Coast Tire Regains Local Ownership After Buying Back Goodyear Share

SAINT JOHN–The largest independent tire dealer in the Maritimes is now fully New Brunswick-owned following the purchase of a major stake from a multinational tire manufacturing company.

Coast Tire And Auto Service bought back a 49 percent ownership stake from Toronto-based Goodyear Canada.

The move means the Saint John-headquartered chain is once again 100 percent self-owned for the first time since 2002, when Goodyear Canada bought into the company.

“At the end of the day, it allows us the opportunity to move the company forward and do business with other customers and maybe work with other suppliers to grow the company,” said Coast Tire’s John Correia.

“Our head office is in New Brunswick and a large portion of our stores are in New Brunswick. It’s important to stay locally owned and build on the strong momentum we have,” he said.

Local ownership has been a priority to Coast, noted Correia, who is one of four owner-partners. The others are president and CEO Ron Outerbridge, finance and administration VP Peter Coleman, and retail operations director Gary Mott.

The buyback, which went into effect in January 2022, will allow Coast to expand its products and services on its retail and commercial sides.

Correia said Coast is about 50 percent retail and 50 percent commercial, providing auto service and repairs to personal vehicles, as well as service for commercial customers ranging from tire replacements on forklifts to repairs on tractor trailers and off-road vehicles.

Correia credited the hard work of Coast’s 300 employees for helping bring the chain to the point where it can buy back and solidify its local ownership.

Coast is looking at other acquisition opportunities in what Correia called “void markets,” where it can establish a business foothold and a network of businesses to “close gaps” in the goods and services it provides Maritime communities.

“We want to make sure we have stores across all three provinces so the network is there. We’re going to wait and see what opens up, and what opportunities come along with that and how we grow our community,” Correia said.

While hush on where those opportunities could specifically manifest, Correia noted in a press release that Coast creates strong connections to its communities.

Coast Tire And Auto Service, established in 1984, operates a tire retreading plant and a wheel refinishing plant in Moncton, as well as 26 commercial and consumer auto service and retail locations across New Brunswick, Nova Scotia, and Prince Edward Island.

Sam Macdonald is a Huddle reporter in Moncton. Send him your feedback and story ideas: [email protected].