Midas, Inc. is an automotive service center chain with headquarters in Itasca, Illinois. It operates in the United States, Canada, and Australia, among others. It is estimated that there are around 2,600 Midas shops that are either franchised or company-owned in 19 countries, with 1,800 of them found in the U.S. and Canada. They provide several auto services at average prices like the radiator flush cost (Midas) which is a common procedure for automobile owners.
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The company was founded in 1956 as the Muffler Installation Dealers’ Associated Service (MIDAS) by Nate H. Sherman. The very first shop was located in Macon, Georgia. At that time, things were a lot simple compared to today. The average cost of a car was less than $3,000 and the average price of gas was only 23 cents.
When it started, the Midas Shop only had two bays for repairs. The company had one promise to its clients back then– that it would always be there for them for as long as they own a car. It was also built on two ideals- quality and service.
The company progressed quickly that it started offering shock absorber service and expanding into Europe ten years after its birth. It had also expanded past the muffler service that it originally started with. There was also a time when it sold pies and recreational vehicles. Those ventures proved to be beneficial particularly in improving its bottom line, but the management eventually had the company focusing on its main business—car service.
By 1966, the company had 426 Midas shops serving car owners in North America. It was also very opportune for that era, when the average price of a car had jumped to more than $3,000 and the average price of gas had jumped to almost 40 cents.
When it entered its second decade, the company was acquired by IC Industries, which is now Pepsi Americas, Inc. The shops however remained true to the ideals its original owners had underscored—quality and service. It was also during this time that Midas advertised heavily, becoming a household name in the process.
Before the turn of the 80s, the company had the tagline “Nobody Beats Midas.” It also benefited from the addition of brake service, which contributed heavily to its growth story.
In the 90s, the company rolled out a groundbreaking program, the Midas Standards of Service, that introduced the concepts of accountability and standardization in the auto repair industry. It was also during this time that it surpassed the $1 billion sales mark for the first time in company history.
Today, the auto service company is publicly traded on the New York Stock Exchange. Its current tagline is “The Midas Touch.”
Midas has gone a long way from its humble beginnings in the 1950s. From being a shop for installation of mufflers, it now offers other services like brakes and brake repair, oil change, and tires and tire repair.
It has retained its muffler and exhaust services as well, and added other services like check engine light, car heating and air-conditioner maintenance and repair. It also offers steering and suspension, radiator and engine cooling, and belts and hoses replacement.