AUTOMOTIVE AFTERMARKET - BB&T

Automotive Aftermarket Stock Performance*

20% SLIPPING

Uni-Select

15% 10%

Cooper Tire

S&P 500 Last Week's Return

(5.8%)

Weekly Automotive Aftermarket Intelligence Report August 24, 2015

AUTOMOTIVE AFTERMARKET

Solera

LEADING

Last Month's Return

Advance Auto

5%

AutoZone

MPA

0% (5%)

O'Reilly

Monro

Goodyear

Lithia

Penske Tenneco

Group 1 LKQ

Dorman Standard Motor

KAR

Snap-on Rush

Copart Genuine Parts

Boyd

Remy U.S. Auto Parts

S&P 500 Last Month's Return

(7.0%)

(10%)

Pep Boys

Sonic CarMax

AutoNation

Federal-Mogul

(15%) LAGGING

Asbury

(10%)

(5%)

0%

Last Week's Return

IMPROVING 5%

*Size of the bubble represents relative market capitalization Source: CapitalIQ

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

(6.5%) (5.7%) (5.7%) (4.5%) (6.2%) (5.8%)

1 Month

(1.6%) 1.4% (8.2%) (0.8%) (0.2%) (7.0%)

LTM

12.1% 32.4% 10.8% 5.1% 20.1% 5.0%

1

Automotive Aftermarket Stock Performance

40%

30% 20%

10%

0%

(10%)

(20%) Sep-14

Source: Capital IQ

Oct-14

Most Recent Quarter Sales Growth

(Year-Over-Year)

70% 60%

50%

40% 30%

20%

10% 0%

(10%) (20%) (15.4%)

Source: Capital IQ

1.3% 4.8%

(10.4%)

36.3%

Suppliers

(10.2%)

Nov-14

3.7%

(1.2%) (5.0%)

Dec-14

Jan-15

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

0.0%

6.5%

0.8%

12.4% 10.2%

Retailers & Distributors

Feb-15 Mar-15

0.6%

(0.6%) (14.7%)

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.

Apr-15

12.4% 9.1% 7.1% 8.6%

May-15

Retailers & Distributors Collision S&P 500 Index

63.4%

Independent Service Providers & Dealers

12.2% 8.7%

Jun-15

0.6%

12.5%

Jul-15

3.0%

37.4%

Aug-15

12.4% 7.5% 7.1%

(4.1%)

Collision

2

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

SUPPLIERS

10.0x 9.5x

8.0x

8.4x

8.4x

8.5x

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

12.7x

12.0x

One Month Ago 5-Year Average

Current

10.1x

INDEPENDENT SERVICE PROVIDERS & DEALERS

14.0x 12.0x 10.0x

8.0x 6.0x 4.0x 2.0x 0.0x

13.0x One Year Ago

13.1x

12.7x

One Month Ago 5-Year Average

Current

11.9x

TOTAL AUTOMOTIVE AFTERMARKET

14.0x 12.0x 10.0x

8.0x 6.0x 4.0x 2.0x 0.0x

10.9x One Year Ago

11.8x

11.5x

One Month Ago 5-Year Average

Current

11.2x

COLLISION

16.0x 14.0x 12.0x 10.0x

8.0x 6.0x 4.0x 2.0x 0.0x

14.6x One Year Ago

12.6x

12.4x

One Month Ago 5-Year Average

Current

12.4x

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 8/23/2015

($ in millions, except per share)

Ticker

Stock Price

52 Week High / Low

SUPPLIERS

Cooper Tire & Rubber Co.

CTB

$36.30 $43.94 / $27.24

Dorman Products, Inc.

DORM

$48.97 $53.69 / $37.22

Federal-Mogul Corp.

FDML

$9.05 $18.09 / $8.79

Goodyear Tire & Rubber Co.

GT

$28.99 $32.95 / $18.87

Motorcar Parts of America, Inc.

MPAA

$29.65 $36.62 / $22.12

Remy International, Inc.

REMY

$29.25 $29.73 / $16.31

Snap-on, Inc.

SNA

$157.68 $170.70 / $111.28

Standard Motor Products, Inc.

SMP

$34.67 $43.72 / $30.30

Tenneco, Inc.

TEN

$45.98 $65.33 / $45.98

MEAN

MEDIAN

RETAILERS & DISTRIBUTORS

Advance Auto Parts, Inc.

AAP

$174.76 $192.27 / $128.20

AutoZone, Inc.

AZO

$696.01 $754.90 / $491.93

Genuine Parts Company

GPC

$81.11 $109.00 / $81.11

KAR Auction Services, Inc.

KAR

$36.51 $39.87 / $25.91

O'Reilly Automotive, Inc.

ORLY

$234.84 $258.15 / $146.22

Pep Boys - Manny, Moe & Jack

PBY

$10.59 $12.62 / $8.00

U.S. Auto Parts Network, Inc.

PRTS

$2.05 $3.34 / $1.50

Uni-Select, Inc.1

UNS

$42.75 $45.80 / $20.63

MEAN

MEDIAN

INDEPENDENT SERVICE PROVIDERS & DEALERS

Asbury Automotive Group, Inc.

ABG

$77.76 $96.58 / $60.63

AutoNation, Inc.

AN

$58.01 $67.50 / $46.16

CarMax, Inc.

KMX

$58.24 $75.40 / $43.27

Group 1 Automotive, Inc.

GPI

$85.71 $97.34 / $65.49

Lithia Motors, Inc.

LAD

$102.60 $122.01 / $63.05

Monro Muffler Brake, Inc.

MNRO

$61.69 $67.93 / $46.93

Penske Automotive Group, Inc.

PAG

$48.34 $54.39 / $36.36

Pep Boys - Manny, Moe & Jack

PBY

$10.59 $12.62 / $8.00

Rush Enterprises, Inc.

RUSH.B $31.33 $31.64 / $19.58

Sonic Automotive, Inc.

SAH

$21.15 $27.84 / $21.03

MEAN

MEDIAN

COLLISION

Boyd Group Income Fund1

BYD.UN $45.40 $49.70 / $27.68

Copart, Inc.

CPRT

$34.04 $38.50 / $29.93

KAR Auction Services, Inc.

KAR

$36.51 $39.87 / $25.91

LKQ Corp.

LKQ

$28.67 $32.25 / $22.90

Solera Holdings, Inc.

SLH

$42.76 $67.39 / $36.14

MEAN

MEDIAN

Market Cap

$2,067 1,770 1,515 7,888 543 931 9,361 781 2,852

$3,079 $1,770

$12,992 21,639 12,648 5,251 23,675

585 75 936 $9,725 $8,950

$2,102 6,681 12,395 2,094 2,757 2,000 4,419

585 1,333 1,080 $3,545 $2,098

$761 4,376 5,251 8,986 3,040 $4,483 $4,376

Price /

P / E

Forward PEG

TEV TBV LTM CY 2015 CY 2016 CY 2015 CY 2016

$2,014 1,703 4,298 13,148

564 1,178 10,177

822 3,903 $4,201 $2,014

2.8x 9.9x 11.6x 11.0x 3.7x 20.2x 18.4x 16.1x NM 17.4x 10.5x 9.1x 2.4x 12.3x 9.4x 8.0x 2.9x NM 17.2x 13.9x NM 37.1x 17.9x 15.2x 7.1x 22.7x 19.6x 17.4x 2.6x 16.1x 14.8x 12.5x 6.2x 12.3x 10.0x 8.6x 4.0X 18.5X 14.4X 12.4X 2.9X 16.8X 14.8X 12.5X

NA NA 1.0x 0.9x NA NA NA NA 0.7x 0.6x 1.3x 1.1x 1.8x 1.6x 1.2x 1.0x 0.9x 0.8x 1.2X 1.0X 1.1X 0.9X

$14,331 22.3x 22.1x 21.1x 17.9x 1.5x 1.3x 26,005 NM 20.6x 19.4x 17.2x 1.4x 1.2x 13,286 6.8x 17.7x 17.4x 15.9x 1.9x 1.7x

7,887 NM 24.6x 21.0x 18.2x 1.6x 1.4x 24,812 19.5x 28.8x 26.4x 23.2x 1.5x 1.4x

878 1.2x NM NM NM NM NM 89 4.3x NM NM NM NM NM 965 4.0x 21.0x 17.4x 17.8x 5.8x 5.9x $11,031 9.7X 22.5X 20.4X 18.4X 2.3X 2.1X $10,586 5.5X 21.6X 20.2X 17.8X 1.5X 1.4X

$3,720 8.9x 15.3x 13.8x 12.4x 0.8x 0.8x 12,065 12.1x 14.8x 14.0x 12.6x 0.8x 0.7x 21,529 3.8x 20.7x 22.4x 19.0x 1.4x 1.2x 4,686 NM 11.9x 11.9x 10.9x 0.8x 0.8x 4,588 6.9x 16.7x 15.1x 13.5x 0.7x 0.6x 2,242 4.1x 31.5x 32.7x 28.7x 1.9x 1.6x 8,620 NM 14.7x 12.7x 11.5x 1.0x 0.9x

878 1.2x NM NM NM NM NM 2,464 3.6x 25.9x 16.1x 13.9x NA NA 3,217 8.3x 11.2x 11.2x 10.0x 1.0x 0.9x $6,401 6.1X 18.1X 16.6X 14.7X 1.1X 0.9X $4,154 5.5X 15.3X 14.0X 12.6X 0.9X 0.8X

$828 NM 26.1x 27.1x 22.4x NA NA 4,363 5.2x 20.0x 21.1x 18.6x 1.6x 1.4x 7,887 NM 24.6x 21.0x 18.2x 1.6x 1.4x 10,537 20.5x 22.2x 20.2x 17.7x 1.0x 0.9x 5,353 NM 35.4x 13.9x 14.5x 1.2x 1.2x $5,794 12.8X 25.7X 20.6X 18.3X 1.3X 1.2X $5,353 12.8X 24.6X 21.0X 18.2X 1.4X 1.3X

TEV / Revenue

TEV / EBITDA

LTM CY 2015 CY 2016 LTM CY 2015 CY 2016

0.6x 0.7x 0.7x 3.9x 4.7x 4.6x 2.2x 2.1x 1.9x 11.2x 10.4x 9.2x 0.6x 0.6x 0.5x 7.0x 6.8x 5.9x 0.8x 0.8x 0.8x 5.6x 5.2x 5.0x 1.7x 1.8x 1.5x NM 8.6x 6.9x 1.0x 1.0x 1.0x 9.1x 9.8x 8.2x 2.8x 3.0x 2.8x 12.8x 12.7x 11.5x 0.8x 0.8x 0.8x 7.3x 8.2x NA 0.5x 0.5x 0.4x 5.3x 5.0x 4.5x 1.2X 1.3X 1.2X 7.8X 7.9X 7.0X 0.8X 0.8X 0.8X 7.1X 8.2X 6.4X

1.4x 1.5x 1.4x 11.2x 11.0x 9.6x 2.6x 2.6x 2.4x 11.9x 11.7x 11.0x 0.9x 0.9x 0.8x 10.4x 10.1x 9.5x 3.2x 3.1x 2.9x 12.7x 12.0x 11.1x 3.3x 3.2x 3.0x 15.4x 14.7x 13.4x 0.4x 0.4x 0.4x 11.1x 8.8x NA 0.3x 0.3x 0.3x 23.2x 11.6x 8.8x 0.6x 0.7x 0.9x 11.0x 10.4x 10.5x 1.6X 1.6X 1.5X 13.4X 11.3X 10.5X 1.2X 1.2X 1.1X 11.5X 11.3X 10.5X

0.6x 0.6x 0.5x 11.7x 11.3x 10.5x 0.6x 0.6x 0.5x 12.3x 11.9x 11.0x 1.5x 1.5x 1.4x 19.3x 19.9x 17.4x 0.5x 0.4x 0.4x 11.4x 11.7x 10.9x 0.7x 0.6x 0.5x 14.2x 12.7x 11.5x 2.5x 2.5x 2.3x 14.8x 15.7x 13.5x 0.5x 0.5x 0.4x 13.1x 13.0x 12.2x 0.4x 0.4x 0.4x 11.1x 8.8x NA 0.7x 0.6x 0.5x 13.1x 14.0x 11.4x 0.3x 0.3x 0.3x 11.0x 11.3x 10.5x 0.8X 0.8X 0.7X 13.2X 13.0X 12.1X 0.6X 0.6X 0.5X 12.7X 12.3X 11.4X

1.0x 1.0x 0.9x 13.1x 11.6x 10.3x 3.8x 3.8x 3.7x 10.5x 11.0x 10.2x 3.2x 3.1x 2.9x 12.7x 12.0x 11.1x 1.5x 1.4x 1.3x 12.8x 12.2x 10.8x 4.8x 4.7x 4.2x 13.1x 11.7x 11.0x 2.9X 2.8X 2.6X 12.4X 11.7X 10.7X 3.2X 3.1X 2.9X 12.8X 11.7X 10.8X

1 Stock Prices, Market Cap, and Enterprise Values converted at the exchange rate as of the date above * D efinitions: 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 8/23/2015

($ in millions, except per share)

Ticker LTM Date Revenue EBITDA

SUPPLIERS

Affinia Group Intermediate Holdings, Inc.1 N/A

06/30/15 $1,352 $159

Cooper Tire & Rubber Co.

CTB

06/30/15 3,155

522

Dorman Products, Inc.

DORM 06/27/15

759

152

Federal-Mogul Corp.

FDML 06/30/15 7,463

569

Goodyear Tire & Rubber Co.

GT

06/30/15 17,209 2,366

Motorcar Parts of America, Inc.

MPAA 06/30/15 325

38

Remy International, Inc.

REMY 06/30/15 1,149

129

Snap-on, Inc.

SNA

07/04/15 3,572

796

Standard Motor Products, Inc.

SMP 06/30/15

972

113

Tenneco, Inc.

TEN

06/30/15 8,238

732

UCI Holdings Limited1

N/A

06/30/15 1,014

99

MEAN

$4,110 $516

MEDIAN

$1,352 $159

RETAILERS & DISTRIBUTORS

Advance Auto Parts, Inc.

AAP

07/18/15 $9,935 $1,283

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 06/30/15 15,485 1,276

KAR Auction Services, Inc.

KAR

06/30/15 2,486

622

O'Reilly Automotive, Inc.

ORLY 06/30/15 7,578 1,611

Pep Boys - Manny, Moe & Jack3

PBY

05/02/15 2,088

79

U.S. Auto Parts Network, Inc.

PRTS 07/04/15

291

4

Uni-Select, Inc.5

UNS 06/30/15 1,713

92

MEAN

$6,061 $821

MEDIAN

$5,031 $622

INDEPENDENT SERVICE PROVIDERS & DEALERS

Asbury Automotive Group, Inc.

ABG 06/30/15 $6,240 $317

AutoNation, Inc.

AN

06/30/15 20,125

981

CarMax, Inc.

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

Group 1 Automotive, Inc.

GPI

06/30/15 10,325

412

Lithia Motors, Inc.

LAD

06/30/15 6,877

329

Monro Muffler Brake, Inc.

MNRO 06/27/15

914

152

Penske Automotive Group, Inc.

PAG

06/30/15 18,167

617

Pep Boys - Manny, Moe & Jack4

PBY

05/02/15 2,088

79

Rush Enterprises, Inc.

RUSH.B 06/30/15 5,110

284

Sonic Automotive, Inc.

SAH

06/30/15 9,367

291

MEAN

$9,375 $458

MEDIAN

$8,122 $323

COLLISION

Boyd Group Income Fund5

BYD.UN 06/30/15 $816

$67

Copart, Inc.6

CPRT 04/30/15 1,151

416

KAR Auction Services, Inc.

KAR

06/30/15 2,486

622

LKQ Corp.7

LKQ

06/30/15 7,017

831

Solera Holdings, Inc.

SLH

03/31/15 1,112

410

MEAN

$2,516 $469

MEDIAN

$1,151 $416

Net EBIT Income

$138 394 139 232 1,655 35 59 729 96 542 48 $370 $139

$53 230 88 (192) 2,706

9 12 450 43 226 (41) $326 $53

$1,005 89

1,914 1,130

419 1,402

5 (5) 79 $671 $419

$505 (95) 1,133 712 212 845 (17) (6) (44) $361 $212

$289 $121

865

450

996

610

367

127

294

168

115

64

542

316

5

(17)

154

84

228

80

$386 $200

$291 $124

$49

($2)

368

213

419

212

702

399

257

55

$359 $175

$368 $212

Margins Gross EBITDA EBIT

23.6% 20.6% 38.5% 13.8% 24.8% 27.7% 15.9% 50.3% 28.9% 16.9% 12.9% 24.9% 23.6%

11.8% 16.6% 20.0%

7.6% 13.7% 11.7% 11.2% 22.3% 11.6% 8.9% 9.8% 13.2% 11.7%

10.2% 12.5% 18.3% 3.1% 9.6% 10.9% 5.1% 20.4% 9.9% 6.6% 4.7% 10.1% 9.9%

45.5% 17.6% 52.2% 29.8% 44.1% 51.8% 23.1% 27.6%

NM 36.5% 36.9%

12.9% 4.8% 21.9% 8.2% 25.0% 21.3% 3.8% 1.3% 5.3% 11.6% 8.2%

10.1% 1.8% 19.2% 7.3% 16.9% 18.5% 0.3% (1.6%) 4.6% 8.6% 7.3%

16.3% 15.7% 15.9% 14.5% 15.0% 39.7% 15.0% 23.1% 15.6% 14.7% 18.6% 15.6%

5.1% 4.9% 7.7% 4.0% 4.8% 16.6% 3.4% 3.8% 5.6% 3.1% 5.9% 4.8%

4.6% 4.3% 6.9% 3.6% 4.3% 12.6% 3.0% 0.3% 3.0% 2.4% 4.5% 3.9%

45.9% 43.7% 44.1% 39.2% 66.4% 47.9% 44.1%

8.2% 36.2% 25.0% 11.8% 36.9% 23.6% 25.0%

5.9% 32.0% 16.9% 10.0% 23.1% 17.6% 16.9%

Sales Growth

EBITDA Growth SSS

NI 1 Year 5 Year 1 Year 5 Year Latest Q

3.9% 12.9% (6.6%) 23.3% (1.0%)

7.3% (6.6%) 0.1% 9.5% 7.8%

11.6% 4.3% 13.2% (0.1%) 17.2%

(2.6%) 6.1% 4.9% (6.6%) 0.4%

15.7% (9.0%) (0.5%) 7.4% 9.3%

2.9% 19.6% 16.6% (6.0%) 7.8%

1.0% (3.1%) 2.7% (3.1%) (1.3%)

12.6% 6.3% 7.4% 14.5% 17.9%

4.4% (1.6%) 4.6% (9.9%) 16.6%

2.7% (1.1%) 8.8% (1.2%) 9.3%

(4.1%) 13.1% 2.1% (2.7%) 13.7%

5.0% 3.7% 4.8% 2.3% 8.9%

NA

3.9% 4.3% 4.6% (1.2%) 9.3%

NA

5.1% 20.5% 11.9% 20.2% 13.5% 0.7%

(1.9%) 31.1% 18.3% 29.4% 19.4%

11.4% 4.5% 6.8% 4.9% 8.5% 2.3%

4.6% 5.1% 8.0% 3.1% 9.4% 4.0%

8.5% 10.8%

NA 30.2%

NA

11.2% 9.4% 8.3% 17.4% 15.2% 7.2%

(0.8%) 0.9% 1.6% (29.9%) (10.1%) 0.6%

(2.0%) 9.4% 7.6% (46.8%) (18.0%)

(2.6%) (3.9%) 6.0% 5.6% 4.3% 1.1%

3.7% 9.8% 8.6% 3.8% 5.3% 2.7%

4.6% 9.4% 7.8% 5.6% 9.0% 1.7%

1.9% 2.2% 4.2% 1.2% 2.4% 7.0% 1.7% (0.8%) 1.7% 0.8% 2.2% 1.8%

11.0% 10.9% 11.7% 9.9% 56.5% 8.4% 14.6% 0.9% 28.4% 3.5% 15.6% 10.9%

12.2% 11.6% 12.9% 15.6% 29.2% 9.0% 12.6% 1.6% 33.4%

7.7% 14.6% 12.4%

12.8% 19.0% 16.7% 13.7% 14.8% 12.2% 26.9% 19.7% 39.8% 36.4% 13.1% 11.1% 15.0% 16.1% (29.9%) (10.1%) 30.2% 34.9% (2.9%) 6.6% 13.6% 16.0% 14.9% 14.9%

(0.4%) 1.3%

0.5% 0.5%

(0.2%) 46.0% 36.8% 63.6% 41.4% 5.8%

18.5% 1.0% 8.5% 19.6% 8.3% 5.6%

8.5% 10.8%

NA 30.2%

NA

5.7% 17.9% 25.7% 15.1% 21.3% 7.5%

4.9% 18.5% 12.4% 13.4% 10.4%

7.5% 18.9% 20.8% 28.4% 20.3% 6.3%

5.7% 17.9% 19.0% 19.6% 15.8% 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 * D efinitions: 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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