Precision Auto Care Inc. (fka PACI)

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PACI 1.49 Carl Icahn reached a deal to buy another car-services chain, the latest move to expand the reach of his automotive service network as consumers increasingly turn to professionals to repair their cars.

Mr. Icahn's automotive business said Friday that it would buy Precision Auto Care Inc. for an undisclosed amount and will pair Precision's more than 250 locations with Icahn Automotive Group's 1,000 corporate-owned shops.

Mr. Icahn has been a longtime player in the space and in recent years bought auto parts and repair chain Pep Boys, aftermarket car-parts maker Federal-Mogul Holdings Corp. and auto parts distributor Auto Plus.

Over the past decade, consumers have moved away from do-it-yourself car repair toward professional car-service providers as vehicles become more complex and electronic, as well as decreasing automotive know-how, Icahn Enterprises LP said in its annual report, issued in March.

Last year, the number of vehicles in operation hit a record in the U.S. as the average lifespan of cars continues to get longer, giving a boost to service providers and parts makers working to keep drivers on the road. While some consumers are continuing to repair their cars themselves, they still need to buy parts from auto-supply stores.

Icahn Automotive Chief Executive Daniel Ninivaggi said the deal is the next step in building out its national automotive services network. Privately owned Precision Auto has centers in 26 states, mainly concentrated in Georgia, North Carolina and South Carolina.

Write to Austen Hufford at [e-mail]

> Dow Jones Newswires

June 02, 2017 10:06 ET (14:06 GMT)

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