Icahn Scoops Up 15 Tire Stores in Arizona
Carl Icahn's automotive business has made another big move, this time acquiring a 27-year-old independent tire dealer with 15 stores and a tire wholesaling business in Arizona.
Pep Boys — Manny, Moe & Jack, a wholly-owned subsidiary of Icahn Automotive Group LLC, says 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,” says Bill Ihnken, president of service for Icahn Automotive. “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 employs more than 120 people and 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 and have an average of seven bays. All 15 locations will be rebranded as 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,” says 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.”
This is the latest in a string of moves Pep Boys has made to expand its network of retail stores. Here's a recap of the most recent acquisitions:
For more information about Pep Boys, go to www.pepboys.com.