Pep Boys Enters into Definitive Agreement to Acquire Advanced Auto Service & Tire Centers in Phoenix
August 31 2017 - 4:47PM
Business Wire
Pep Boys, a wholly-owned subsidiary of Icahn Automotive Group
LLC, today announced that it has entered into a definitive
agreement to acquire Advanced Auto Service & Tire Centers in
Phoenix.
“We are pleased to increase our store density in the
metropolitan Phoenix area with the acquisition of Advanced Auto
Service & Tire Centers, the third largest independent
automotive service chain in the market,” commented Icahn Automotive
President of Service, Bill Ihnken. “This expansion of our service
center network in Arizona will allow us to serve more customers in
more neighborhoods, from Flagstaff in the north to Nogales in the
south, with the highest quality total car care, including free
services such as tire rotations, A/C checks, brake inspections and
a year of roadside assistance with every tire purchased.”
Advanced, with 15 service centers, a wholesale tire business and
more than 120 employees, has operated in Arizona since 1989. The
majority of its locations are situated in the Phoenix area in the
densely-populated East Valley, with three in the West Valley and
three further north in Prescott, Prescott Valley and Flagstaff. Its
shops are full service with an average of seven bays. These
locations will be transitioned to Pep Boys Service & Tire
Centers.
“With this acquisition, we continue to grow our national service
center network, focused on providing superior customer service as
well as a broad selection of tires and parts, always at a great
value,” said Dan Ninivaggi, CEO of Icahn Automotive. “We welcome
the outstanding Advanced team to Icahn Automotive and look forward
to building on the great customer relationships they have developed
over the last 28 years.”
About Pep Boys
Since 1921, Pep Boys has been one of the nation's leading
automotive aftermarket chains, providing name-brand tires;
automotive maintenance and repair; parts and expert advice for the
Do-It-Yourselfer; commercial auto parts delivery; and fleet
maintenance and repair to customers across the U.S. Pep Boys
operates more than 9,000 service bays in approximately 1,000
locations in 35 states and Puerto Rico. Customers can find the
nearest location by calling 1-800-PEP BOYS (1-800-737-2697) or by
visiting www.pepboys.com. Pep Boys is owned by Icahn Automotive
Group LLC.
About Icahn Automotive Group LLC
Icahn Automotive Group LLC was formed by its parent, Icahn
Enterprises L.P. (NASDAQ: IEP), to invest in and operate businesses
involved in aftermarket parts distribution and service. Our
businesses have a singular focus: provide premium automotive parts
and services at a great value. The businesses of Icahn Automotive
Group today consist of Pep Boys, an automotive aftermarket retail
and service chain, Auto Plus®, an automotive aftermarket parts
distributor, Just Brakes®, an automotive service chain, and
Precision Tune Auto Care, a network of owned and franchised
automotive service centers.
Caution Concerning Forward-Looking Statements
This release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, many of which are beyond our ability to control or
predict. Forward-looking statements may be identified by words such
as “expects”, “anticipates”, “intends”, “plans”, “believes”,
“seeks”, “estimates”, “will” or words of similar meaning.
Forward-looking statements are not based on historical facts, but
rather on current expectations and projections about future events,
and are therefore subject to risks and uncertainties which could
cause actual results to differ materially from the future results
expressed or implied by the forward-looking statements. Such
statements are qualified in their entirety by the inherent risks
and uncertainties surrounding future expectations. We undertake no
obligation to publicly update or review any forward-looking
information, whether as a result of new information, future
developments or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170831006366/en/
Pep BoysMedia Contact:Alex Spooner,
215-430-9588mediarelations@pepboys.comorMergers and Acquisitions
Contact:James Healy, 215-430-9462jhealy@icahnautomotive.com
Icahn Enterprises (NASDAQ:IEP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Icahn Enterprises (NASDAQ:IEP)
Historical Stock Chart
From Jul 2023 to Jul 2024