Tire recapping or retreading apparatus and method of use including the use of an expandable tread mold with a plurality of mold segments. A tread mold loading machine (20) is used to position a prepared tire carcass (182) or built tire relative to the mold segments (202) and to install the mold segments on the exterior of the built tire. The mold segments are retained in place on the exterior of the tire carcass by a tension band. Resilient elastic tension bands or metal tension springs (204) hold the mold segments on the tire carcass after the mold segments have been released from the tread mold loading machine. The use of the tread mold segments eliminates distortion of the tire carcass during installation of the tread mold on the exterior of the built tire.