Tyresales halts operations as Car Group exits category

Celene Ignacio

14th Jan 2025

Online tyre retailer Tyresales has stopped operations after its owner Car Group decided to exit the business due to trading challenges.

Moreover, Car Group sold certain assets of its wholesale business Tyreconnect to a third party, with the transaction expected to be completed by the end of February.

Car Group said the transaction is immaterial to the company’s performance.

“This decision follows continued difficulty in achieving sustainable profitability in what is a highly competitive tyre retail and wholesale market,” said the company.

In the last fiscal year, the company booked a pro-forma net profit of $344 million and revenue of $1.04 billion, excluding its tyres business.