Pep Boys Information
The Pep Boys — Manny, Moe & Jack (NYSE: PBY), branded as Pep Boys Auto and commonly abbreviated as Pep Boys, is a full-service automotive aftermarket chain. In 1921, Emanuel (Manny) Rosenfeld, Maurice L. (Moe) Strauss, and W. Graham (Jack) Jackson opened the first "Pep Auto Supplies" store in Philadelphia, Pennsylvania.
Currently, Pep Boys, headquartered in the East Falls section of Philadelphia, has 600 stores and approximately 6,000 service bays in 35 states and Puerto Rico. Along with its full-service vehicle maintenance and repair capabilities, the company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States as well as one of the nation's fastest growing companies.[1]
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History
The original "Pep Boys" were Emanuel "Manny" Rosenfeld, Maurice "Moe" Strauss, Graham "Jack" Jackson and Moe Radavitz, four friends who pooled $800 in 1921 to open a single auto parts store. They dubbed it "Pep Auto Supplies" after noticing a shipment of Pep Valve grinding compound on the shelves.
That name was first changed because of a policeman who worked near the store. Apparently, every time the officer stopped a car at night for not having an oil wick burning, he would tell the driver to go see the "boys at Pep" for a replacement. That advice turned into the name "Pep Boys", which stuck until Moe Strauss took a trip to California around 1923. While there, he noticed that many successful West Coast businesses used their owners' first names. One he liked in particular was a dress shop called Minnie, Maude and Mabel's. As soon as he returned to Philadelphia, the business partners officially changed the store's name to "The Pep Boys — Manny, Moe & Jack" and commissioned the Manny, Moe and Jack caricatures that still serve as the company's logo. The logo was slightly changed in 1990 to remove Manny's cigar.[2]
By the early 1930s, Moe Radavitz had left the business, Pep Boys had 40 stores in Philadelphia, and Manny's brother, Murray Rosenfeld, had opened the first West Coast Pep Boys store.
In 1946, Pep Boys went public and Manny Rosenfeld became the company's first corporate president, a position he held until his death in 1959. Moe Strauss served as president from 1960 to 1973 and remained a member of the board of directors until his death in 1982. In 1986, Mitch Leibovitz became the first non-founding family member to be named company president. Manny's grandson, Stuart Rosenfeld, Pep Boys Vice President of Distribution, is the only founding family member actively involved in company management.
Today
Barrington Capital, and Pirate Capital LLC, accumulated well over 25% of Pep Boys common stock, and citing the company's lack of strategy and the need for change, have pressed successfully to replace the Board, followed by Management reorganization.
In May 2008, Pep Boys CEO Jeff Rachor left the company after 13 months to pursue a luxury automotive dealership venture with Michael Dell. Chief Operating Officer Michael R. Odell replaced him as CEO.[3]
On October 13, 2009, Pep Boys acquired Florida Tire for $4.35 million. The acquisition of the tire retailer gives Pep Boys 10 service-and-tire centers in the Orlando market that generate sales of $14 million a year.[4]
Pep Boys’ new locations are expected to complement the eight “supercenter” stores in the Orlando market.
NASCAR sponsorship
Pep Boys began sponsoring NASCAR two-time Daytona 500 champion driver Sterling Marlin's No. 14 car owned by Ginn Racing in 2007.[5] The company also sponsors the Pep Boys Auto 500, a race held at The Atlanta Motor Speedway each October.[6]
References
Notes
- ^ http://www.redorbit.com/news/technology/279895/vocollect_climbs_inc_500_list_of_fastest_growing_companies/index.html
- ^ http://articles.latimes.com/1990-11-15/business/fi-6538_1_great-american-smokeout
- ^ http://www.forbes.com/feeds/afx/2008/04/23/afx4923130.html
- ^ http://philadelphia.bizjournals.com/philadelphia/stories/2009/10/12/daily13.html
- ^ http://www.autoracingdaily.com/news/super-gt/pep_boys_announces_sponsorship_of_sterling_marlins_no_14_chevrolet_in_nasca/
- ^ http://odeo.com/episodes/23519442-NASCAR-Beat-Pep-Boys-Auto-500
Sources
- http://www.pepboys.com/uploads/pdf/q4_ye_2008_press_release_w_financials_fnl.pdf
- http://www.pepboys.com/images/uploads/2007_annual_report.pdf
- http://www.pepboys.com/uploads/pdf/2006_pepboys_annreport.pdf
- http://www.pepboys.com/uploads/pdf/2005_pepboys_annreport.pdf
- http://finance.yahoo.com/q/pr?s=PBY
Further reading
- Calabro, Marian. The Pep Boys: Founders of the Automotive Aftermarket. New York: Lark Books (a division of Sterling Publishing Co.), 2006.
External links
Categories: Companies listed on the New York Stock Exchange | Auto parts suppliers | Corporate mascots | Companies based in Philadelphia, Pennsylvania | Automotive part retailers of the United States | Automotive repair shops | Companies established in 1921 | Automotive companies of the United States
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