NY Post: Icahn wants to buy thousands more auto repair stores

|By:, SA News Editor

AutoZone (AZO -1%), O’Reilly Automotive (ORLY -2.8%) and Advance Auto Parts (AAP -1.6%) are lower following a NY Post report that Carl Icahn is looking to buy thousands of auto repair shops, with the idea that they will buy products directly from his own AutoPlus distributor instead of the national car parts chains.

Icahn’s pitch is that the new arrangement would boost the profits of the repair shops that install auto parts, according to the report.

Icahn on Friday announced the purchase of Precision Auto Care’s 250 service locations, bringing the number of auto repair shops controlled by Icahn Automotive Group (IEP -0.5%) to more than 1K, but he reportedly "wants to do thousands” more acquisitions of small- and medium-size repair and installation chains.

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