AUTOMOTIVE AFTERMARKET INTELLIGENCE REPORT

AUTOMOTIVE AFTERMARKETINTELLIGENCE REPORT

April 2020

www.stifelib.com

Q4 2020

Inside This Report

Stifel Deal Spotlight

Public Equity Markets

Recent M&A Deals

Tracking COVID-19

Collision Consolidation

Industry Data

Valuation Multiples

M&A Tracker

Contact Information

Appendices

Stifel Aftermarket 4th Quarter 2020 Intelligence Report

Stifel Remains Highly Active in the Automotive Sector

INDUSTRY EXECUTIVES SHARE INSIGHTS ON FUTURE OF

AUTOMOTIVE AFTERMARKET

Industry executives had a consistent message: the automotive aftermarket

is resilient and essential

Aftermarket News

HOW AUTOMOTIVE SUPPLIERS CAN EMERGE FROM THE PANDEMIC

STRONGER THAN BEFORE

Suppliers are turning to advanced technologies for faster and smarter

decision-making

Forbes

CARS ARE GOING DIGITAL, BUT DETROIT HAS A LONG ROAD AHEAD

It will be awhile until car makers can reap the benefits of turning your next

vehicle into a giant smartphone

Wall Street Journal

Topics to Keep Track of

Page | 1

Stifel acted as a financial advisor to Kensington Capital Acquisition Corp. (NYSE: KCAC), a publicly traded special purpose acquisition company (SPAC), in its business combination with QuantumScape Corporation. In June 2020, Stifel also acted as a joint book-running manager for Kensington Acquisition Corp. for its initial IPO.

QuantumScape is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles.

Stifel acted as a capital markets advisor to Legacy Acquisition Corp (NYSE: LGC), a publicly traded SPAC, in its business combination with PARTS iD. In November 2018, Stifel also acted as a joint book-running manager for Legacy Acquisition Corp. for its IPO.

PARTS iD (d/b/a CARiD) is a technology-driven, digital commerce company focused on creating a one-stop eCommerce destination for the automotive aftermarket parts and accessories market.

Stifel served as lead financial advisor to Kohlberg & Company, a private equity firm headquartered in Mount Kisco, New York, in its acquisition of Parts Authority, a portfolio company of The Jordan Company. The Jordan Company announced it will retain a significant minority ownership position.

Parts Authority is a distributor of automotive and truck replacement parts, tools / equipment, and transmissions.

https://www.aftermarketnews.com/industry-executives-share-insights-on-future-of-automotive-aftermarket/

https://www.forbes.com/sites/sap/2020/11/05/how-automotive-suppliers-can-emerge-from-the-pandemic-stronger-than-before/?sh=637b4a897ad4

https://www.wsj.com/articles/cars-are-going-digital-but-detroit-has-a-long-road-ahead-11606473031

11% 17%

35%

22%

7%

15% 30%

18%

74%

20%

31%

9% 15% 12% 19%

5% 10%

16% 17%

(7%)(9%)

30%

6% 13% 16% 15%

20%

6% 3%

15%

1%

(4%)

52%

1%

15%

(5%)

8%

18%

2%

13% 16% 9%

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

80%

S&P

500

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, Inc

.

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, Inc

.

Gen

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Par

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LKQ

Cor

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O'R

eilly

Aut

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Inc.

ARB

Cor

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Lim

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Fox

Fact

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Hol

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Cor

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Pola

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Copa

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IAA,

Inc.

KAR

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Serv

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, Inc

.

Aftermarket Suppliers Diversified Aftermarket& OEM Suppliers

Global Tire Manufacturers Collision Multi-Unit RepairServices

Parts Distributors Consumer /Enthusiast

Auctions

14.3%

8.5%

4.9%

12.9%

(4.8%)(2.4%)(0.7%)

13.1%

(60.0%)

(50.0%)

(40.0%)

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Multi-UnitRepair Services: (4.8%)

Page | 2

Public Equity Market Overview

Year-to-Date Stock Performance

Source: Capital IQ as of December 7, 2020

Recent Stock Performance | Last Three Months

S&P 500: 14.3% Diversified Aftermarket & OEM Suppliers: 4.9%Aftermarket Suppliers: 8.5% Global Tire

Manufacturers: (2.4%)

Collision: 12.9% Parts Distributors: (0.7%) Consumer / Enthusiast: 13.1%

Most companies in our aftermarket index have outperformed the S&P 500 over the last three months

Page | 3

Resumption of M&A Activity

Recent Aftermarket Transactions

Pritzker Private Capital Announces Acquisition of Highline Aftermarket and Warren Distribution Pritzker Private Capital, a Chicago, IL-based private equity firm announced in November 2020 that it had completed the acquisitions of Highline Aftermarket and Warren Distribution. The two companies will become Highline-Warren, one of the largest manufacturers and distributors of aftermarket products. The company will have 27 facilities across North America, offering products including windshield washer fluid, engine lubricants and a wide variety of consumable automotive aftermarket products.

MidOcean Partners Announces Acquisition of FullSpeed AutomotiveMidOcean Partners, a New York, NY-based private equity firm announced in November 2020 that it had acquired FullSpeed Automotive from CenterOak Partners. FullSpeed Automotive is aftermarket services platform offering oil changes, tire and brake services, car washes and other services through multiple brands including the Grease Monkey and SpeeDee brands. FullSpeed Automotive was founded in 1978 and has nearly 600 automotive centers across the U.S. as well as internationally.

Les Schwab Tire Centers Announces Sale to Meritage Group Les Schwab Tire Centers, a Bend, OR-based provider of aftermarket tire replacement and general maintenance services, announced in September 2020 that it would be acquired by Meritage Group. Meritage Group is an investment firm which invests in in public and private equity, credit and real estate. Les Schwab announced plans to explore a sale in December 2019. The company operates nearly 500 stores in 10 western states and has annual sales of approximately $1.8 billion.

Valvoline Inc. (NYSE:VVV) Announces Acquisition of 33 Quick-Lube Service CentersValvoline Inc. (NYSE:VVV), a Lexington, KY-based supplier of premium branded lubricants and services announced in October 2020 that it had entered into a definitive agreement to acquire 12 quick-lube service centers in Idaho and Missouri from Einstein’s Oilery as well as 21 Kansas service centers from its franchisee, Westco Lube. Valvoline CEO Scott Mitchell stated, “Einstein's Oilery has a tradition of exemplary customer service. Likewise, Westco Lube has established Valvoline as a trusted name in the communities it serves. Both acquisitions fit within our expanding network of company-owned service centers and we are proud to welcome them into the Valvoline corporate family.”

Mavis and Town Fair Agree to Combine OperationsTown Fair Tire, an East Haven, CT-based distributor of tires and Mavis Tire, a Millwood, NY-based distributor of tires announced in November 2020 their plans to merge. The combined company will operate over 1,000 stores spanning across the East Coast. Mavis CEO David Sorbaro stated, “Together, Town Fair and Mavis will realize a combined scale that better positions each of us to meet industry challenges and thrive in an ever-changing and competitive landscape.”

Recochem Announces Acquisition of KOST USARecochem, a Montreal, Canada-based distributor of automotive aftermarket and household fluids announced in December 2020 that it had acquired KOST USA. KOST USA is the third largest manufacturer of antifreeze and functional fluids in the U.S. Recochem CEO Richard Boudreaux stated, “The acquisition of KOST is strategically important for Recochem, significantly increasing the Company’s presence in the United States. The combined business is a leading manufacturer and distributor and one of the few scaled players in automotive aftermarket consumable fluids across North America.” Reochem is a portfolio company of H.I.G. Capital, a private equity firm.

M&A activity in the aftermarket has accelerated in Q4 2020 (see pages 8-9 for our M&A tracker).

18% 3% 4%

12% 4%

(7%)(5%)

13%

(4%) (1%)(11%)

9%

(9%)

3% 1%

(21%)(13%)

(12%)(3%)

(7%)(7%) (10%)

7%

(5%) (3%) (4%)(10%)(11%)

4% 10% 13%

69%

(3%) (3%)

20%

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23% 10% 7%

(5%)(15%)

(80%)

(60%)

(40%)

(20%)

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Aftermarket Suppliers Diversified Aftermarket& OEM Suppliers

Global Tire Manufacturers Collision Multi-Unit RepairServices

Parts Distributors Consumer /Enthusiast

Auctions

Page | 4

Tracking COVID-19 Impact

Highlights from Recent Earnings Calls

“So I mean it's difficult to speculate, but let's assume that the vaccine is a huge success and it goes through everybody very quickly and we get back to normal. If you look at pre-COVID miles driven, I mean, it's significantly higher than post-COVID miles driven….I think it's positive. I mean, more people driving, and I don't think instantly, everybody is going to go back to mass transit that quickly. But even if they did, I mean, miles driven were much higher and the aging car fleet and in general…I think if you talk to certainly my perspective on the aftermarket is there's a lot of tailwinds regardless of which way that all goes for the industry. And at the end of the day, the more people that are out in the route doing and traveling…I think it's generally positive still.”

Selwyn Joffe – Motorcar Parts of America Chairman, President & CEO

“Obviously, with the announcement of a vaccine, we don't know the timing or anything pertaining to how quickly we're going to get back in the office and back to work. But ultimately, that's going to happen. And when it does, people are going to get back in their cars. They're going to commute to work. They're going to go to where they need to go. They're going to get back on -- go to football games and they go to restaurants and things like that, and that will be good for our business overall. Miles driven is a positive for this industry for decades.”

Thomas Greco – Advance Auto Parts President & CEO

“We've all been watching the news and tracking all these companies, pharmaceutical companies as soon as a vaccine will emerge. So we're excited about that. We think that's a positive to sports in general and biking specifically, I don't think it takes away from this renaissance we're seeing in the biking space or in the power vehicle space by the way. We think it actually brings people back to work and creates prosperity and allows people to invest into the hobby they've created over the last year or nine months as it may be.…I think these are trends that are going to maintain and grow over time.”

Michael Dennison – Fox Factory CEO

Most Recent Quarter Sales Growth (Year-Over-Year)

Aftermarket executives are optimistic heading into 2021

Source: Capital IQ as of December 7, 2020

Notes from the 2020 MSO(1)

Symposium

Dr. Lindsey Piegza, Stifel’s chief economist, and Joe Sparacino, Stifel Managing Director, Auto Aftermarket, contributed to the Symposium on different panels during the industry’s first virtual conference

Dr. Piegza led a discussion on the state of the economy, providing an outlook for 2021 and beyond that was very well-received

Mr. Sparacino moderated a panel on private equity in the industry, engaging with two senior investors from Leonard Green and Frontenac to hear their perspectives on the sector

Operators are optimistic about 2021, as miles driven has steadily increased since May and the prospects of a COVID vaccine indicate a potential near-term return to pre-pandemic commuting and vehicle usage

Advancing technologies and continued consolidation play prominent roles in industry discussions, as recent M&A activity demonstrates strong investor appetite in sophisticated and scaled platforms of multi-shop operators

Page | 5

Consolidation in the Collision Industry

Consolidation in the Collision Repair Industry Shows No Signs of Slowing Down

(1) MSO stands for Multi-Shop Operator(2) Owned by Driven Brands(3) Owned by Mondofix; Mondofix licenses the FixAuto name to FixAuto US and is otherwise unaffiliatedSource: Romans Group

Despite a COVID-driven decline in accident frequency in 2020, consolidation in the sector has continued in 2020 as smaller companies have sold to larger platforms or have joined larger

networks (franchise and buying groups)

2020 U.S. Top Repairers(Independents and Franchisors / Networks)

Rank Independents # of Locations

Franchisors / Networks

# of Locations

1. Caliber Collision 1,000+

Certified Collision Group

525

2. The Boyd Group 705 CarStar(2) 500+

3. Service King 345 Maaco(2) 500+

4. Joe Hudson'sCollision 118 Fix Auto

Canada(3) 265

5. Classic Collision 54

1Collision Network / CSN Collision

240

6. Crash Champions 50 Carrossier

ProColor(3) 177

7. Craftsman Collision 42 Fix Auto US(2) 170

8. ProCareCollision 41

9. Collision Works 33

10. CollisionRight 20

3.2% 2.6% 1.5% 2.4% 2.3%

(4.3%)

(1.3%)

7.4%

4.5% 3.6% 3.1% 0.9%

(0.6%)

(6.3%)

(29.4%)

(13.2%)

4.7% 4.0% 2.1% 1.3%

0.4%

(3.9%)

(24.9%)

(9.8%)

(35.0%)

(30.0%)

(25.0%)

(20.0%)

(15.0%)

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20

1.0% 0.0% 1.4% 2.2% 2.2%

(18.9%)

(40.2%)

(25.5%)

(13.0%)(11.3%) (12.4%)

(8.8%)

$1.60

$1.70

$1.80

$1.90

$2.00

$2.10

$2.20

$2.30

$2.40

$2.50

$2.60

$2.70

$2.80

(45.0%)

(40.0%)

(35.0%)

(30.0%)

(25.0%)

(20.0%)

(15.0%)

(10.0%)

(5.0%)

0.0%

5.0%

Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

Average Gasoline Price Per G

allonVe

hicl

e M

iles

Trav

eled

(Yea

r-O

ver-Y

ear C

hang

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Vehicle Miles Traveled Gasoline Prices

Page | 6

Industry Data

Miles Traveled and Average Gasoline Price Per Gallon

Sources: Miles Traveled – Federal Highway Administration, Gas Prices – U.S. Energy Information Administration

(1) Same store sales growth measures revenue growth for stores that have been open at least one year. Same store sales figures reflect only the portions applicable to the automotive aftermarket.

(2) Retailers and Distributors includes: Advance Auto Parts, AutoZone, Genuine Parts Company, LKQ, and O’Reilly AutomotiveMulti-Unit Repair Services includes: Boyd Group Services and MonroCollision includes: Boyd Group Services and LKQ

Retailers & Distributors Multi-Unit Repair Services Collision

Same Store Sales Growth(1)(2)

14.4x

11.3x

15.6x 15.1x

12.5x

10.2x 9.5x

15.1x13.2x

10.2x

16.7x

19.2x

11.0x9.9x

6.4x

15.1x

11.0x12.1x

7.3x

14.9x

11.8x12.7x

7.6x

15.3x

Enterprise Value / EBITDA Multiples(1)

Page | 7

(1) EBITDA includes equity income from affiliatesSource: Capital IQ as of December 7, 2020

5-Year Average

10.6x 10.2x 6.2x 13.9x

Aftermarket Suppliers Diversified Aftermarket & OEM Suppliers

Global Tire Manufacturers

Collision

1-Year Ago 1-Month Ago Current

Public Equity Market Overview

5-Year Average

13.6x 11.7x 15.3x 14.6x

Multi-Unit Repair Services

Parts Distributors Consumer / Enthusiast Auctions

1-Year Ago 1-Month Ago Current

12/8/2020(1) Truck Hero, Inc. L CattertonL Catterton-led consortium announced a definitive agreement to acquire Truck Hero, a provider of aftermarket jeep and pickup truck accessories, from CCMP Capital

12/4/2020Engine & Performance Warehouse Inc.

National Auto Parts Warehouse, Inc.

Engine & Performance Warehouse distributes engine parts across the nation

12/2/2020 KOST USA Recochem (H.I.G. Capital) KOST USA manufactures antifreeze and functional fluids for the automotive aftermarket and industrial channels

12/2/2020(1) 27 Quick-Lube Service Centers

Valvoline Inc. (NYSE:VVV)Valvoline announced it has signed a definitive agreement to acquire 27 quick-lube service centers from Car Wash Partners

12/2/2020 Centric Parts First Brands Group Centric Parts manufactures and supplies replacement brake components

12/1/2020 Weaver Auto PartsAutomotive Parts Headquarters, Inc.

Weaver Auto Parts provides auto parts, accessories and repair services

11/30/2020 FullSpeed Automotive MidOcean Partners LLP FullSpeed Automotive operates as a franchisor of automotive oil change centers

11/23/2020 Goodyear® Air Springs Turnspire Capital PartnersGoodyear Air Springs®, under a global and exclusive license from The Goodyear Tire and Rubber Co., is a provider of premium air springs for trucks, trailers, buses and specialty vehicles.

11/20/2020 Challenger Door, LLC Lippert Components, Inc.Challenger Door manufactures and distributes custom doors for the recreation vehicle industry, and products for specialty and cargo trailers

11/19/2020 Town Fair Tire Centers(1) Mavis Tire Town Fair Tire distributes tires through its 100 stores across six states in the Northeast

11/18/2020 Elite Auto Collision (6 shops)Classic Collision Inc. (New Mountain Capital)

Elite Auto Collision provides automotive repair services in Georgia

11/18/2020PBE business of Cook's Automotive Service, Inc.

Wesco Group Cook's Automotive PBE business distributes paint, body and equipment

11/17/2020 Rayside Truck & Trailer, Inc. Reading Truck Group, LLCRayside Truck & Trailer sells new and pre-owned truck bodies, truck equipment, truck accessories, and trailers in South Florida

11/17/2020 CollisionRight, Inc. CenterOak Partners LLC CollisionRight provides automotive body repair services

11/14/2020 Rever, LLCComoto Holdings (Prospect Hill Growth Partners)

Rever operates as a technology platform to provide a community for Powersports enthusiasts

Page | 8

M&A Tracker

(1) Announced dateSources: Capital IQ, Factset, Pitchbook

Select Transactions

Close Date Target Buyer (Sponsor) Transaction Details

11/12/2020 Ape Offroad, Inc.Nivel Parts & Manufacturing (Kelso & Company)

Ape Offroad manufactures windshields, cab enclosures, and other accessories for UTVs and Side by Sides

11/12/2020 BacklotCars LLC ADESA, Inc. BacklotCars provides an online marketplace for auto dealers

11/11/2020Warren Distribution, Inc. & Highline Aftermarket Holdings, LLC.

PPC Investment Partners LP Warren Distribution, a distributor of aftermarket parts, and Highline Aftermarket Holdings, a distributor of automotive chemicals, lubricants, and parts, have been combined to form Highline-Warren

11/10/2020 Summit Consulting Int'l, Inc.OEConnection LLC (Genstar Capital)

Summit Consulting Int'l provides distribution and communication services to OEMs

11/9/2020 Performance Replicas, Inc.Wheel Pros, LLC (Clearlake Capital Group)

Performance Replicas distributes replica wheels

11/4/2020Five Car Wash Locations from Zips Express Car Wash

ModWash ModWash acquired five car wash locations from AK-based Zips Express Car Wash

10/30/2020 Uncle Ed's Oil Shoppes, Inc.FullSpeed Automotive (CenterOak Partners)

Uncle Ed's Oil Shoppes provides preventative maintenance and car wash services

10/29/2020 Parts Authority, Inc. Kohlberg & Company, L.L.C. Parts Authority distributes automotive & truck replacement parts, tools / equipment and transmissions

10/28/202017 Stores in Southern California

Monro (NASDAQ:MNRO)Monro expects these locations to add ~$20 million in annualized sales, representing a sales mix of 60% tires and 40% service

10/28/2020Eight Jiffy Lube Quick-Service Oil Change Stores of MFA Petroleum

Jiffy Lube International, Inc. (Wynnchurch Capital)

Jiffy Lube International acquired eight quick-service oil change stores that supply refined fuels, oils, lubricants, propane, and tires

10/26/2020 All Star Truck Services Corp.Lubezone, Inc. (Trivest Partners)

All Star Truck Services provides mobile / full-scale mechanical repair services, preventative maintenance and auto parts

10/20/2020 AccuAir Control Systems, L.L.C. Arnott LLC AccuAir Control Systems manufactures and sells vehicle kits, air management products, and accessories

10/16/2020 Distributors Warehouse Parts Warehouse Distributors Warehouse, a provider of automotive replacement parts, has merged with Parts Warehouse

10/16/2020 All Products Automotive, IncNational Auto Parts Warehouse, Inc.

All Products Automotive supplies automotive parts and accessories

10/2/2020(1) 33 Quick-Lube Service Centers

Valvoline Inc. (NYSE:VVV)Valvoline announced it has signed a definitive agreement to acquire 33 quick-lube service centers in Idaho, Missouri and Kansas

Page | 9

M&A Tracker (Cont’d)

(1) Announced dateSources: Capital IQ, Factset, Pitchbook

Select Transactions

Close Date Target Buyer (Sponsor) Transaction Details

Page | 10

About Us

Stifel is a full-service investment bank with deep industry experience. We serve as strategic advisor to entrepreneurs, family-owned businesses, private equity groups, and leading public and private corporations in North America, Europe, Asia, and Latin America.

Contact our Automotive Aftermarket Investment Banking team to find out more:

Additional Stifel Resources

Automotive Aftermarket Investment Banking

SEAN WRIGHTVice President

(617) [email protected]

JOHN COYNEVice President


JOHN TILLOTSONAssociate


JOE SPARACINOManaging Director –Automotive Aftermarket


MARK MAYManaging Director –Internet & Digital Media


Select Transactions

*Worked on transaction while at a previous, unaffiliated firm

GREG URBANManaging Director –Automotive OEM / Suppliers


STEPHEN BUTKOWManaging Director –Industrial Technology


*Worked on transaction while at a previous, unaffiliated firm

Stock 52 Week Market Price / P/E Forward PEG TEV / Revenue TEV / EBITDA

Price High / Low Cap TEV TBV LTM CY 2020 CY 2021 CY 2020 CY 2021 LTM CY 2020 CY 2021 LTM CY 2020 CY 2021

Aftermarket Suppliers

Dorman Products, Inc. $96.27 $99.95 / $44.49 $3,088 $2,952 4.3x 36.8x 30.3x 25.6x NA NA 2.9x 2.8x 2.6x 18.1x 18.1x 16.1x

Motorcar Parts of America, Inc. $23.39 $23.69 / $10.43 $446 $626 1.6x NM 13.0x 10.0x 0.5x 0.4x 1.2x 1.2x 1.0x 19.4x 8.2x 6.9x

Snap-on Incorporated $179.85 $181.64 / $90.72 $9,750 $10,498 4.0x 20.4x 16.7x 15.5x 3.4x 3.2x 2.8x 3.0x 2.9x 11.1x 11.3x 10.6x

Standard Motor Products, Inc. $49.17 $54.24 / $33.94 $1,104 $1,131 2.7x 18.8x 15.3x 13.7x NA NA 1.0x 1.0x 1.0x 9.2x 8.9x 8.0x

Valvoline Inc. $23.02 $23.65 / $9.06 $4,265 $5,805 NM 14.6x 15.3x 13.6x 1.8x 1.6x 2.5x 2.4x 2.1x 9.7x 11.2x 10.0x

Mean $3,731 $4,202 3.2x 22.7x 18.1x 15.7x 1.9x 1.7x 2.1x 2.1x 1.9x 13.5x 11.5x 10.3x

Median $3,088 $2,952 3.3x 19.6x 15.3x 13.7x 1.8x 1.6x 2.5x 2.4x 2.1x 11.1x 11.2x 10.0x

Diversified Aftermarket & OEM Suppliers

Axalta Coating Systems Ltd. $29.07 $31.26 / $12.92 $6,845 $9,677 NM 45.5x 25.1x 16.7x 2.7x 1.8x 2.6x 2.6x 2.3x 14.0x 13.3x 10.5x

Gates Industrial Corporation plc $13.14 $14.30 / $5.42 $3,821 $6,664 NM NM 18.8x 14.7x NA NA 2.4x 2.4x 2.2x 14.4x 13.9x 11.2x

Horizon Global Corporation $8.91 $8.98 / $1.20 $234 $493 NM NM NA NA NA NA 0.8x NA NA NM NA NA

PPG Industries, Inc. $144.90 $149.88 / $69.77 $34,226 $38,498 NM 35.1x 25.7x 21.3x 3.3x 2.7x 2.8x 2.8x 2.6x 17.9x 16.4x 14.2x

Tenneco Inc. $10.84 $14.85 / $2.21 $883 $6,297 NM NM NM 4.4x NM 0.6x 0.4x 0.4x 0.4x 7.6x 6.4x 4.9x

Mean $9,202 $12,326 NM 40.3x 23.2x 14.3x 3.0x 1.7x 1.8x 2.1x 1.9x 13.5x 12.5x 10.2x

Median $3,821 $6,664 NM 40.3x 25.1x 15.7x 3.0x 1.8x 2.4x 2.5x 2.3x 14.2x 13.6x 10.8x


Bridgestone Corporation $35.70 $41.89 / $27.53 $25,136 $29,164 1.4x 43.7x NM 13.3x NM NA 1.0x 1.0x 0.9x 7.8x 8.2x 5.6x

Cooper Tire & Rubber Company $40.29 $42.32 / $13.82 $2,030 $1,976 1.7x 16.4x 13.5x 11.1x NA NA 0.8x 0.8x 0.7x 5.3x 5.1x 4.5x

The Goodyear Tire & Rubber Company $10.72 $16.63 / $4.09 $2,499 $9,150 1.1x NM NM 12.9x NM 1.7x 0.7x 0.7x 0.7x 19.2x 15.5x 6.1x

Hankook Tire & Technology Co., Ltd. $34.23 $35.25 / $13.89 $4,176 $4,712 0.7x 17.0x 12.1x 8.6x 1.8x 1.3x 0.9x 0.8x 0.7x 4.6x 4.4x 4.0x

Kumho Tire Co., Inc. $3.62 $3.95 / $2.39 $1,040 $2,606 1.0x NM NA NA NA NA 1.4x 1.4x 1.2x 10.6x NA NA

Michelin SCA $126.99 $137.97 / $82.51 $22,546 $28,026 2.5x 22.9x 25.1x 11.8x NM NM 1.1x 1.1x 1.0x 7.3x 7.0x 5.4x

Nexen Tire Corporation $5.58 $8.52 / $3.52 $573 $1,464 0.4x 31.6x 15.6x 6.2x NA NA 1.0x 0.9x 0.8x 7.2x 6.6x 4.3x

Pirelli & C. S.p.A. $5.41 $6.56 / $3.69 $5,406 $11,169 NM 32.4x 27.4x 13.6x NM NM 2.1x 2.2x 1.9x 13.9x 10.6x 8.3x

Toyo Tire Corporation $15.91 $17.77 / $9.05 $2,449 $3,278 1.2x 13.7x 12.8x 9.0x 0.7x 0.5x 1.0x 1.0x 0.9x 5.9x 5.8x 5.0x

The Yokohama Rubber Company $15.34 $22.70 / $10.70 $2,464 $4,557 1.0x 15.6x 12.6x 9.1x 0.7x 0.5x 0.8x 0.8x 0.8x 6.7x 6.5x 5.7x



Collision

Axalta Coating Systems Ltd. $29.07 $31.26 / $12.92 $6,845 $9,677 NM 45.5x 25.1x 16.7x 2.7x 1.8x 2.6x 2.6x 2.3x 14.0x 13.3x 10.5x

Boyd Group Services Inc. $168.44 $180.87 / $97.66 $3,617 $4,142 NM NM NM 38.6x NM 2.4x 2.6x 2.5x 2.0x NM 18.1x 14.0x

Copart, Inc. $114.61 $130.96 / $55.69 $27,063 $26,983 11.8x NM 40.1x 34.5x 2.2x 1.9x 12.0x 11.7x 10.1x NM NM 22.6x

IAA, Inc. $60.34 $64.98 / $21.79 $8,114 $10,044 NM NM 40.4x 31.9x 4.0x 3.2x 7.4x 7.3x 6.5x NM NM 21.2x

LKQ Corporation $37.09 $38.38 / $13.31 $11,288 $15,411 NM 20.3x 15.3x 13.5x NA NA 1.3x 1.3x 1.3x 12.0x 11.7x 10.6x

PPG Industries, Inc. $144.90 $149.88 / $69.77 $34,226 $38,498 NM 35.1x 25.7x 21.3x 3.3x 2.7x 2.8x 2.8x 2.6x 17.9x 16.4x 14.2x




Boyd Group Services Inc. $168.44 $180.87 / $97.66 $3,617 $4,142 NM NM NM 38.6x NM 2.4x 2.6x 2.5x 2.0x NM 18.1x 14.0x

Monro, Inc. $47.34 $81.54 / $37.09 $1,577 $2,335 42.8x NM 47.3x 26.3x 3.2x 1.8x 2.0x 2.1x 1.9x 15.6x 17.5x 12.5x

Valvoline Inc. $23.02 $23.65 / $9.06 $4,265 $5,805 NM 14.6x 15.3x 13.6x 1.8x 1.6x 2.5x 2.4x 2.1x 9.7x 11.2x 10.0x



Parts Distributors

Advance Auto Parts, Inc. $153.68 $170.50 / $71.33 $10,357 $12,779 5.0x 24.0x 17.9x 16.1x 2.0x 1.8x 1.3x 1.3x 1.3x 12.5x 11.8x 11.2x

AutoZone, Inc. $1,157.18 $1274.41 / $684.91 $26,818 $33,382 NM 18.3x 15.4x 15.2x 1.8x 1.8x 2.6x 2.6x 2.5x 11.0x 11.4x 11.5x

CarParts.com, Inc. $15.82 $17.29 / $1.04 $758 $729 9.0x NM NM NM NM NM 1.9x 1.7x 1.5x NM NM NM

Genuine Parts Company $98.25 $107.08 / $49.68 $14,174 $16,981 NM 22.7x 19.0x 17.0x 5.3x 4.7x 0.9x 1.0x 1.0x 12.4x 12.7x 11.6x

LKQ Corporation $37.09 $38.38 / $13.31 $11,288 $15,411 NM 20.3x 15.3x 13.5x NA NA 1.3x 1.3x 1.3x 12.0x 11.7x 10.6x

O'Reilly Automotive, Inc. $448.62 $487.95 / $251.52 $32,502 $37,420 NM 24.9x 19.4x 19.4x 1.7x 1.7x 3.3x 3.2x 3.2x 14.2x 13.7x 14.2x



Consumer / Enthusiast

ARB Corporation Limited $21.70 $25.20 / $7.75 $1,755 $1,757 7.3x NM 34.9x 30.9x 3.5x 3.1x 5.5x 4.8x 4.4x NM 20.9x 19.2x

Fox Factory Holding Corp. $95.44 $113.41 / $34.58 $3,981 $4,119 21.3x NM 32.9x 27.8x 2.3x 2.0x 5.1x 4.7x 4.0x NM 23.8x 19.4x

Polaris Inc. $95.62 $110.30 / $37.36 $5,900 $7,072 NM 24.1x 13.1x 12.5x 0.9x 0.8x 1.1x 1.0x 1.0x 9.9x 8.2x 7.5x



Auctions

Copart, Inc. $114.61 $130.96 / $55.69 $27,063 $26,983 11.8x NM 40.1x 34.5x 2.2x 1.9x 12.0x 11.7x 10.1x NM NM 22.6x

IAA, Inc. $60.34 $64.98 / $21.79 $8,114 $10,044 NM NM 40.4x 31.9x 4.0x 3.2x 7.4x 7.3x 6.5x NM NM 21.2x

KAR Auction Services, Inc. $18.75 $24.13 / $9.41 $2,423 $5,046 NM NM 20.3x 12.5x 1.7x 1.0x 2.2x 2.2x 1.9x 12.7x 11.7x 9.2x

Mean $12,533 $14,025 11.8x NM 33.6x 26.3x 2.6x 2.0x 7.2x 7.1x 6.2x 12.7x 11.7x 17.7x

Median $8,114 $10,044 11.8x NM 40.1x 31.9x 2.2x 1.9x 7.4x 7.3x 6.5x 12.7x 11.7x 21.2x

Page | 11

Appendices –Valuation Metrics

Valuation Metrics(1)(2)

(1) $ in millions except stock price (2) All values converted to USD at the exchange rate of the date aboveSource: Capital IQ as of December 7, 2020

Net Margins Sales Growth EBITDA Growth SSS

LTM Date Revenue EBITDA EBIT Income Gross EBITDA EBIT NI 1 Year 5 Year 1 Year 5 Year Latest Q


Dorman Products, Inc. 09/26/20 $1,031 $163 $136 $88 34.5% 15.8% 13.2% 8.6% 1.9% 6.0% 1.9% 1.1%

Motorcar Parts of America, Inc. 09/30/20 $526 $32 $22 $5 22.9% 6.1% 4.2% 0.9% 2.7% 8.8% 2.0% (1.5%)

Snap-on Incorporated 09/26/20 $3,814 $946 $861 $589 50.8% 24.8% 22.6% 15.4% (6.2%) 1.2% (8.8%) 3.1%

Standard Motor Products, Inc. 09/30/20 $1,087 $123 $97 $60 29.0% 11.3% 9.0% 5.5% (4.9%) 2.0% 2.6% 3.4%

Valvoline Inc. 09/30/20 $2,353 $601 $535 $317 36.7% 25.5% 22.7% 13.5% (1.5%) 3.6% 49.5% 10.6%

Mean $1,762 $373 $330 $212 34.8% 16.7% 14.3% 8.8% (1.6%) 4.3% 9.4% 3.3%

Median $1,087 $163 $136 $88 34.5% 15.8% 13.2% 8.6% (1.5%) 3.6% 2.0% 3.1%


Axalta Coating Systems Ltd. 09/30/20 $3,762 $691 $395 $94 34.2% 18.4% 10.5% 2.5% (17.3%) (2.1%) (23.8%) (3.2%)

Gates Industrial Corporation plc 09/26/20 $2,725 $462 $244 $75 36.6% 17.0% 9.0% 2.7% (13.6%) 0.0% (28.3%) 0.0%

Horizon Global Corporation 09/30/20 $628 ($19) ($40) ($63) 15.3% (3.0%) (6.4%) (10.0%) (8.5%) 1.5% NM NA

PPG Industries, Inc. 09/30/20 $13,749 $2,146 $1,628 $1,079 43.9% 15.6% 11.8% 7.8% (9.1%) (1.6%) (7.5%) (1.2%)

Tenneco Inc. 09/30/20 $14,872 $824 $188 ($2,001) 12.9% 5.5% 1.3% (13.5%) (15.4%) 12.7% (41.8%) 2.4%

Mean $7,147 $821 $483 ($163) 28.6% 10.7% 5.2% (2.1%) (12.8%) 2.1% (25.3%) (0.5%)

Median $3,762 $691 $244 $75 34.2% 15.6% 9.0% 2.5% (13.6%) 0.0% (26.0%) (0.6%)


Bridgestone Corporation 09/30/20 $28,815 $3,744 $1,130 $598 35.7% 13.0% 3.9% 2.1% (15.8%) (4.5%) (30.4%) (11.2%)

Cooper Tire & Rubber Company 09/30/20 $2,543 $374 $219 $156 19.3% 14.7% 8.6% 6.1% (8.3%) (3.4%) 13.8% (6.0%)

The Goodyear Tire & Rubber Company 09/30/20 $12,378 $476 ($293) ($1,709) 16.4% 3.8% (2.4%) (13.8%) (17.0%) (5.9%) (69.3%) (27.5%)

Hankook Tire & Technology Co., Ltd. 09/30/20 $5,455 $1,018 $441 $221 27.3% 18.7% 8.1% 4.1% (8.5%) (0.3%) 2.2% (1.8%)

Kumho Tire Co., Inc. 09/30/20 $1,859 $246 $33 ($76) 23.7% 13.3% 1.8% (4.1%) (9.5%) (6.9%) 25.9% (4.9%)

Michelin SCA 06/30/20 $24,433 $3,851 $2,002 $854 26.9% 15.8% 8.2% 3.5% (6.4%) 1.3% (20.0%) 0.3%

Nexen Tire Corporation 09/30/20 $1,459 $204 $42 $13 26.5% 14.0% 2.9% 0.9% (17.3%) (1.4%) (36.2%) (7.1%)

Pirelli & C. S.p.A. 09/30/20 $5,338 $804 $332 $49 66.0% 15.1% 6.2% 0.9% (20.3%) 0.0% (45.1%) 0.0%

Toyo Tire Corporation 09/30/20 $3,287 $557 $323 $192 35.3% 16.9% 9.8% 5.8% (10.2%) (3.2%) (8.4%) (7.1%)

The Yokohama Rubber Company 09/30/20 $5,453 $681 $268 $171 31.5% 12.5% 4.9% 3.1% (12.2%) (2.1%) (35.9%) (3.9%)

Mean $9,102 $1,195 $450 $47 30.9% 13.8% 5.2% 0.9% (12.5%) (2.6%) (20.3%) (6.9%)

Median $5,395 $619 $295 $163 27.1% 14.3% 5.6% 2.6% (11.2%) (2.6%) (25.2%) (5.4%)

Collision

Axalta Coating Systems Ltd. 09/30/20 $3,762 $691 $395 $94 34.2% 18.4% 10.5% 2.5% (17.3%) (2.1%) (23.8%) (3.2%)

Boyd Group Services Inc. 09/30/20 $1,613 $146 $91 $38 45.8% 9.0% 5.7% 2.4% (2.0%) 14.3% (7.3%) 16.6% (15.0%)

Copart, Inc. 10/31/20 $2,244 $956 $859 $682 46.8% 42.6% 38.3% 30.4% 5.1% 14.4% 12.6% 19.8%

IAA, Inc. 09/27/20 $1,357 $382 $298 $176 38.4% 28.2% 22.0% 13.0% (4.2%) 7.1% (5.2%) 8.1%

LKQ Corporation 09/30/20 $11,685 $1,283 $984 $598 39.5% 11.0% 8.4% 5.1% (6.5%) 10.4% (0.3%) 8.8% (4.5%)

PPG Industries, Inc. 09/30/20 $13,749 $2,146 $1,628 $1,079 43.9% 15.6% 11.8% 7.8% (9.1%) (1.6%) (7.5%) (1.2%)

Mean $5,735 $934 $709 $444 41.4% 20.8% 16.1% 10.2% (5.7%) 7.1% (5.2%) 8.1% (9.8%)

Median $3,003 $824 $627 $387 41.7% 17.0% 11.2% 6.5% (5.3%) 8.8% (6.2%) 8.4% (9.8%)


Boyd Group Services Inc. 09/30/20 $1,613 $146 $91 $38 45.8% 9.0% 5.7% 2.4% (2.0%) 14.3% (7.3%) 16.6% (15.0%)

Monro, Inc. 09/26/20 $1,151 $150 $77 $31 36.4% 13.0% 6.7% 2.7% (7.1%) 4.3% (20.5%) (1.1%) (11.4%)

Valvoline Inc. 09/30/20 $2,353 $601 $535 $317 36.7% 25.5% 22.7% 13.5% (1.5%) 3.6% 49.5% 10.6%

Mean $1,706 $299 $234 $129 39.6% 15.9% 11.7% 6.2% (3.5%) 7.4% 7.2% 8.7% (13.2%)

Median $1,613 $150 $91 $38 36.7% 13.0% 6.7% 2.7% (2.0%) 4.3% (7.3%) 10.6% (13.2%)

Parts Distributors

Advance Auto Parts, Inc. 10/03/20 $9,854 $1,019 $767 $477 43.8% 10.3% 7.8% 4.8% 1.6% (0.2%) 2.9% (4.4%) 10.2%

AutoZone, Inc. 11/21/20 $12,993 $3,024 $2,617 $1,825 53.5% 23.3% 20.1% 14.0% 8.1% 4.7% 16.1% 6.0%

CarParts.com, Inc. 09/26/20 $387 $8 $1 ($23) 34.9% 2.2% 0.4% (6.0%) 37.1% 5.7% NM 9.6%

Genuine Parts Company 09/30/20 $18,436 $1,365 $1,079 ($191) 33.3% 7.4% 5.9% (1.0%) 3.3% 3.6% 3.4% 1.4% 2.2%

LKQ Corporation 09/30/20 $11,685 $1,283 $984 $598 39.5% 11.0% 8.4% 5.1% (6.5%) 10.4% (0.3%) 8.8% (4.5%)

O'Reilly Automotive, Inc. 09/30/20 $11,259 $2,630 $2,328 $1,684 52.7% 23.4% 20.7% 15.0% 12.8% 7.7% 20.4% 9.3% 16.9%

Mean $10,769 $1,555 $1,296 $728 42.9% 12.9% 10.5% 5.3% 9.4% 5.3% 8.5% 5.1% 6.2%

Median $11,472 $1,324 $1,032 $537 41.6% 10.7% 8.1% 5.0% 5.7% 5.2% 3.4% 7.4% 6.2%


ARB Corporation Limited 06/30/20 $322 $64 $55 $40 52.5% 19.8% 17.1% 12.3% 4.8% 7.2% 5.5% 7.6%

Fox Factory Holding Corp. 10/02/20 $814 $143 $116 $81 32.6% 17.6% 14.2% 10.0% 12.8% 18.7% 12.5% 21.8%

Polaris Inc. 09/30/20 $6,691 $717 $465 $25 24.9% 10.7% 7.0% 0.4% (1.0%) 6.2% (0.2%) (4.8%)

Mean $2,609 $308 $212 $49 36.7% 16.0% 12.7% 7.5% 5.5% 10.7% 6.0% 8.2%

Median $814 $143 $116 $40 32.6% 17.6% 14.2% 10.0% 4.8% 7.2% 5.5% 7.6%

AuctionsCopart, Inc. 10/31/20 $2,244 $956 $859 $682 46.8% 42.6% 38.3% 30.4% 5.1% 14.4% 12.6% 19.8%IAA, Inc. 09/27/20 $1,357 $382 $298 $176 38.4% 28.2% 22.0% 13.0% (4.2%) 7.1% (5.2%) 8.1%KAR Auction Services, Inc. 09/30/20 $2,329 $397 $207 $37 41.9% 17.1% 8.9% 1.6% (13.9%) (1.9%) (21.1%) (9.0%)

Mean $1,977 $579 $455 $299 42.3% 29.3% 23.0% 15.0% (4.3%) 6.5% (4.6%) 6.3%

Median $2,244 $397 $298 $176 41.9% 28.2% 22.0% 13.0% (4.2%) 7.1% (5.2%) 8.1%

Page | 12

Appendices –Operating Results

Operating Results(1)(2)

(1) $ in millions (2) All values converted to USD at the exchange rate of the date aboveSources: Capital IQ as of December 7, 2020, Company Filings

Days Outstanding Cash Total Debt / Debt / Interest Current Quick S&P Debt

A / R Inventory A / P Conversion Debt Capital EBITDA Coverage Ratio Ratio Rating Outlook


Dorman Products, Inc. 137.3 152.4 52.1 237.6 $34 4.0% 0.2x 0.0x 3.1x 2.1x NA NA

Motorcar Parts of America, Inc. 74.3 225.3 97.0 202.6 $202 41.2% 6.3x 1.5x 1.3x 0.5x NA NA

Snap-on Incorporated 68.9 155.4 41.6 182.7 $1,513 29.4% 12.3x 18.0x 2.6x 1.8x A- Stable

Standard Motor Products, Inc. 68.5 164.1 37.1 195.5 $44 7.5% 0.1x NM 2.0x 0.8x NA NA

Valvoline Inc. 62.0 48.3 44.1 66.2 $2,300 103.4% 6.2x 6.7x 3.2x 2.7x BB Negative

Mean 82.2 149.1 54.4 176.9 $819 37.1% 5.0x 6.5x 2.5x 1.6x

Median 68.9 155.4 44.1 195.5 $202 29.4% 6.2x 4.1x 2.6x 1.8x


Axalta Coating Systems Ltd. 79.2 83.8 74.1 88.9 $4,128 74.9% 6.0x 3.6x 2.7x 2.1x BB Stable

Gates Industrial Corporation plc 96.4 104.8 71.3 129.9 $3,159 51.7% 6.8x 2.9x 3.1x 2.2x NA NA

Horizon Global Corporation 58.4 85.4 64.9 78.9 $304 107.8% 0.1x NM 1.5x 0.8x NR NR

PPG Industries, Inc. 69.6 83.8 167.2 NM $6,347 53.9% 7.7x 14.4x 1.5x 1.1x BBB+ Negative

Tenneco Inc. 65.5 53.9 78.5 40.9 $5,772 100.8% 7.0x 1.1x 1.3x 0.8x B NA

Mean 73.8 82.3 91.2 84.6 $3,942 77.8% 5.5x 5.5x 2.0x 1.4x

Median 69.6 83.8 74.1 83.9 $4,128 74.9% 6.8x 3.3x 1.5x 1.1x


Bridgestone Corporation 75.5 105.9 52.6 128.8 $9,885 32.4% 2.6x 19.9x 2.0x 1.4x A Stable

Cooper Tire & Rubber Company 85.4 88.1 49.6 123.8 $422 23.8% 1.1x 11.4x 2.4x 1.7x BB- Stable

The Goodyear Tire & Rubber Company 72.5 90.5 95.6 67.4 $7,529 71.2% 15.8x 0.2x 1.2x 0.7x B+ NA

Hankook Tire & Technology Co., Ltd. NA 132.4 NA NA $1,721 21.3% 1.7x 16.5x 2.5x 0.8x BBB Stable

Kumho Tire Co., Inc. 76.9 94.7 49.6 122.0 $1,629 61.5% 6.6x 2.3x 1.2x 0.7x NA NA

Michelin SCA 56.4 108.7 60.8 104.3 $9,919 41.9% 2.6x 7.4x 1.5x 1.0x A- Negative

Nexen Tire Corporation 83.9 101.1 35.4 149.6 $1,126 46.0% 5.5x 4.5x 1.5x 1.0x NA NA

Pirelli & C. S.p.A. 80.4 228.6 282.9 26.1 $6,812 56.8% 8.5x 2.2x 1.4x 1.0x NA NA

Toyo Tire Corporation 78.4 108.9 50.1 137.2 $1,124 35.1% 2.0x NM 1.7x 1.0x NA NA

The Yokohama Rubber Company 91.5 117.7 59.7 149.5 $2,446 39.7% 3.6x 10.4x 1.3x 0.7x NA NA

Mean 77.9 117.7 81.8 112.1 $4,261 43.0% 5.0x 8.3x 1.7x 1.0x

Median 78.4 107.3 52.6 123.8 $2,084 40.8% 3.1x 7.4x 1.5x 1.0x

Collision

Axalta Coating Systems Ltd. 79.2 83.8 74.1 88.9 $4,128 74.9% 6.0x 3.6x 2.7x 2.1x BB Stable

Boyd Group Services Inc. 18.3 12.0 81.6 NM $611 47.0% 4.2x 5.8x 0.8x 0.6x NA NA

Copart, Inc. 14.1 7.3 98.7 NM $526 16.2% 0.6x 18.4x 2.8x 1.7x NA NA

IAA, Inc. 83.4 NA 38.7 NA $2,147 100.2% 5.6x 7.7x 2.3x 2.0x BB- NA

LKQ Corporation 37.6 124.9 50.1 112.3 $4,492 45.2% 3.5x 14.0x 2.1x 0.8x BB Stable

PPG Industries, Inc. 69.6 83.8 167.2 NM $6,347 53.9% 3.0x 14.4x 1.5x 1.1x BBB+ Negative

Mean 50.4 62.4 85.1 100.6 $3,042 56.2% 3.8x 10.6x 2.0x 1.4x

Median 53.6 83.8 77.9 100.6 $3,137 50.5% 3.8x 10.8x 2.2x 1.4x


Boyd Group Services Inc. 18.3 12.0 81.6 NM $611 47.0% 4.2x 5.8x 0.8x 0.6x NA NA

Monro, Inc. 4.9 84.1 58.8 30.2 $840 53.3% 5.6x 4.4x 1.1x 0.3x NA NA

Valvoline Inc. 62.0 48.3 44.1 66.2 $2,300 103.4% 3.8x 6.7x 3.2x 2.7x BB Negative

Mean 28.4 48.1 61.5 48.2 $1,250 67.9% 4.5x 5.6x 1.7x 1.2x

Median 18.3 48.3 58.8 48.2 $840 53.3% 4.2x 5.8x 1.1x 0.6x

Parts Distributors

Advance Auto Parts, Inc. 18.8 287.8 228.7 77.9 $3,490 48.1% 3.4x NM 1.4x 0.4x BBB- Stable

AutoZone, Inc. NA 273.6 298.9 NA $8,039 114.6% 2.7x 16.1x 1.1x 0.3x BBB Stable

CarParts.com, Inc. 5.3 89.8 55.2 40.0 $30 26.0% 3.5x 1.2x 1.9x 0.8x NA NA

Genuine Parts Company 46.6 106.3 125.5 27.3 $3,687 54.9% 2.7x 13.0x 1.2x 0.5x BBB Stable

LKQ Corporation 37.6 124.9 50.1 112.3 $4,492 45.2% 3.5x 14.0x 2.1x 0.8x BB Stable

O'Reilly Automotive, Inc. 7.6 236.5 255.9 NM $6,581 90.3% 2.5x 15.7x 1.0x 0.3x BBB Stable

Mean 23.2 186.5 169.1 64.4 $4,387 63.2% 3.0x 12.0x 1.4x 0.5x

Median 18.8 180.7 177.1 58.9 $4,090 51.5% 3.1x 14.0x 1.3x 0.4x


ARB Corporation Limited 44.9 201.9 23.8 222.9 $31 10.7% 0.5x NM 3.1x 1.4x NA NA

Fox Factory Holding Corp. 50.3 90.3 55.8 84.8 $416 37.8% 2.9x 10.2x 3.2x 2.3x NA NA

Polaris Inc. 12.7 90.5 50.7 52.5 $1,992 67.8% 2.8x 8.3x 1.1x 0.5x NA NA

Mean 36.0 127.6 43.4 120.1 $813 38.7% 2.1x 9.2x 2.4x 1.4x

Median 44.9 90.5 50.7 84.8 $416 37.8% 2.8x 9.2x 3.1x 1.4x

Auctions

Copart, Inc. 14.1 7.3 98.7 NM $526 16.2% 0.6x 18.4x 2.8x 1.7x NA NA

IAA, Inc. 83.4 NA 38.7 NA $2,147 100.2% 5.6x 7.7x 2.3x 2.0x BB- NA

KAR Auction Services, Inc. 378.9 NA 223.8 NA $3,359 61.0% 8.5x 2.5x 1.6x 1.5x B NA

Mean 158.8 7.3 120.4 NM $2,011 59.1% 4.9x 9.5x 2.2x 1.7x

Median 83.4 7.3 98.7 NM $2,147 61.0% 5.6x 7.7x 2.3x 1.7x

Page | 13

Appendices –Balance Sheet Metrics

Balance Sheet Metrics(1)(2)

(1) $ in millions (2) All values converted to USD at the exchange rate of the date aboveSource: Capital IQ as of December 7, 2020

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AUTOMOTIVE AFTERMARKET INTELLIGENCE REPORT

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