Online Tire Platform Soars Towards $100 Million Valuation with Financially Inclusive Model

January 2021 News DT Staff

According to a 2019 Federal Reserve survey, “Almost 40% of American adults wouldn't be able to cover a $400 emergency (the average cost of a set of tires) with cash, savings, or a credit-card charge that they could quickly pay off.” Add in an ongoing pandemic, and those numbers skyrocketed throughout 2020. 

However, people still need necessity items. And tires… they make our world go ‘round, literally. If you live in a suburb (and according to a recent Bloomberg article, “the majority of Americans describe their neighborhoods as suburban”), you need tires.

Series A funded online tire retailer TireAgent found a way to serve this sizable portion of the American population where other retailers have fallen short. They’re disrupting how an industry sells tires, capturing massive market share, and doubling their revenue since May 2020 by being financially inclusive. In plain English: even if you aren’t exactly flush with cash, they have a payment plan option to get you the tires you need, affordably and quickly.

TireAgent matches people of every financial category with payment plan offers from multiple payment plan companies in seconds. After choosing tires on their website, customers fill out a single two-minute application. All applications are processed within 30 to 60 seconds, and the customer is then presented with multiple payment plan offers to suit even the most modest budget. 

“Our in-house developed, proprietary payment plan system is automated, discreet, and our website’s quick and thorough logic finds a doable payment plan for most people, including people with no credit score at all,” shares Jared Kugel, Founder and CEO of TireAgent. “We provide options for people on a large financial spectrum to buy the tires they need.”

Since the start of COVID-19, credit lines from traditional lenders have shrunk by 20 percent with most lenders tightening their qualifications. People are falling behind on bills due to the fallout from the pandemic, causing credit scores to plummet across the U.S. No other tire retailer is serving the population that TireAgent has found a way to serve.

No Tire Knowledge? No Problem.

Customers only need to know their vehicle's make, model and year, and the TireAgent platform takes it from there, presenting multiple brands of tires compatible with the customer’s vehicle. Options presented to the customer include premium, mid-priced and budget brands, complete with detailed information on each tire. 

Lastly, TireAgent is an authorized retailer for many of the market’s top tire brands, improving access to top manufacturer warranties and mail-in rebates. Customers also choose whether they want their tires delivered to their home or shipped directly to one of TireAgent’s affiliated installers throughout the U.S.

“We are successful because we have product inventory and financial options for everyone. We are innovating the industry by bringing the same financial and informational methodology to tires that retailers have used for years with other necessity items like cars and mattresses, through our online platform,” concludes Jared Kugel.

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