A friendship, a seven-dollar muffler and a promise, "for as long as you own your car," were the beginning. Led by Nate Sherman, the Midas muffler repair shop opened for business in Macon Georgia and what began as a franchise idea, became the ideal: quality and service. Things were simple back then. The average price for an automobile was $2,700, the average price of gas was 23 cents and only one Midas shop was open for business. It had two bays for repairs.
Ten years later, Midas grew. Expanding beyond the muffler business and the US, Midas now offered shock absorber service and entered the European market. For a brief period, the Midas Company even began selling pies and recreational vehicles. These ventures reflected a period of growth, but ultimately Midas returned its focus to car service. During this time the average price for a new automobile jumped to $3,310, the average price of gas was 39 cents and there were 426 Midas shops open for business.
Midas was acquired by IC Industries (now Pepsi Americas, Inc.) and while the owners changed, the standard of quality and service remained the same. Advertising made Midas a household name. It said goodbye to recreational vehicles and pies and hello to foreign cars and brake service. The average price for a new automobile was $5,418, the average price of gas was 59 cents and there were 903 Midas shops open for business.
Midas manufactured its 50 millionth muffler. The addition of brake service fueled Midas' growth. Shops opened around the world and Midas would solidify its new tagline, "Nobody beats Midas. Nobody." Its founder Nate Sherman passed away, but Midas poised itself for new opportunities and challenges. The average price of a new automobile was $12,894, the average price of gas was $1.20 and the number of Midas shops open for business in North America tops 1,771.
Midas introduced Standards of Service, a groundbreaking program that communicates standardization and accountability in the auto repair industry. This program eventually became the basis for a national initiative, MAP - the Motorist Assurance Program. With the focus on building consumer trust, Midas introduced a new advertising tagline, "The Midas Way. The way it should be," and a national public relations program, Project Safe Baby. Midas saw its sales surpass $1 billion dollars for the first time in history. The average price for an automobile was $19,829, the average price of gas was $1.23 and there were 2,137 Midas shops open in North America.
Midas becomes an independent public company traded on the New York Stock Exchange (NYSE symbol: MDS). Midas introduces comprehensive auto programs for tires, maintenance and commercial fleet services. Withdrawing from parts manufacturing and distribution, the company renews its focus on building the franchise and real estate business. Midas re-launches the Trust the Midas Touch tagline made popular in the 1980's and proves while times may change, quality stays the same.
The Midas system is poised for growth. Today, we are a franchisee-focused organization, serving those who serve the customer. We continue to assist our franchisees by impementing important retail initiatives like the 'Midas Way' and ACR (Acquire, Convert, Retain) customer retention program launched throughout the Midas network in 2011-2012.
Midas stands ready to become customers' most trusted professional and first choice leader in total car care service needs.