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  • Automotive Aftermarket | October 16, 2015 1 Jefferies.com

    LTM Trading Multiples (EV / LTM EBITDA)

    Automotive Aftermarket

    Trading Multiples

    10/16/2015 1 Year Ago

    Automotive Aftermarket Index 12.3x 10.8x

    Suppliers 9.2x 8.1x

    Parts Retailers & Distributors 13.4x 11.2x

    Retail Service Providers 13.6x 10.6x

    Collision 13.0x 13.2x

    Source: Capital IQ

    9.2x

    13.3x

    12.8x 13.0x

    12.1x

    7.0x

    8.0x

    9.0x

    10.0x

    11.0x

    12.0x

    13.0x

    14.0x

    15.0x

    Suppliers Parts Retailers & Distributors

    Retail Service Providers Collision

    Automotive Aftermarket Index

    MILES TRAVELED AND AVERAGE GASOLINE PRICE PER GALLON)

    Source: Miles Traveled U.S. Department of Transportation Gas Prices U.S. Energy Information Administration

    0.3%

    2.0% 2.1%

    0.6%

    4.6%

    6.0%

    4.0% 5.0% 5.1%

    4.1% 5.1%

    (0.9%)

    $2.00

    $2.20

    $2.40

    $2.60

    $2.80

    $3.00

    $3.20

    $3.40

    $3.60

    $3.80

    $4.00

    (7.0%)

    (5.0%)

    (3.0%)

    (1.0%)

    1.0%

    3.0%

    5.0%

    7.0%

    9.0%

    Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15

    Average G

    asoline Price P

    er Gallon

    Vehi

    cle

    Mile

    s Tr

    avel

    ed (

    Year

    -Ove

    r-Ye

    ar

    Cha

    nge)

    Twelve Month Price Performance

    116.8%

    139.3% 139.7%

    109.3%

    122.9%

    100.3%

    85%

    95%

    105%

    115%

    125%

    135%

    145%

    Suppliers Parts Retailers & DistributorsRetail Service Providers CollisionAutomotive Aftermarket Index S&P 500Automotive Aftermarket Equity

    Index Returns

    1 Week 1 Month

    S&P 500 0.9% 1.9%

    Automotive Aftermarket Index 0.1% 0.9%

    Suppliers 3.7% 2.5%

    Parts Retailers & Distributors (0.2%) 1.3%

    Retail Service Providers (0.1%) 8.2%

    Collision (1.2%) (3.2%)

    Note: Represents market-weighted indexSource: Capital IQSuppliers: AXTA, CTB, DORM, FDML, GT, HZN, MPAA, SMP; Parts Retailers & Distributors: AAP, AZO, GPC, KAR, ORLY, PBY, PRTS, SNA, UNS; Retail Service Providers: MNRO, PBY; Collision: BYD.UN, CPRT, FENX, KAR, LKQ, SLH

    INVESTMENT BANKING

    Automotive Aftermarket JEFFERIES WEEKLY GLOBAL AUTOMOTIVE AFTERMARKET REPORTT

    October 16, 2015

  • Automotive Aftermarket | October 16, 2015 2 Jefferies.com

    INVESTMENT BANKING AUTOMOTIVE AFTERMARKET

    Source: Capital IQ, Jefferies LLC Notes:

    (1) Bubble size is reflective of relative market capitalization (2) Fenix Parts (not shown above) had one week and one month returns of (9.7%) and (31.4%) respectively

    AUTOMOTIVE AFTERMARKET STOCK PERFORMANCE(1) (2)

    As of 10/16/2015

    Advance Auto

    AutoZone

    Genuine Parts

    O'Reilly

    Pep Boys

    KARSnap-on

    Uni-Select

    U.S. Auto Parts

    Boyd

    Copart

    LKQ

    Fenix Parts

    Solera

    Axalta

    Cooper

    Dorman

    Goodyear

    Horizon Global

    Motorcar Parts

    Federal Mogul

    Standard Motor

    Monroe

    (10%)

    (5%)

    0%

    5%

    10%

    15%

    (5%) (3%) (1%) 1% 3% 5% 7% 9%

    Last

    Mon

    th's

    Ret

    urn

    Last Week's Return

    Parts Retailers & Distributors Collision Suppliers Retail Service Providers

    Slipping Leading

    Lagging Improving

    S&P 500 Last Week's Return

    0.9%

    S&P 500 Last Month's

    Return 1.9%

    Slipping Leading

    Lagging Improving

    S&P 500 Last Week's Return

    0.9%

    S&P 500 Last Month's

    Return 1.9%

    Slipping Leading

    Lagging Improving

    S&P 500 Last Week's Return

    0.9%

    S&P 500 Last Month's

    Return 1.9%

    Slipping Leading

    Lagging Improving

    S&P 500 Last Week's Return

    0.9%

    S&P 500 Last Month's

    Return 1.9%

  • Automotive Aftermarket | October 16, 2015 3 Jefferies.com

    INVESTMENT BANKING AUTOMOTIVE AFTERMARKET

    Source: Capital IQ, Jefferies LLC

    CURRENT TRAILING TWELVE MONTHS SALES GROWTH

    (1.8%)(6.6%)

    4.3% 6.1%

    (9.0%)

    0.0%

    19.6%

    (1.6%)

    20.5%

    7.5% 2.6%

    10.8% 9.4%

    1.0% 6.3% 9.4%

    (3.9%)

    8.4% 1.0%

    46.0%

    (1.5%)

    0.0%

    10.8% 17.9%

    15.6%

    (20%)

    (10%)

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    Axa

    lta

    Coa

    ting

    Sys

    tem

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    d.

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    Tire

    & R

    ubbe

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    Dor

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    Pro

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    nc.

    Fede

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    The

    Goo

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    Rub

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    Com

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    Hor

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    Glo

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    Am

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    a, I

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    Sta

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    Adv

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    Aut

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    Inc

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    Gen

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    Par

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    ompa

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    KA

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    omot

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    Inc.

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    s -

    Man

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    Moe

    & J

    ack

    Sna

    p-on

    Inc

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    d

    U.S

    . A

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    Par

    ts N

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    Inc

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    Uni

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    Inc.

    Mon

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    Inc

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    Pep

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    Man

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    Moe

    & J

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    Boy

    d G

    roup

    Inc

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    Fund

    Cop

    art,

    Inc

    .

    Feni

    x P

    arts

    , In

    c.

    KA

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    LKQ

    Cor

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    Sol

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    c.

    Suppliers Parts Retailers & Distributors RSP Collision

    Asbury

    AutoNation

    CarMax

    Group 1 Automotive

    Lithia Motors

    Penske Automotive Group

    Rush Enterprises

    Sonic Automotive

    (10%)

    (5%)

    0%

    5%

    (5%) (3%) (1%) 1% 3% 5%

    Last

    Mon

    th's

    Ret

    urn

    Last Week's Return

    Slipping Leading

    Lagging Improving

    S&P 500 Last Week's Return

    0.9%

    S&P 500 Last Month's

    Return 1.9%

    DEALER STOCK PERFORMANCE(1)

    As of 10/16/2015

    Source: Capital IQ, Jefferies LLC Notes:

    (1) Bubble size is reflective of relative market capitalization

  • Automotive Aftermarket | October 16, 2015 4 Jefferies.com

    INVESTMENT BANKING AUTOMOTIVE AFTERMARKET

    SAME STORE SALES GROWTH (1)(2)(3)

    0.8

    %

    (0.5

    %)

    (0.4

    %)

    (0.1

    %)

    2.5

    %

    2.1

    %

    3.7

    %

    2.8

    %

    2.9

    %

    3.0

    %

    3.5

    %

    2.9

    %

    3.2

    %

    (2.1

    %)

    (2.2

    %)

    (3.8

    %)

    (2.3

    %)

    1.2

    %

    (2.1

    %)

    0.3

    %

    (1.3

    %)

    1.0

    %

    (2.0

    %)

    (1.8

    %)

    2.0

    %

    0.4

    %

    3.7

    %

    1.6

    % 6

    .3%

    9.6

    %

    9.0

    %

    9.4

    %

    7.9

    %

    10.3

    %

    6.4

    %

    8.9

    %

    7.1

    %

    6.6

    %

    7.5

    %

    (10%)

    (5%)

    0%

    5%

    10%

    15%

    Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15

    Parts Retailers & Distributors Retail Service Providers CollisionSource: Capital IQ, Jefferies LLC Notes:

    (1) Same Store Sales Growth reflective of aftermarket applicable sales (2) See operating results section (further herein) for detailed breakout of Same Store Sales figures (3) Same Store Sales measures revenue growth for stores that have been open for at least one year

    WORLD VEHICLE MONTHLY SALES BY REGION

    Source: WardsAuto

    1.39 1.50 1.85 1.771.97 1.80 1.84 1.90

    5.194.36

    6.08

    4.74 4.76 5.16 4.62 4.18

    6.58

    5.85

    7.93

    6.51 6.736.96

    6.466.08

    0.00

    1.00

    2.00

    3.00

    4.00

    5.00

    6.00

    7.00

    8.00

    9.00

    Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15

    North America Light Vehicles Foreign Light Vehicles

    (Millions)

    Source: Manheim Consulting

    MANHEIM USED VEHICLE INDEX

    Source: Jefferies LLC

    123.9

    90.0

    95.0

    100.0

    105.0

    110.0

    115.0

    120.0

    125.0

    130.0

    Jan-

    95

    Jul-9

    5

    Jan-

    96

    Jul-9

    6

    Jan-

    97

    Jul-9

    7

    Jan-

    98

    Jul-9

    8

    Jan-

    99

    Jul-9

    9

    Jan-

    00

    Jul-0

    0

    Jan-

    01

    Jul-0

    1

    Jan-

    02

    Jul-0

    2

    Jan-

    03

    Jul-0

    3

    Jan-

    04

    Jul-0

    4

    Jan-

    05

    Jul-0

    5

    Jan-

    06

    Jul-0

    6

    Jan-

    07

    Jul-0

    7

    Jan-

    08

    Jul-0

    8

    Jan-

    09

    Jul-0

    9

    Jan-