Pep Boys
Encyclopedia
The Pep Boys — Manny, Moe & Jack , branded as Pep Boys Auto and commonly abbreviated as Pep Boys, is a full-service and tire automotive aftermarket
chain.
The first store, originally named "Pep Auto Supplies", was founded in Philadelphia, Pennsylvania
in 1921 by Emanuel (Manny) Rosenfeld
, Maurice L. (Moe) Strauss
, W. Graham (Jack) Jackson
, and Moe Radavitz
.
Currently headquartered in the Allegheny West
section of Philadelphia, Pep Boys operates 723 stores and approximately 7,000 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. It is one of the leading sellers of replacement tires in the United States, and in 2005 was named one of the 500 fastest-growing U.S. companies.
That name was 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 store's name was officially changed to "The Pep Boys — Manny, Moe & Jack" (Radavitz had cashed out the previous year). Shortly thereafter they commissioned the Manny, Moe and Jack caricatures that still serve as the company's logo. When Jackson left in 1925, his caricature was replaced with that of Moe's brother, Isaac (Izzy) Strauss. (The company name remained the same despite the personnel change.) No further changes were made to the logo until 1990, when Manny's cigar was removed.
By the early 1930s Pep Boys had 40 stores in Philadelphia, and Manny's brother, Murray Rosenfeld, had opened the first West Coast Pep Boys store. In 1939 Izzy Strauss left to form his own auto supply business in Brooklyn
, Strauss Stores, which later merged with Roth & Schlenger Home and Auto to form R&S Strauss, the ancestor of Strauss Discount Auto, now known as Strauss Auto.
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. The Strauss and Rosenfeld families continued to control approximately one fifth of the company's stock until the early 1990s.
, whose combined stake exceeds 25% of Pep Boys common stock, engineered a reorganization of the company's management and board of directors, citing a lack of strategy and need for change.
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.
On October 13, 2009, Pep Boys acquired tire retailer Florida Tire for $4.35 million. The acquisition gives Pep Boys 10 service-and-tire centers in the Orlando market that generate sales of $14 million a year. Pep-Boys is also opening small service-only stores.
In April of 2011, Pep Boys acquired 7 stores from tire retailer Big O Tires
. The acquisition gives Pep Boys service-and-tire centers in Washington state.
In May of 2011, Pep Boys acquired tire retailer Big 10 Tires. The acquisition gives Pep Boys an additional 85 service-and-tire centers in Georgia, Florida and Alabama, including concentrations around Atlanta and Orlando.
In June of 2011, Pep Boys acquired 7 locations from automotive repair company My Mechanic. The acquisition gives Pep Boys additional locations in the Houston, Texas area.
two-time Daytona 500 champion driver Sterling Marlin
's No. 14 car owned by Ginn Racing in 2007. The company also sponsors the Pep Boys Auto 500, a race held at The Atlanta Motor Speedway
each October.
Aftermarket (automotive)
The automotive aftermarket is the secondary market of the automotive industry, concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, tools, equipment and accessories for light and heavy vehicles, after the sale of the...
chain.
The first store, originally named "Pep Auto Supplies", was founded in Philadelphia, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
in 1921 by Emanuel (Manny) Rosenfeld
Emanuel (Manny) Rosenfeld
Emanuel "Manny" Rosenfeld was one of the four founders of the Delaware Valley-based automotive parts retailer Pep Boys – Manny, Moe & Jack. After mustering out of the Navy in 1921 he and three friends from the service, Maurice "Moe" Strauss, Graham "Jack" Jackson and Moe Radavitz, chipped in $200...
, Maurice L. (Moe) Strauss
Maurice "Moe" Strauss
Maurice "Moe" Strauss was one of the four founders of the Delaware Valley-based automotive parts retailer Pep Boys – Manny, Moe & Jack. After mustering out of the Navy in 1921 he and three friends from World War I, Emanuel "Manny" Rosenfeld, Graham "Jack" Jackson and Moe Radavitz, chipped in $200...
, W. Graham (Jack) Jackson
W. Graham (Jack) Jackson
W. Graham Jackson was one of the four founders of the Delaware Valley-based automotive parts retailer The Pep Boys – Manny, Moe & Jack. After mustering out of the Navy in 1921 he and three friends from World War I, Maurice "Moe" Strauss, Emanuel "Manny" Rosenfeld and Moe Radavitz, chipped in...
, and Moe Radavitz
Moe Radavitz
Moe Radavitz was one of the four founders of the Delaware Valley-based automotive parts retailer The Pep Boys – Manny, Moe & Jack. He and three friends from The Navy, Maurice "Moe" Strauss, Emanuel "Manny" Rosenfeld and W...
.
Currently headquartered in the Allegheny West
Allegheny West, Philadelphia, Pennsylvania
Allegheny West is a neighborhood in the North Philadelphia section of Philadelphia. It is named after an association formed by Pep Boys and Tasty Baking Company, among others, and the community bordering East Falls, Strawberry Mansion and Germantown...
section of Philadelphia, Pep Boys operates 723 stores and approximately 7,000 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. It is one of the leading sellers of replacement tires in the United States, and in 2005 was named one of the 500 fastest-growing U.S. companies.
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 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 store's name was officially changed to "The Pep Boys — Manny, Moe & Jack" (Radavitz had cashed out the previous year). Shortly thereafter they commissioned the Manny, Moe and Jack caricatures that still serve as the company's logo. When Jackson left in 1925, his caricature was replaced with that of Moe's brother, Isaac (Izzy) Strauss. (The company name remained the same despite the personnel change.) No further changes were made to the logo until 1990, when Manny's cigar was removed.
By the early 1930s Pep Boys had 40 stores in Philadelphia, and Manny's brother, Murray Rosenfeld, had opened the first West Coast Pep Boys store. In 1939 Izzy Strauss left to form his own auto supply business in Brooklyn
Brooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
, Strauss Stores, which later merged with Roth & Schlenger Home and Auto to form R&S Strauss, the ancestor of Strauss Discount Auto, now known as Strauss Auto.
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. The Strauss and Rosenfeld families continued to control approximately one fifth of the company's stock until the early 1990s.
Today
In 2006 major stockholders Barington Capital Group and Pirate Capital LLCPirate Capital LLC
Pirate Capital LLC is a Norwalk, Connecticut based investment adviser founded in 2002 by Thomas R. Hudson Jr. The firm employs shareholder activism to push for structural changes in target companies.The firm’s assets fell to $375 million as of September, 2007 from $1.8 billion a year...
, whose combined stake exceeds 25% of Pep Boys common stock, engineered a reorganization of the company's management and board of directors, citing a lack of strategy and need for change.
In May 2008, Pep Boys CEO Jeff Rachor left the company after 13 months to pursue a luxury automotive dealership venture with Michael Dell
Michael Dell
Michael Saul Dell is an American business magnate and the founder, chairman and chief executive officer of Dell Inc. He is the 44th richest person in the world, with a net worth of US$14.6 billion in 2011, based primarily on the 243.35 million shares of Dell stock worth $3.5 billion that he owns,...
. Chief Operating Officer Michael R. Odell replaced him as CEO.
On October 13, 2009, Pep Boys acquired tire retailer Florida Tire for $4.35 million. The acquisition gives Pep Boys 10 service-and-tire centers in the Orlando market that generate sales of $14 million a year. Pep-Boys is also opening small service-only stores.
In April of 2011, Pep Boys acquired 7 stores from tire retailer Big O Tires
Big O Tires
Big O Tires, LLC. is North America's largest franchiser of tire retailers. It is headquartered in Centennial, Colorado, and has more than 540 franchises in 21 U.S. states and Canada. It sells its own Big O private brand tires and other brands...
. The acquisition gives Pep Boys service-and-tire centers in Washington state.
In May of 2011, Pep Boys acquired tire retailer Big 10 Tires. The acquisition gives Pep Boys an additional 85 service-and-tire centers in Georgia, Florida and Alabama, including concentrations around Atlanta and Orlando.
In June of 2011, Pep Boys acquired 7 locations from automotive repair company My Mechanic. The acquisition gives Pep Boys additional locations in the Houston, Texas area.
NASCAR sponsorship
Pep Boys began sponsoring NASCARNASCAR
The National Association for Stock Car Auto Racing is a family-owned and -operated business venture that sanctions and governs multiple auto racing sports events. It was founded by Bill France Sr. in 1947–48. As of 2009, the CEO for the company is Brian France, grandson of the late Bill France Sr...
two-time Daytona 500 champion driver Sterling Marlin
Sterling Marlin
Sterling Marlin is a retired NASCAR Sprint Cup Series driver. He is the son of late NASCAR driver Coo Coo Marlin. He is married to Paula and has a daughter, Sutherlin, and a son, Steadman, who sometimes races in the Nationwide Series....
's No. 14 car owned by Ginn Racing in 2007. The company also sponsors the Pep Boys Auto 500, a race held at The Atlanta Motor Speedway
Atlanta Motor Speedway
Atlanta Motor Speedway is a track just outside Hampton, Georgia, twenty miles south of Atlanta. It is a quad-oval track with a seating capacity of over 125,000. It opened in 1960 as a standard oval. In 1994, 46 condominiums were built over the northeastern side of the track...
each October.
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.