Icahn Automotive Completes Acquisition of Precision Tune Auto Care
Aug. 1, 2017—Icahn Automotive Group announced that it has completed the acquisition of automotive service company Precision Auto Care, Inc., parent company of Precision Tune Auto Care.
Carl Icahn, CEO of Icahn Automotive Group, announed he was looking to acquire Precision Auto Care’s 250 service locations back in June.
With that deal, Icahn Automotive Group said Friday it will now control more than 1,000 auto repair shops, with the idea that they will buy products directly from his own distributor, Auto Plus, instead of the national car parts chains. Auto Plus, in turn, will buy its parts from Icahn-owned Federal-Mogul and other manufacturers. Icahn’s pitch is that the new arrangement will greatly increase the profits of the repair shops that install auto parts
“We are extremely pleased to welcome to the Icahn Automotive family more than 320 corporate-owned and franchised Precision Tune service locations in the U.S. and internationally, along with Precision Auto Care CEO Robert Falconi and his leadership team,” said Daniel A. Ninivaggi, CEO of Icahn Automotive Group LLC. "This acquisition is a significant step in our strategy to expand our national automotive service network, and enhances our existing store footprint in support of our goal to provide customers with premium parts and services at a great value.”