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TRANSPORTATION & LOGISTICS

AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ OCTOBER 2016

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Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

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www.harriswilliams.com



CAR CUSTOMIZATION TO DRIVE CAR ACCESSORIES MARKET GROWTH

For the period of 2016-2024, the global interior car accessories market isanticipated to expand at a moderate rate - the market will see a CAGR of 3.9% interms of volume. Growing consumer preference for a comfortable andentertaining driving experience remains the key factor in a growing demand forinterior car accessories. With established popularity of accessories, such as seatcovers, car mats, stereos and speakers, steering wheel covers, dash kits,navigation systems, cushions, sunshades, and others, the global market for interiorcar accessories is gaining steady traction. A wide range of new, innovativeaccessories is frequently launched, providing an uptick in the demand for interiorcar accessories globally.

Biz Community

AFTERMARKET AUTONOMOUS VEHICLE RACE HEATS UP

It’s not just car companies that are racing to build self-driving vehicles. An entireecosystem is sprouting up around retrofitting existing vehicles with autonomoustechnology, despite the fact that the technology, infrastructure, regulatory andinsurance issues are still not fully formed. Uber already is using self-driving taxis,accompanied by a human driver, in Pittsburgh, Pa. And many in the automotivespace believe the technology will see its first major disruption with ride-sharingservices such as Uber and Lyft, which received a $500 million cash infusion fromGeneral Motors in January.

Semi Engineering

1

CONTENTS

M&A TRANSACTIONS

PUBLIC MARKETS OVERVIEW

STOCK PRICE PERFORMANCE

OUR GROUP

CONTACTS

UNITED STATES

Frank MountcastleManaging [email protected]+1 (804) 915-0124

Jason BassManaging [email protected]+1 (804) 915-0132

Joe ConnerManaging Director [email protected]+1 (804) 915-0151

Jershon JonesDirector [email protected]+1 (804) 932-1356

Jeff BurkettDirector [email protected] +1 (804) 932-1334

Jeff KiddVice President [email protected] +1 (804) 915-0178

James O’MalleyVice President [email protected]+1 (804) 915-0165

EUROPE

Jeffery PerkinsManaging Director [email protected]+49 (0) 69 3650638 00

Compared to last year, the majority of automotive do-it-for-me (DIFM) consumershave shifted more of their vehicle maintenance and repairs to a professional,according to global information company The NPD Group‘s Do-It-For-MeConsumer Report 2016. Convenience is the leading reason for the transition,followed by having the right tools for the job. The preferred type of vehicle serviceprofessional – whether it is a dealership, quick lube or repair shop – shifts andvaries, depending primarily on vehicle age.

Aftermarket News

CONSUMERS TURNING TO PROS FOR VEHICLE MAINTENANCE AND REPAIRS

NEARLY HALF OF US CONSUMERS LOOK FORWARD TO DRIVERLESS CARS

As the race for self-driving cars accelerates, new data shows that 43 percent ofU.S. consumers would buy or ride in autonomous vehicles (AV) if they were broadlyavailable today, according to the survey released by Altman Vilandrie & Co.However, the survey reveals widespread concerns about the safety of self-drivingcars: 64 percent of consumers say they would not buy an AV because theybelieve AVs are dangerous.

Aftermarket News

Telematics plays a growing role in automotive care. The technology can sendalerts from cars that are due for an oil change, for example, or share informationwith an online database about a car’s availability for a ride-sharing service. Butone thing it’s not known for is the automated online ordering of parts—say, a faultyor soon-to-fail water pump, says Pavana Jain, co-founder and CEO of ShiftMobilityInc., which operates an online service network for automotive parts suppliers,distributors and repair shops. ShiftMobility is out to change that with the launch thisweek of Car2Mobile, a mobile app connected to ShiftMobility’s online servicenetwork of 165 automotive parts supplies, 16 distributors and 3,500 repair shops,Jain says. Consumers who download the app for either Apple or Androidsmartphones can have it connected to their car’s on-board diagnostics system.

B2B E-Commerce World

TURNING CARS INTO ONLINE PARTS-ORDERING MACHINES ON WHEELS

WHAT WE’RE READING

http://www.harriswilliams.com/

http://www.bizcommunity.com/Article/196/485/152117.html

http://semiengineering.com/aftermarket-autonomous-vehicle-race-heats-up/

mailto:[email protected]








http://www.aftermarketnews.com/consumers-increasingly-turning-to-the-pros-for-vehicle-maintenance-and-repairs-according-to-npd/

http://www.aftermarketnews.com/despite-safety-concerns-nearly-half-of-us-consumers-look-forward-to-driverless-cars/

https://www.b2becommerceworld.com/2016/10/07/turning-cars-online-parts-ordering-machines

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Date Target Business Description Acquirer

10/12/2016* Transamerican Auto Parts Manufacturer and distributer of off-road Jeep and truck accessories Polaris Industries Inc.

10/4/2016 Andrew Page Ltd. Distributes vehicle parts and accessories LKQ Corp.

10/4/2016 Hoosier Racing Tire Corp. Prov ides a variety of racing tires Continental AG

10/3/2016 Winfield Consumer Products, Inc. Manufactures and distributes automobile products Truck Hero, Inc.

10/3/2016* REMY International, Inc. /Light

Vehicle Aftermarket Bus/

Manufactures starters, alternators and other related products Torque Capital Group LLC

10/3/2016 Ravaglioli SpA Manufactures lifts, aligners, tire changers, wheel balancers and test

lanes

Dover Corp.

9/30/2016 Trav is Body & Trailer, Inc. Manufacturer of medium and heavy dump body and hydraulic moist

equipment

Truck Bodies & Equipment

International, Inc.

9/6/2016* Keystone Powdered Metal Co. Designs and manufactures metal products for the automotive industry Sumitomo Electric Industries

Ltd.

9/2/2016* Accuride Corp. Manufacturers and supplies commercial vehicle components Crestv iew LLC

9/2/2016 International Tyre & Wheel

Solutions Ltd.

Distributes road tires for the waste, recycling and demolition industries Trelleborg AB

8/26/2016* Industrial Levorin SA Provides tires and offers repair serv ices for motorcycles and industrial

vehicles

Compagnie Générale des

Établissements Michelin SCA

8/24/2016 Britannia Tyres Ltd. Manufactures and supplies tires, brakes, exhausts and batteries Exhaust Tyres & Batteries

(Worcester) Ltd.

8/19/2016* Omega Acquisition Corp Provides aftermarket automotive truck and off road air conditioning

products

AEA Holdings LLC

8/19/2016 Custom Fibreglass Manufacturing

Co.

Manufactures quality pick-up truck caps and tonneaus J.B. Poindexter & Co., Inc.

8/2/2016 Experi-Metal, Inc. Prov ides metal formed parts and assemblies for the automotive,

aerospace, and other industries

The Watermill Group

8/1/2016 Aftermarket Telematics

Technologies LLC

Developer of automotive telematics software and serv ices for the

automotive aftermarket

Innova Electronics Corp.

7/26/2016 Powertrain Industries, Inc. Supplies automotive replacement parts, automotive hardware, brake

products and household hardware

Dorman Products, Inc.

7/25/2016 Rubber Enterprises, Inc. Manufactures a line of v ibration control products Anand Nvh Products Private

Limited

M&A TRANSACTIONS

2

RECENT M&A TRANSACTIONS1,2,3



*Denotes pending transactions

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(1.9%)

8.3%

10.9%

16.3%

Vehicle Manufacturers

Dealerships and Services

Providers

Suppliers

Distributors and Retailers

4.6%

5.9%

7.0%

16.1%


Suppliers



Providers

(1.0%)

4.3%

4.7%

5.8%


Suppliers



Providers

(1.8%)

(0.7%)

6.6%

13.9%

Suppliers




Providers

6.2x

10.1x

11.1x

11.8x

Suppliers



Providers


7.1x

8.6x

11.6x

12.2x

Suppliers



Providers


PUBLIC MARKETS OVERVIEW

3


TEV / LTM EBITDA TEV / 2016P EBITDA

AVERAGE REVENUE GROWTH (2012 – 2015) AVERAGE REVENUE GROWTH (2015 – 2017P)

AVERAGE EBITDA GROWTH (2012 – 2015) AVERAGE EBITDA GROWTH (2015 – 2017P)


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(12.8%)

(4.1%)

7.0%

8.6%

9.6%

Dealerships and

Service Providers

Vehicle

Manufacturers

S&P 500

Distributors and

Retailers

Suppliers

(3.3%)

(1.5%)

(0.8%)

1.7%

2.5%

Distributors and

Retailers

S&P 500

Vehicle

Manufacturers

Suppliers

Dealerships and

Service Providers

(30%)

(25%)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

Oct-15 Jan-16 Apr-16 Jul-16 Oct-16

Suppliers Distributors and Retailers

Dealerships and Service Providers Vehicle Manufacturers

S&P 500 Index

STOCK PRICE PERFORMANCE

4


(Indexed to October 7th, 2015)

TRAILING TWELVE MONTHS

MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH)


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OUR GROUP

Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our Transportation & LogisticsGroup serves companies in a broad range of attractive niches, including third-party logistics (3PL), truck, rail, marineand air transportation, transportation equipment, and the automotive and heavy duty vehicle market.


RECENTLY CLOSED T&L TRANSACTIONS

DEEP EXPERIENCE ACROSS T&L SECTORS

MARINE TRANSPORTATION

NICHE TRANSPORTATION

TRANSPORTATION EQUIPMENT

RAIL & RAIL SERVICES

AUTOMOTIVE & HEAVY DUTY

VEHICLE

THIRD-PARTY LOGISTICS

AIR TRANSPORTATION

5

INDUSTRY UPDATE │ OCTOBER 2016

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a portfolio company of

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in partnership with

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RCL Services Group

has sold

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has merged with

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http://www.portlogisticsgroup.com/

http://www.portlogisticsgroup.com/

http://corpjetfin.live.subhub.com/custom/Hawker_Beechcraft_black_h_logo.jpg

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Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

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UNITED STATES EUROPE

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

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NETWORK OFFICES

Beijing

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Transportation & Logistics

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

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OUR FIRM



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Suppliers

BorgWarner Inc. $9,947 $35.69 0.4% (20.6%) $48.64 73.4% 8.3x 7.1x 7.0x 6.7x 6.5x

Cooper Tire & Rubber Company 2,059 38.38 10.7% (8.3%) 43.40 88.4% 5.5x 3.3x 3.6x 4.0x 4.4x

Dorman Products, Inc. 2,102 63.24 (1.2%) 20.4% 67.30 94.0% 11.1x 10.1x 12.1x 11.6x 10.8x

Federal-Mogul Holdings Corp 4,539 9.45 2.5% 17.0% 10.00 94.5% 8.2x 7.3x 7.3x 6.3x 5.8x

Goodyear Tire & Rubber Company 14,122 32.83 5.4% 3.2% 35.30 93.0% 6.4x 6.5x 6.7x 5.4x 5.2x

Modine Manufacturing Company 669 11.77 3.1% 33.0% 12.21 96.4% 7.8x 2.6x 2.9x 5.4x 4.8x

Motorcar Parts of America, Inc. 562 27.75 (5.4%) (14.4%) 41.03 67.6% 17.0x 14.3x 12.1x 6.1x 5.4x

Standard Motor Products, Inc. 1,177 47.31 3.6% 32.5% 48.09 98.4% 8.2x 8.1x 10.7x 9.8x 9.5x

Tenneco Inc. 4,435 57.30 1.0% 15.9% 59.88 95.7% 5.6x 4.7x 5.4x 5.3x 4.9x

Visteon Corporation 2,090 70.42 (2.3%) (33.7%) 121.65 57.9% 5.6x 15.6x 9.8x 6.4x 5.9x

Median 1.7% 9.6% 93.5% 8.0x 7.2x 7.1x 6.2x 5.6x


Advance Auto Parts, Inc. $12,002 $148.13 (7.5%) (20.9%) $201.24 73.6% 11.9x 11.0x 10.8x 10.2x 9.4x

AutoZone, Inc. 27,916 760.34 3.1% 3.4% 819.54 92.8% 12.7x 12.6x 12.1x 11.8x 11.1x

Genuine Parts Company 15,297 98.27 (3.3%) 14.3% 105.97 92.7% 10.6x 12.0x 12.2x 11.9x 10.7x

LKQ Corporation 13,318 33.20 (7.9%) 14.9% 36.35 91.3% 12.3x 14.2x 14.2x 12.2x 10.8x

O'Reilly Automotive, Inc. 28,278 275.38 (2.7%) 8.6% 292.84 94.0% 15.9x 15.3x 15.4x 14.7x 13.4x

U.S. Auto Parts Network, Inc. 136 3.22 (13.0%) 48.4% 4.49 71.7% NA NA 15.0x 10.5x 9.1x

Uni-Select Inc. 1,177 24.06 (2.9%) 2.9% 27.45 87.7% 9.9x 10.3x 11.9x 10.9x 9.9x

Median (3.3%) 8.6% 91.3% 12.1x 12.3x 12.2x 11.8x 10.7x

Dealerships and Service Providers

Asbury Automotive Group, Inc. $3,024 $54.02 (1.2%) (36.1%) $87.63 61.6% 11.6x 9.5x 9.3x 9.2x 8.8x

AutoNation, Inc. 11,561 49.27 2.5% (18.7%) 65.51 75.2% 12.2x 11.5x 11.5x 11.0x 10.4x

Boyd Group Income Fund 1,338 64.29 (5.4%) 21.3% 68.41 94.0% 10.6x 14.7x 15.4x 14.2x 12.2x

CarMax, Inc. 20,917 52.33 (12.1%) (12.7%) 60.81 86.1% NM NM NM 17.1x 16.1x

Copart, Inc. 7,016 53.47 4.2% 53.4% 54.85 97.5% 12.1x 13.5x 15.4x 15.3x 13.8x

Group 1 Automotive, Inc. 4,188 63.87 4.3% (28.0%) 89.64 71.3% 11.2x 9.7x 10.0x 11.0x 10.6x

KAR Auction Services, Inc. 8,126 43.45 2.0% 15.9% 44.10 98.5% 11.1x 10.6x 11.7x 10.8x 9.8x

Lithia Motors, Inc. Class A 4,432 94.72 11.2% (13.6%) 126.56 74.8% 13.1x 10.4x 11.3x 11.1x 10.3x

Monro Muffler Brake, Inc. 2,334 60.18 7.5% (14.2%) 77.00 78.2% 16.7x 15.8x 14.6x 13.7x 12.1x

Penske Automotive Group, Inc. 8,724 47.97 2.3% (6.7%) 51.59 93.0% 14.2x 12.0x 13.1x 12.9x 12.3x

Sonic Automotive, Inc. Class A 3,203 19.26 12.4% (12.8%) 25.77 74.7% 10.6x 10.1x 10.5x 11.0x 10.6x

Median 2.5% (12.8%) 78.2% 11.9x 11.0x 11.6x 11.1x 10.6x

Stock Performance

Stock Price Change from 52-Week TEV / EBITDA EBITDA

($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Oct-15 Apr-16 Current 2016P 2017P

Automotive Aftermarket

TEV / LTM EBITDA as of

PUBLIC COMPARABLES

7



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Bayerische Motoren Werke AG $153,645 $86.52 (0.7%) (11.0%) $113.02 76.6% 7.7x 7.7x 7.6x 9.4x 9.3x

Daimler AG 175,915 71.38 0.4% (10.3%) 91.03 78.4% 5.7x 7.3x 7.1x 8.6x 7.7x

Ford Motor Company 149,848 12.29 (3.0%) (18.0%) 15.84 77.6% 14.5x 8.5x 9.5x 11.8x 11.9x

General Motors Company 102,058 32.34 0.7% (3.3%) 36.88 87.7% 6.1x 5.7x 5.5x 6.0x 6.0x

Harley-Davidson, Inc. 15,180 50.00 (4.6%) (9.2%) 57.33 87.2% 12.6x 10.9x 11.7x 12.0x 11.5x

Navistar International Corporation 6,117 22.63 14.4% 38.8% 23.99 94.3% 11.6x 10.2x 11.0x 11.1x 10.4x

Oshkosh Corp 4,999 54.91 (0.8%) 32.3% 57.75 95.1% 8.0x 8.2x 10.4x 10.0x 9.0x

PACCAR Inc 25,708 59.03 2.1% 5.8% 60.86 97.0% 7.7x 7.3x 8.2x 11.6x 12.1x

Toyota Motor Corp. 300,964 58.24 (4.5%) (5.0%) 64.60 90.1% 8.6x 7.8x 8.3x 10.2x 9.6x

Volkswagen AG Pref 201,095 132.50 (5.7%) 13.5% 155.19 85.4% 6.6x 9.1x 8.9x 6.7x 6.0x

Median (0.8%) (4.1%) 87.5% 7.8x 8.0x 8.6x 10.1x 9.5x

PUBLIC COMPARABLES

8



Stock Performance

Stock Price Change from 52-Week TEV / EBITDA EBITDA

($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Oct-15 Apr-16 Current 2016P 2017P


TEV / LTM EBITDA as of

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Suppliers

BorgWarner Inc. $7,178 $7,435 $8,304 $8,025 $9,136 $9,508 3.8% 8.8% $1,106 $1,224 $1,385 $1,330 $1,493 $1,553 6.4% 8.0%

Cooper Tire & Rubber Company 4,201 3,439 3,421 2,959 2,956 3,046 (11.0%) 1.5% 526 394 436 541 514 489 1.0% (5.0%)

Dorman Products, Inc. 570 664 751 803 859 943 12.1% 8.4% 112 138 153 162 182 197 13.0% 10.1%

Federal-Mogul Holdings Corp 6,664 6,786 7,317 7,419 7,467 7,725 3.6% 2.0% 448 569 573 570 725 776 8.4% 16.7%

Goodyear Tire & Rubber Company 20,992 19,540 18,138 16,443 15,599 15,979 (7.8%) (1.4%) 1,824 2,107 2,251 2,085 2,654 2,762 4.6% 15.1%

Modine Manufacturing Company 1,376 1,478 1,496 1,463 1,353 1,379 2.1% (2.9%) 101 121 110 224 124 141 30.3% (20.7%)

Motorcar Parts of America, Inc. 406 259 302 369 433 478 (3.2%) 13.8% 0 46 38 49 91 103 NM 44.5%

Standard Motor Products, Inc. 949 984 980 972 1,061 1,112 0.8% 7.0% 89 107 113 92 121 124 1.4% 15.9%

Tenneco Inc. 7,363 7,964 8,420 8,209 8,609 9,045 3.7% 5.0% 649 707 752 785 848 917 6.5% 8.1%

Visteon Corporation 6,857 7,439 7,509 3,245 3,169 3,291 (22.1%) 0.7% 493 590 663 265 325 356 (18.7%) 15.9%

Total $56,556 $55,988 $56,639 $49,906 $50,642 $52,507 (1.8%) 4.3% $5,348 $6,002 $6,475 $6,104 $7,075 $7,417 5.9% 10.9%


Advance Auto Parts, Inc. $6,205 $6,494 $9,844 $9,737 $9,415 $9,549 16.2% (1.0%) $847 $901 $1,244 $1,147 $1,173 $1,281 10.6% 5.7%

AutoZone, Inc. 8,604 9,148 9,475 10,187 10,636 10,636 5.8% 2.2% 1,841 2,002 2,081 2,223 2,358 2,358 6.5% 3.0%

Genuine Parts Company 13,014 14,078 15,342 15,280 15,469 16,027 5.5% 2.4% 1,122 1,117 1,273 1,266 1,287 1,390 4.1% 4.8%

LKQ Corporation 4,123 5,063 6,740 7,193 9,169 10,301 20.4% 19.7% 493 627 790 852 1,071 1,232 20.0% 20.2%

O'Reilly Automotive, Inc. 6,182 6,649 7,216 7,967 8,596 9,179 8.8% 7.3% 1,154 1,287 1,465 1,743 1,920 2,111 14.7% 10.0%

U.S. Auto Parts Network, Inc. 304 255 284 291 303 318 (1.4%) 4.4% 8 5 5 6 13 15 (8.5%) 58.6%

Uni-Select Inc. 1,821 1,788 1,784 1,355 1,220 1,300 (9.4%) (2.1%) 90 92 104 94 108 118 1.5% 11.8%

Total $40,253 $43,474 $50,685 $52,010 $54,809 $57,309 6.6% 4.7% $5,554 $6,031 $6,961 $7,331 $7,929 $8,504 7.0% 16.3%

Dealerships and Service Providers

Asbury Automotive Group, Inc. $4,640 $5,335 $5,868 $6,588 $6,524 $6,721 12.4% 1.0% $209 $270 $313 $331 $328 $343 16.6% 1.9%

AutoNation, Inc. 15,669 17,518 19,109 20,862 21,831 22,408 10.0% 3.6% 737 843 909 998 1,051 1,107 10.6% 5.3%

Boyd Group Income Fund 435 561 764 918 1,042 1,172 28.3% 13.0% 30 40 77 79 94 108 38.5% 16.8%

CarMax, Inc. 10,963 12,574 14,269 15,150 15,860 17,151 11.4% 6.4% 529 595 724 804 1,229 1,312 15.0% 27.7%

Copart, Inc. 924 1,046 1,163 1,146 1,268 1,268 7.4% 5.2% 346 342 363 394 455 455 4.4% 7.5%

Group 1 Automotive, Inc. 7,476 8,919 9,938 10,633 11,058 11,378 12.5% 3.4% 269 346 375 407 381 394 14.8% (1.6%)

KAR Auction Services, Inc. 1,963 2,173 2,365 2,640 3,054 3,279 10.4% 11.5% 457 451 574 640 753 825 11.9% 13.5%

Lithia Motors, Inc. Class A 3,316 4,006 5,390 7,864 8,538 9,057 33.4% 7.3% 166 207 266 377 395 429 31.5% 6.7%

Monro Muffler Brake, Inc. 732 831 894 944 1,002 1,090 8.8% 7.5% 103 127 147 161 171 193 16.0% 9.5%

Penske Automotive Group, Inc. 13,164 14,705 17,177 19,285 20,287 20,773 13.6% 3.8% 419 498 574 645 675 704 15.4% 4.5%

Sonic Automotive, Inc. Class A 8,365 8,843 9,197 9,624 9,574 9,918 4.8% 1.5% 289 300 294 307 290 301 2.0% (0.9%)

Total $67,648 $76,512 $86,134 $95,653 $100,039 $104,216 13.9% 5.8% $3,553 $4,019 $4,617 $5,142 $5,822 $6,172 16.1% 8.3%

Revenue Revenue Growth EBITDA EBITDA Growth

($ in millions) 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P


PUBLIC COMPARABLES

9



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Bayerische Motoren Werke AG $98,709 $100,976 $106,648 $102,215 $105,244 $107,870 1.2% 2.7% $20,536 $19,552 $21,788 $19,325 $16,350 $16,514 (2.0%) (7.6%)

Daimler AG 146,811 156,635 172,268 165,747 171,224 175,431 4.1% 2.9% 19,691 21,079 24,558 25,604 20,732 22,487 9.1% (6.3%)

Ford Motor Company 134,266 146,917 144,077 149,558 141,004 143,664 3.7% (2.0%) 12,958 13,183 11,324 15,557 12,483 11,973 6.3% (12.3%)

General Motors Company 152,256 155,427 155,929 152,356 158,091 153,699 0.0% 0.4% 10,670 12,708 8,853 15,518 17,218 17,095 13.3% 5.0%

Harley-Davidson, Inc. 5,581 5,900 6,229 5,995 5,282 5,395 2.4% (5.1%) 1,183 1,324 1,452 1,330 1,272 1,295 4.0% (1.3%)

Navistar International Corporation 12,948 10,775 10,806 10,140 8,229 8,245 (7.8%) (9.8%) (374) (192) 295 567 552 600 NM 2.9%

Oshkosh Corp 8,181 7,665 6,808 6,098 6,196 6,643 (9.3%) 4.4% 500 644 622 523 502 560 1.5% 3.4%

PACCAR Inc 17,051 17,124 18,997 19,115 16,227 15,478 3.9% (10.0%) 2,458 2,648 2,899 3,198 2,106 2,120 9.2% (18.6%)

Toyota Motor Corp. 266,131 256,480 247,980 236,533 257,500 263,745 (3.9%) 5.6% 30,332 35,160 38,164 36,457 28,508 29,618 6.3% (9.9%)

Volkswagen AG Pref 247,486 261,550 268,549 236,524 236,158 242,281 (1.5%) 1.2% 25,918 27,460 30,572 21,539 29,889 34,201 (6.0%) 26.0%

Total $1,089,420 $1,119,448 $1,138,291 $1,084,281 $1,105,155 $1,122,450 (0.7%) (1.0%) $123,872 $133,566 $140,527 $139,617 $129,611 $136,464 4.6% (1.9%)

PUBLIC COMPARABLES

10



Revenue Revenue Growth EBITDA EBITDA Growth

($ in millions) 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P


PAGE |


SOURCES


1. FactSet.

2. MergerMarket.

3. Pitchbook.

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