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Icahn Automotive Completes Acquisition of RPM Automotive

SOUTHFIELD, Mich.--(BUSINESS WIRE)--

Northeast Florida service chain will retain its well-known brand and continue to operate all locations

Icahn Automotive Group LLC, which owns and operates leading auto repair and maintenance providers Pep Boys, AAMCO and Precision Tune Auto Care, announced today that it has completed its acquisition of RPM Automotive. For Icahn Automotive, the deal expands its presence in the Southeastern U.S., an important market for the Company, by 10 locations and more than 100 service bays. Headquartered in Jacksonville, Fla., RPM Automotive has built a reputation on its exceptional customer service and quality work on all makes and models, including luxury vehicles and large fleets.

“We are pleased to welcome RPM Automotive to the Icahn Automotive family of brands,” said CEO Dan Ninivaggi. “Their outstanding leadership and expert technicians will continue to provide the leading service and customer experience they’ve come to be known for, while joining our 2,000 locations and 22,000 technicians in a nearly 100-year tradition of keeping customers’ vehicles on the road.”

RPM Automotive will retain its name, long-time leadership and ASE-certified technicians. With state-of-the-art technology, comfortable waiting areas, the ability to offer customer conveniences such as rental cars, RPM Automotive is a true alternative to the dealership.

“For the last decade, RPM Automotive has focused on building and growing a business our customers trust by hiring and training the very best technicians in the area and giving back to our local community,” said Colley Stowell, president and founder of RPM Automotive. “Joining Icahn Automotive is a significant next step for RPM Automotive. We’ll continue to operate seamlessly our shops while beginning to leverage the resources and opportunities that come with joining a large-scale service organization.”

Icahn Automotive’s multi-year strategy to increase both the breadth and density of its national service network has resulted in the acquisition of independent and franchised locations across the country. By providing both quick-service maintenance as well as full-service repair capabilities, Icahn Automotive is well-positioned to capitalize on the growing demand from individuals and fleets for automotive service throughout the vehicle’s lifecycle.

Icahn Automotive has also continued to grow through investing in greenfield and existing locations; by putting a focus on people, programs, technical training and technology to ensure a superior customer experience; and by expanding into new and different service models, including mobile repair and professional tire installation services to online customers.

About Icahn Automotive

Icahn Automotive Group LLC (Icahn Automotive) was formed by its parent, Icahn Enterprises L.P. (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. Icahn Automotive today consists of Pep Boys® automotive aftermarket retail and service chain, Auto Plus® automotive aftermarket parts distributor, Precision Tune Auto Care® owned and franchised automotive service centers, and AAMCO Total Auto Care franchised service centers. The Company also is the licensor of Cottman Transmission and operates under several local brands. The businesses of Icahn Automotive total over 22,000 employees, over 2,000 company-owned and franchise locations, and 25 distribution centers throughout the US, Canada, and Puerto Rico. For more information, visit IcahnAutomotive.com.

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.

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