| 8:25 AM EST

Icahn Buys Precision Auto Care


#FederalMogul

Share

Facebook Share Icon LinkedIn Share Icon Twitter Share Icon Share by EMail icon Print Icon

Investor Carl Icahn has agreed to acquire Leesburg, Va.-based Precision Auto Care Inc. and its Precision Tune Auto Care independent service and repair centers.

The acquisition includes more than 250 Precision Tune, Precision Auto Wash and Precision Lube locations in 26 states across the U.S. Terms of the deal weren’t disclosed, but The Wall Street Journal estimates it to be worth about $35 million. Robert Falconi will remain CEO of Precision Auto Care.

Icahn Automotive Group, which has been buying auto service and repair companies over the past few years, already operates more than 1,000 such locations in the U.S. The business consists of service chains Pep Boys and Just Brakes and parts distributor Auto Plus.

Earlier this year Icahn completed the purchase of parts supplier Federal-Mogul Corp., which owns aftermarket parts brands such as Champion Spark Plugs and ANCO wiper blades. Icahn also has stakes in San Francisco-based ride-share company Lyft Inc. and car rental giant Hertz Global Holdings Inc.

Icahn tells the Journal he aims to build a “really large national footprint” to service fleet customers He expects fleet business to increase as ride-hailing and ride-sharing services become more widespread.

Related Topics

RELATED CONTENT

  • Nio Plant Venture Lands $1.5 Billion Investment

    Chinese electric-car startup Nio Inc. is forming a manufacturing joint venture with Beijing E-Town International Investment and Development Co., which is investing 10 billion yuan ($1.5 billion) in the business.

  • GM Faces Lawsuit Over Faulty 8-Speed Transmission

    A class-action lawsuit has been filed against General Motors Co. over claimed flaws in the company’s 8-speed automatic transmission used in 2015-2019 model rear-drive vehicles.

  • The Changing Definition of 'Niche Vehicles'

    Once the playground of exotic car makers, the definition of a niche vehicle has expanded to include image vehicles for mainstream OEMs, and specialist models produced on high-volume platforms.