Automotive Aftermarket Stock Performance

Weekly Automotive Aftermarket Intelligence Report June 29, 2015

AUTOMOTIVE AFTERMARKET

Automotive Aftermarket Stock Performance*

20% SLIPPING

S&P 500 Last Week's Return

(0.4%) 15%

Uni-Select

Group 1

10%

Lithia

Monro LKQ

Penske

Asbury

Last Month's Return

5%

S&P 500

Last Month's Return

0%

(0.1%)

(5%)

MPA Dorman Standard Motor

Tenneco Copart

Genuine Parts

AutoZone Rush

Solera

CarMax Cooper Tire

O'Reilly Sonic

KAR

Snap-on

AutoNation Advance Auto

Remy

Goodyear

Boyd Federal-Mogul

LEADING

(10%)

LAGGING (15%)

(10%)

(5%)

Pep Boys (not shown above) had one week and one month returns of 7.3% and 22.0%, respectively *Size of the bubble represents relative market capitalization Source: CapitalIQ

U.S. Auto Parts

IMPROVING

0%

5%

10%

Last Week's Return

Segment Index1

Suppliers Retailers & Distributors Independent Service Providers & Dealers Collision BB&T Automotive Aftermarket Index

S&P 500

1 Weighted by market capitalization

Percent Change

1 Week 1 Month LTM

0.6% 0.8% 1.4% 1.0% 2.4% (0.4%)

0.8% 1.9% 3.3% 3.4% 3.9% (0.1%)

13.9% 32.3% 20.8% 8.3% 22.8% 7.8%

1

Automotive Aftermarket Stock Performance

40%

30% 20%

10%

0%

(10%)

(20%) Jul-14

Source: Capital IQ

Aug-14

Sep-14

Most Recent Quarter Sales Growth

(Year-Over-Year)

70% 60% 50%

40%

30%

20%

10% 0%

(10%)

(20%) (16.7%)

Source: Capital IQ

2.7% 3.1%

(10.0%)

9.4%

Suppliers

(0.8%)

5.7%

Oct-14

(2.2%) (3.4%)

Nov-14

Dec-14

Suppliers Independent Service Providers & Dealers BB&T Automotive Aftermarket Index

2.3%

6.5%

3.1%

8.3% 10.1%

Retailers & Distributors

0.6%

12.3%

Jan-15

Cooper Tire & Rubber Co. Dorman Products, Inc. Federal-Mogul Corp.

Goodyear Tire & Rubber Co. Motorcar Parts of America Inc.

Remy International, Inc. Snap-on Inc.

Standard Motor Products Inc. Tenneco Inc.

Advance Auto Parts Inc. AutoZone, Inc.

Genuine Parts Company KAR Auction Services, Inc.

O'Reilly Automotive Inc. Pep Boys - Manny, Moe & Jack

U.S. Auto Parts Network, Inc. Uni-Select Inc.

Asbury Automotive Group, Inc. AutoNation Inc. CarMax Inc.

Group 1 Automotive Inc. Lithia Motors Inc.

Monro Muffler Brake Inc. Penske Automotive Group, Inc. Pep Boys - Manny, Moe & Jack

Rush Enterprises, Inc. Sonic Automotive Inc. Boyd Group Income Fund

Copart, Inc. KAR Auction Services, Inc.

LKQ Corp. Solera Holdings Inc.

(0.3%)

Feb-15 Mar-15

13.7% 13.3% 7.1% 7.6%

Retailers & Distributors Collision S&P 500 Index

66.0%

Independent Service Providers & Dealers

Apr-15

24.5% 11.4% 7.8%

4.6% 0.6%

May-15

53.4%

Jun-15

8.3% 9.1% 7.1% (4.1%)

Collision

2

Enterprise Value / Last 12 Months' EBITDA Multiples1,2,3

SUPPLIERS

10.0x 9.4x

8.0x

8.9x

8.7x

8.9x

6.0x

4.0x

2.0x

0.0x One Year Ago

One Month Ago 5-Year Average

Current

RETAILERS & DISTRIBUTORS

14.0x 12.0x 10.0x

8.0x 6.0x 4.0x 2.0x 0.0x

11.2x One Year Ago

12.5x

12.7x

One Month Ago 5-Year Average

Current

10.0x

INDEPENDENT SERVICE PROVIDERS & DEALERS

14.0x 12.0x 10.0x

8.0x 6.0x 4.0x 2.0x 0.0x

13.4x One Year Ago

13.0x

13.6x

One Month Ago 5-Year Average

Current

11.7x

TOTAL AUTOMOTIVE AFTERMARKET

14.0x 12.0x 10.0x

8.0x 6.0x 4.0x 2.0x 0.0x

11.2x One Year Ago

11.7x

12.1x

One Month Ago 5-Year Average

Current

11.0x

COLLISION

16.0x 14.0x 12.0x 10.0x

8.0x 6.0x 4.0x 2.0x 0.0x

14.8x One Year Ago

12.8x

12.9x

One Month Ago 5-Year Average

Current

12.3x

1 Enterprise Value = Market Capitalization + Debt ? Cash; EBITDA = Earnings Before Interest, Taxes, Depreciation, and Amortization 2 Pep Boys is included in both Retailers & Distributors and Independent Service Providers & Dealers 3 KAR is included in both Retailers & Distributors and Collision Source: Capital IQ

3

Valuation Metrics

As of 6/28/2015

($ in millions, except per share)

Ticker

Stock Price

52 Week High / Low

SUPPLIERS

Cooper Tire & Rubber Co.

CTB

$35.13 $43.94 / $27.24

Dorman Products, Inc.

DORM

$48.98 $51.75 / $37.22

Federal-Mogul Corp.

FDML

$12.10 $21.12 / $11.51

Goodyear Tire & Rubber Co.

GT

$31.40 $32.74 / $18.87

Motorcar Parts of America, Inc.

MPAA

$31.24 $36.43 / $20.86

Remy International, Inc.

REMY

$22.86 $24.42 / $16.31

Snap-on, Inc.

SNA

$162.19 $162.26 / $111.28

Standard Motor Products, Inc.

SMP

$36.40 $45.80 / $32.62

Tenneco, Inc.

TEN

$60.17 $69.22 / $46.64

MEAN

MEDIAN

RETAILERS & DISTRIBUTORS

Advance Auto Parts, Inc.

AAP

$164.28 $165.16 / $119.71

AutoZone, Inc.

AZO

$677.47 $705.00 / $491.93

Genuine Parts Company

GPC

$92.07 $109.00 / $82.15

KAR Auction Services, Inc.

KAR

$38.37 $39.52 / $25.91

O'Reilly Automotive, Inc.

ORLY

$232.41 $233.84 / $145.51

Pep Boys - Manny, Moe & Jack

PBY

$12.51 $12.55 / $8.00

U.S. Auto Parts Network, Inc.

PRTS

$2.28

$4.09 / $1.50

Uni-Select, Inc.1

UNS

$38.83 $39.15 / $20.23

MEAN

MEDIAN

INDEPENDENT SERVICE PROVIDERS & DEALERS

Asbury Automotive Group, Inc.

ABG

$92.53 $93.40 / $60.63

AutoNation, Inc.

AN

$64.85 $67.50 / $46.16

CarMax, Inc.

KMX

$68.41 $75.40 / $43.27

Group 1 Automotive, Inc.

GPI

$92.25 $93.23 / $65.49

Lithia Motors, Inc.

LAD

$114.51 $117.14 / $63.05

Monro Muffler Brake, Inc.

MNRO

$64.59 $67.93 / $46.93

Penske Automotive Group, Inc.

PAG

$53.97 $54.14 / $36.36

Pep Boys - Manny, Moe & Jack

PBY

$12.51 $12.55 / $8.00

Rush Enterprises, Inc.

RUSH.B $31.33 $31.64 / $19.58

Sonic Automotive, Inc.

SAH

$24.46 $27.87 / $21.76

MEAN

MEDIAN

COLLISION

Boyd Group Income Fund1

BYD.UN $42.79 $46.79 / $29.48

Copart, Inc.

CPRT

$35.72 $38.50 / $29.93

KAR Auction Services, Inc.

KAR

$38.37 $39.52 / $25.91

LKQ Corp.

LKQ

$30.79 $30.82 / $22.90

Solera Holdings, Inc.

SLH

$46.17 $69.60 / $45.69

MEAN

MEAN

MEDIAN

Market Cap

$2,022 1,744 2,045 8,469 562 737 9,459 837 3,692

$3,285 $2,022

$12,022 20,915 14,013 5,439 23,471

674 77 824 $9,679 $8,731

$2,521 7,395 14,276 2,153 3,016 2,056 4,870 674 1,333 1,244

$3,954 $2,337

$710 4,519 5,439 9,366 3,099 $4,627 $4,519

Price /

P / E

Forward PEG

TEV TBV LTM CY 2015 CY 2016 CY 2015 CY 2016

$1,930 2.8x 11.1x 12.8x 11.7x 1,680 3.9x 20.5x 18.0x 15.6x 4,379 NM 21.1x 17.9x 11.6x 13,848 2.7x 14.7x 10.5x 8.8x

580 3.0x 42.9x 18.1x 14.6x 981 45.7x 23.9x 14.0x 11.9x 10,271 7.9x 23.9x 20.3x 18.0x 900 2.9x 15.5x 14.2x 12.5x 4,755 9.6x 15.9x 13.1x 11.2x $4,369 9.8X 21.0X 15.4X 12.9X $1,930 3.4X 20.5X 14.2X 11.9X

NA NA 1.0x 0.8x NA NA NA NA 0.8x 0.6x 1.0x 0.9x 1.8x 1.6x 1.1x 1.0x 1.1x 0.9x 1.1X 1.0X 1.0X 0.9X

$13,668 28.4x 21.2x 19.9x 17.3x 1.5x 1.3x 25,130 NM 20.1x 18.8x 16.8x 1.4x 1.2x 14,751 7.6x 20.2x 19.3x 17.7x 2.1x 1.9x 7,861 NM 27.0x 22.3x 19.5x 1.7x 1.5x 24,394 16.9x 30.4x 26.7x 23.5x 1.6x 1.4x

967 1.3x NM NM NM NM NM 91 4.4x NM NM NM NM NM 1,295 3.9x 20.9x 16.7x 16.8x NM NM $11,020 10.4X 23.3X 20.6X 18.6X 1.6X 1.5X $10,764 6.0X 21.1X 19.6X 17.5X 1.6X 1.4X

$3,992 9.1x 19.4x 16.9x 15.3x 1.0x 0.9x 12,379 14.4x 17.3x 15.8x 14.1x 1.0x 0.9x 23,410 4.4x 24.4x 26.3x 22.4x 1.7x 1.4x 4,635 NM 13.8x 13.4x 12.2x 0.9x 0.8x 4,815 8.4x 20.5x 17.7x 16.0x 0.8x 0.7x 2,313 22.9x 33.9x 34.2x 29.8x 2.1x 1.8x 8,471 NM 17.2x 14.5x 13.2x 1.3x 1.2x

967 1.3x NM NM NM NM NM 2,464 3.6x 25.9x 16.1x 13.9x NA NA 3,132 11.1x 12.2x 12.8x 11.4x 1.2x 1.0x $6,658 9.4X 20.5X 18.6X 16.5X 1.3X 1.1X $4,314 8.8X 19.4X 16.1X 14.1X 1.1X 1.0X

$780 NM 31.9x 26.5x 20.2x NA NA 4,707 5.3x 21.0x 22.0x 19.8x 1.8x 1.6x 7,861 NM 27.0x 22.3x 19.5x 1.7x 1.5x 10,930 29.9x 24.7x 21.8x 18.6x 1.1x 0.9x 5,412 NM 38.2x 15.0x 13.8x 1.3x 1.2x $5,938 17.6X 28.6X 21.5X 18.4X 1.5X 1.3X $5,412 17.6X 27.0X 22.0X 19.5X 1.5X 1.3X

TEV / Revenue

TEV / EBITDA

LTM CY 2015 CY 2016 LTM CY 2015 CY 2016

0.6x 0.7x 0.6x 3.8x 4.8x 4.6x 2.2x 2.1x 1.9x 11.2x 10.1x 8.8x 0.6x 0.6x 0.5x 7.1x 7.2x 6.0x 0.8x 0.8x 0.8x 6.0x 5.6x 5.3x 1.9x 1.8x 1.5x NM 8.8x 7.2x 0.8x 0.9x 0.8x 7.1x 7.7x 6.7x 2.9x 3.0x 2.8x 13.2x 13.4x 12.2x 0.9x 0.9x 0.9x 7.5x 8.0x NA 0.6x 0.6x 0.5x 6.5x 5.9x 5.3x 1.3X 1.3X 1.2X 7.8X 8.0X 7.0X 0.8X 0.9X 0.8X 7.1X 7.7X 6.3X

1.4x 1.4x 1.3x 10.8x 10.5x 9.7x 2.5x 2.5x 2.4x 11.5x 11.3x 10.6x 1.0x 0.9x 0.9x 11.5x 10.8x 10.2x 3.3x 3.1x 3.0x 13.1x 12.0x 11.1x 3.3x 3.1x 2.9x 15.8x 14.6x 13.5x 0.5x 0.5x 0.5x 12.3x 9.7x 8.2x 0.3x 0.3x 0.3x 20.3x 13.0x 9.5x 0.7x 1.0x 1.1x 13.7x 14.6x 15.0x 1.6X 1.6X 1.5X 13.6X 12.1X 10.9X 1.2X 1.2X 1.2X 12.7X 11.7X 10.4X

0.7x 0.6x 0.6x 13.0x 12.3x 11.5x 0.6x 0.6x 0.6x 13.0x 12.2x 11.3x 1.6x 1.6x 1.5x 21.0x 21.6x 19.1x 0.5x 0.4x 0.4x 11.7x 12.3x 11.4x 0.8x 0.6x 0.6x 16.6x 13.8x 12.6x 2.6x 2.6x 2.4x 15.8x 16.2x 14.2x 0.5x 0.4x 0.4x 13.4x 13.2x 12.2x 0.5x 0.5x 0.5x 12.3x 9.7x 8.2x 0.7x 0.6x 0.5x 13.1x 14.0x 11.4x 0.3x 0.3x 0.3x 10.5x 11.0x 10.2x 0.9X 0.8X 0.8X 14.0X 13.6X 12.2X 0.6X 0.6X 0.6X 13.1X 12.8X 11.5X

1.0x 0.9x 0.8x 13.2x 11.0x 9.7x 4.1x 4.1x 4.0x 11.3x 11.9x 11.1x 3.3x 3.1x 3.0x 13.1x 12.0x 11.1x 1.6x 1.5x 1.4x 13.6x 12.8x 11.1x 4.9x 4.8x 4.5x 13.2x 11.8x 11.2x 3.0X 2.9X 2.7X 12.9X 11.9X 10.8X 3.3X 3.1X 3.0X 13.2X 11.9X 11.1X

1 Stock Prices, Market Cap, and Enterprise Values converted at the exchange rate as of the date above * Definitions: LTM = Last Twelve Months; EBITDA = Earnings Before Interest, Taxes, Depreciation, and Amortization; P / E = Stock Price / Earnings Per Share; TEV = Total Enterprise Value

TBV = Tangible Book Value; PEG = (Calendarized P / E) / Long Term Growth Rate Sources: Capital IQ, Company filings

4

Operating Results

Last 12 Months as of 6/28/2015

($ in millions, except per share)

Ticker LTM Date Revenue EBITDA

SUPPLIERS

Affinia Group Intermediate Holdings, Inc.1 N/A

03/31/15 $1,368 $165

Cooper Tire & Rubber Co.

CTB

03/31/15 3,292

502

Dorman Products, Inc.

DORM 03/28/15

756

150

Federal-Mogul Corp.

FDML 03/31/15 7,373

569

Goodyear Tire & Rubber Co.

GT

03/31/15 17,693 2,306

Motorcar Parts of America, Inc.

MPAA 03/31/15 302

36

Remy International, Inc.

REMY 03/31/15 1,180

139

Snap-on, Inc.

SNA

04/04/15 3,540

778

Standard Motor Products, Inc.

SMP

03/31/15

975

120

Tenneco, Inc.

TEN

03/31/15 8,349

736

UCI Holdings Limited1

N/A

03/31/15 1,004

102

MEAN

$4,166 $509

MEDIAN

$1,368 $165

RETAILERS & DISTRIBUTORS

Advance Auto Parts, Inc.

AAP

04/25/15 $9,913 $1,262

American Tire Distributors Holdings, Inc.1 N/A

01/03/15 5,031

242

AutoZone, Inc.

AZO

05/09/15 9,947 2,183

Genuine Parts Company2

GPC

03/31/15 15,453 1,278

KAR Auction Services, Inc.

KAR

03/31/15 2,413

601

O'Reilly Automotive, Inc.

ORLY 03/31/15 7,390 1,539

Pep Boys - Manny, Moe & Jack3

PBY

05/02/15 2,088

79

U.S. Auto Parts Network, Inc.

PRTS 04/04/15 292

4

Uni-Select, Inc.5

UNS

03/31/15 1,783

90

MEAN

$6,034 $809

MEDIAN

$5,031 $601

INDEPENDENT SERVICE PROVIDERS & DEALERS

Asbury Automotive Group, Inc.

ABG

03/31/15 $6,054 $307

AutoNation, Inc.

AN

03/31/15 19,690

951

CarMax, Inc.

KMX 05/31/15 14,533 1,116

Group 1 Automotive, Inc.

GPI

03/31/15 10,110

398

Lithia Motors, Inc.

LAD

03/31/15 6,101

294

Monro Muffler Brake, Inc.

MNRO 03/28/15 894

147

Penske Automotive Group, Inc.

PAG

03/31/15 17,633

592

Pep Boys - Manny, Moe & Jack4

PBY

05/02/15 2,088

79

Rush Enterprises, Inc.

RUSH.B 03/31/15 4,962

278

Sonic Automotive, Inc.

SAH

03/31/15 9,296

300

MEAN

$9,136 $446

MEDIAN

$7,699 $303

COLLISION

Boyd Group Income Fund5

BYD.UN 03/31/15 $744

$58

Copart, Inc.6

CPRT 04/30/15 1,151

416

KAR Auction Services, Inc.

KAR

03/31/15 2,413

601

LKQ Corp.7

LKQ

03/31/15 6,888

808

Solera Holdings, Inc.

SLH

03/31/15 1,112

410

MEAN

$2,462 $458

MEDIAN

$1,151 $416

Net

Margins

EBIT Income Gross EBITDA EBIT

Sales Growth

EBITDA Growth SSS

NI 1 Year 5 Year 1 Year 5 Year Latest Q

$144

$88 24.2% 12.1% 10.5% 6.4% 0.1% (5.7%) 13.8% 1.4%

368

209 19.3% 15.2% 11.2% 6.3% (2.4%) 2.1% 6.9% 6.3%

137

88 38.1% 19.9% 18.2% 11.6% 9.1% 14.2% 3.2% 20.3%

232 (219) 14.0% 7.7% 3.1% (3.0%) 6.8% 5.7% (4.8%) 3.5%

1,587 2,727 24.0% 13.0% 9.0% 15.4% (7.6%) 0.8% 8.7% 11.7%

34

11 27.0% 12.0% 11.1% 3.8% 16.6% 15.4% 3.6% 8.8%

69

18 16.8% 11.7% 5.8% 1.5% 1.3% 4.2% 6.1% 0.3%

711

437 50.1% 22.0% 20.1% 12.3% 7.6% 7.6% 15.7% 17.7%

103

40 29.3% 12.3% 10.6% 4.1% (1.1%) 5.6% (5.7%) 21.2%

545

229 16.9% 8.8% 6.5% 2.7% 2.4% 10.8% 1.9% 12.7%

47 (36) 13.1% 10.1% 4.7% (3.6%) 0.2% 2.3% (12.3%) 13.7%

$362 $327 24.8% 13.2% 10.1% 5.2% 3.0% 5.7% 3.4% 10.7%

NA

$144

$88 24.0% 12.1% 10.5% 4.1% 1.3% 5.6% 3.6% 11.7%

NA

$982 $494 45.3% 12.7% 9.9% 5.0% 33.1% 12.3% 27.3% 14.5% 0.7%

89 (95) 17.6% 4.8% 1.8% (1.9%) 31.1% 18.3% 29.4% 19.4%

1,914 1,133 52.2% 21.9% 19.2% 11.4% 4.5% 6.8% 4.9% 8.5% 2.3%

1,131

715 29.9% 8.3% 7.3% 4.6% 6.5% 8.6% 2.7% 10.4% 3.8%

401

203 44.2% 24.9% 16.6% 8.4% 9.7%

NA 29.3%

NA

1,334

817 51.7% 20.8% 18.0% 11.1% 8.8% 8.3% 15.7% 15.6% 7.2%

5

(17) 23.1% 3.8% 0.3% (0.8%) 0.9% 1.6% (29.9%) (10.1%) 0.6%

(4)

(7) 27.6% 1.5% (1.5%) (2.4%) 13.4% 8.6% (30.4%) (14.8%)

73

(41)

NM 5.1% 4.1% (2.3%) 0.2% 5.9% 6.7% 1.6% 1.1%

$658 $356 36.5% 11.5% 8.4% 3.7% 12.0% 8.8% 6.2% 5.6% 2.6%

$401 $203 37.1% 8.3% 7.3% 4.6% 8.8% 8.5% 6.7% 9.5% 1.7%

$280 $116 16.4% 5.1% 4.6% 1.9% 10.8% 11.8% 13.4% 19.9%

841

435 15.6% 4.8% 4.3% 2.2% 10.7% 12.1% 14.0% 14.1%

996

610 15.9% 7.7% 6.9% 4.2% 11.7% 12.9% 14.8% 12.2%

354

98 14.6% 3.9% 3.5% 1.0% 9.7% 16.6% 20.8% 19.5%

263

155 15.2% 4.8% 4.3% 2.5% 45.9% 27.2% 34.3% 34.6%

111

62 39.5% 16.4% 12.4% 6.9% 7.6% 9.6% 15.4% 12.4% 2.0%

519

294 15.0% 3.4% 2.9% 1.7% 16.7% 12.5% 15.8% 16.0%

5

(17) 23.1% 3.8% 0.3% (0.8%) 0.9% 1.6% (29.9%) (10.1%) 1.3%

153

85 15.8% 5.6% 3.1% 1.7% 38.4% 33.2% 40.2% 38.2%

238

92 14.8% 3.2% 2.6% 1.0% 4.5% 8.4% 0.6% 7.4%

$376 $193 18.6% 5.9% 4.5% 2.2% 15.7% 14.6% 13.9% 16.4% 1.7%

$271 $107 15.7% 4.8% 3.9% 1.8% 10.7% 12.3% 15.1% 15.0% 1.7%

$41 ($17) 45.9% 7.8% 5.5% (2.3%) 49.3% 34.3% 57.4% 37.9% 5.8%

368

213 43.7% 36.2% 32.0% 18.5% 1.0% 8.5% 19.6% 8.3% 5.6%

401

203 44.2% 24.9% 16.6% 8.4% 9.7%

NA 29.3%

NA

680

384 39.2% 11.7% 9.9% 5.6% 25.4% 26.3% 21.2% 21.8% 7.5%

257

55 66.4% 36.9% 23.1% 4.9% 18.5% 12.4% 13.4% 10.4%

$349 $168 47.9% 23.5% 17.4% 7.0% 20.8% 20.4% 28.2% 19.6% 6.3%

$368 $203 44.2% 24.9% 16.6% 5.6% 18.5% 19.3% 21.2% 16.1% 5.8%

1 Affinia Group, American Tire Distributors, and UCI International have publicly traded debt only and thus are included in operating and performance metrics, but not valuation multiples 2 Same Store Sales for Genuine Parts reflects automotive segment only 3 Same Store Sales reflect Pep Boys' merchandise business only 4 Same Store Sales reflect Pep Boys' service business only 5 Reported results converted at the exchange rate as of the above date 6 Same Store Sales reflect Copart's organic comp growth 7 Same Store Sales reflect LKQ's organic growth for parts and services * Definitions: LTM = Last Twelve Months; EBITDA = Earnings Before Interest, Taxes, Depreciation, and Amortization; EBIT = Earnings Before Interest & Taxes; NI = Net Income

SSS = Same Store Sales, where applicable Sources: Capital IQ, Company filings

5

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