Pep Boys Partners with lanelogic to Help Consumers Sell Their Cars for Cash
January 30 2008 - 4:30PM
Business Wire
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 About lanelogic
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.
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