fortunate and excited to have the opportunity to schedule and conduct all of the planned 2020 events in 2021 without the uncertainty we all have faced this year. "We aim to bring the tire industry together thro.
Tire Business 08/06/2020 09:43
MILAN — Despite double-digit declines in first half results and a net loss of more than $119 million, Pirelli & C. SpA said it has "contained" the effects of the COVID-19 pandemic, learning from experience gained in China. Pre-tax operating earnings (adjusted EBIT) plunged 85% to $73.5 million during the first half, on 31.6% lower sales of $2 billion, the company announced Aug. 5.

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