Pep Boys Partners with lanelogic to Help Consumers Sell Their Cars for Cash
PHILADELPHIA - January 30, 2008
PHILADELPHIA - January 30, 2008 - The Pep Boys - Manny, Moe & Jack (NYSE: "PBY"), the nation's leading automotive aftermarket retail and service chain, announced today that it has partnered with lanelogic, Inc, a strategic investment of Copart, Inc. (NASDAQ:CPRT), to facilitate a convenient, hassle-free alternative for consumers to sell their cars for cash.
The program will enable consumers to log onto www.caroffer.com, powered by lanelogic, to obtain a cash offer for their vehicle. Access to www.caroffer.com will also be available to consumers at their local Pep Boys or from www.pepboys.com. The consumer then drops their vehicle off at a convenient Pep Boys location, where it will be inspected by service professionals. Once the condition of the vehicle is verified, the sale is complete and the consumer will receive a bank draft "on the spot."
The program is to be piloted in the Dallas market, with a nationwide rollout expected in March.
Pep Boys President & CEO Jeff Rachor said, "Pep Boys is pleased to partner with lanelogic to offer this new service to our customers. Entering the ownership segment is consistent with our long-term strategy of further solidifying Pep Boys' position as the automotive aftermarket solutions provider of choice. This unique new service is expected to generate more revenue from our existing physical plant, while attracting incremental do-it-for-me sales."
Bruce Thompson, founder and CEO of lanelogic, commented, "It's exciting to be working with Pep Boys to launch our consumer application. Pep Boys' national footprint enables us to provide consumers with a hassle-free way to sell their car in just about every major market in America. Pep Boys' 87-year-old brand is among the most recognized and trusted in the automotive space and it is an honor to partner with their organization."
Benefits of this program include:
- Free online cash offer
- Market's top value for vehicle
- No trade-in hassle or stress at a dealership
- Drop-off at conveniently located Pep Boys
- Complete inspection performed by Pep Boys service experts
lanelogic, Inc. is the nation's exclusive online used vehicle market-maker. Launched in November 2005, the Dallas based privately-held company is the premier used vehicle inventory management solution for franchised dealers - both buying and selling. lanelogic offers participating dealers Puts, exclusive 45-Day Buyback Guarantee, instant Buy bids and intelligent inventory procurement. lanelogic's investment team is comprised of Cain Capital, L.L.C., Dallas, Copart, Inc., Fairfield, Calif., HBK Investments L.P., Dallas/Hong Kong/London and Bruce Thompson, CEO/founder. Strategic alliances include American Auto Exchange, Inc., The Great American Insurance Group, JMN Logistics and SGS Automotive Services. Learn more at www.caroffer.com.
About Pep Boys
Pep Boys has over 560 stores and approximately 6,000 service bays in 35 states and Puerto Rico. Along with its vehicle repair and maintenance capabilities, the Company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting www.pepboys.com.
Contact: Alex Spooner Pep Boys 215-430-9588