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Meineke Car Care Centers

From Wikipedia - Reading time: 7 min
Meineke Car Care Centers, Inc.
Company typeSubsidiary
IndustryAutomotive repair
Founded1972; 52 years ago (1972) (as Meineke Discount Mufflers)
Houston, Texas, U.S.
FounderSam Meineke
HeadquartersCharlotte, North Carolina, U.S.
Number of locations
966 (2022)
ProductsAutomotive repair, mufflers
ServicesOil changes, exhaust & muffler services, brake repair, tire service, A/C services, Steering & Suspension, Battery, CV Joint installation
RevenueUS$516 million (2021)
OwnerRoark Capital
Number of employees
2,500 (2021)
ParentDriven Brands
Websitewww.meineke.com

Meineke Car Care Centers, Inc., more commonly known as Meineke (/ˈmaɪnɪki/ MY-nik-ee) is a franchise-based international automotive repair chain with 966 locations.[1] The chain is ranked #52 in the Franchise 500 (2014) and #54 in America’s Top Global (2013).[2] Previously known as Meineke Discount Mufflers, the company changed its name to Meineke Car Care Centers in 2003 when it expanded to offer full-service auto repairs.[3]

History

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Meineke was founded in 1971 in Houston, Texas, by Sam Meineke. He started to franchise the name in 1972, with Harold Nedell.[4] In 1983, GKN, a multinational British company, bought out Meineke Discount Mufflers.[5] In 1986, the company headquarters moved to Charlotte, North Carolina.[6]

In 2003, the same year Meineke Discount Muffler Shops, Inc. became Meineke Car Care Centers, Inc., Meineke became a privately held company, no longer publicly traded.[7]

In January 2021 the parent company of Meineke, Driven Brands, had an IPO and began trading on NASDAQ with the ticker symbol DRVN.[8] The collision repair franchise MAACO is also part of Driven Brands along with a variety of other automotive businesses.

Acquisitions

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A Meineke in Hillsboro, Oregon

In 2006, Meineke Car Care Centers’ parent company, Meineke Holding Company, became Driven Brands, Inc. and acquired the quick oil change company, Econo Lube 'N Tune Inc.[9] In 2008, it acquired Maaco, Auto Qual, and Drive N Style.[10]

In April 2013, Meineke Car Care Centers, Inc. announced the acquisition of the Seattle-Tacoma auto repair chain, Walt’s Auto Care Centers, or “Walt’s”.[11] In June 2014, Meineke acquired eight America’s Service Station locations in the Atlanta area.[12]

Advertising

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Former boxing champion George Foreman was a spokesperson for the Meineke brand in the United States from 1993 to 2010.[13][14] Former NHL player Wendel Clark is the Meineke spokesperson in Canada, as well as a current Meineke franchisee.[15]

Meineke sponsored Jimmy Spencer in the 1993 NASCAR Winston Cup Series season at Bobby Allison Motorsports. The following season, sponsorship moved to Joe Nemechek and the Cup team owned by Larry Hedrick. For the 1995 season, Meineke was on the move again, this time to the Diamond Ridge Motorsports team driven by Steve Grissom.

Meineke has sponsored college football bowl games in two locations. From 2005 to 2010, the Meineke Car Care Bowl was played in Charlotte, North Carolina, while the Meineke Car Care Bowl of Texas was played in Houston from 2011 to 2012. As of June 2020, those two bowls are now known as the Duke's Mayo Bowl and the Texas Bowl, respectively.

References

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  1. ^ "Meineke Car Care Centers - Automotive Franchises > Repair Services from AllBusiness.com".
  2. ^ "Meineke Car Care Centers". Entrepreneur.
  3. ^ Jean Halliday. (29 January 2003). "AUTO REPAIR CHAIN MEINEKE TO TWEAK NAME".
  4. ^ "Meineke Car Care Bowl of Texas". The Horn.
  5. ^ "Franchisee In Action: Franchise a Little Smarter with Meineke - Franchising USA". Franchising USA.
  6. ^ "Meineke Car Care Centers, Inc. Appoints New President". Franchising.com.
  7. ^ Vanessa Sumo (Winter 2008). "Going Private: Another private equity boom has passed, but the underlying need for the industry has not" (PDF). Federal Reserve Bank of Richmond. Archived from the original (PDF) on 5 March 2016. Retrieved 13 July 2021.
  8. ^ Kilgore, Tomi (9 February 2021). "Driven Brands stock gets bullish endorsement from Wall Street". MarketWatch. Retrieved 13 July 2021.
  9. ^ Walker, Kenneth (Aug 14, 2006). "Meineke parent buys Econo Lube". Sacramento Business Journal.
  10. ^ "Driven Brands buys Maaco Franchising". Charlotte Business Journal.
  11. ^ "Meineke(R) Expands Pacific Northwest Presence With Acquisition Of Walt's Auto Care Centers".
  12. ^ "Meineke acquires 8 Atlanta stores". Tire Business.
  13. ^ Day, Sherri (4 March 2003). "George Foreman Adds Steak to the Sizzle". The New York Times. ISSN 0362-4331. Retrieved 13 July 2021.
  14. ^ "George Foreman renews Meineke contract". Charlotte Business Journal.
  15. ^ "Wendel Clark's Meineke Vaughan Franchise Named SSGM 'Garage of the Year'". Yahoo Finance. 30 December 2013.
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