AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

LKQ Corporation Enters New Services Market with Purchase of Elite Electronics

April 1, 2019

CHICAGO--(BUSINESS WIRE)--Apr 1, 2019--LKQ Corporation today announced that it has acquired all assets of Elite Electronics. Elite, based in Richardson, TX, specializes in various automotive diagnostic and repair services. This acquisition launches LKQ into the vehicle services market, converging LKQ’s industry leading parts and distribution business with Elite’s services to further facilitate customers’ needs.

Elite Electronics’ technical solutions are both mobile and on-site and are provided to automotive collision and mechanical repair facilities that are facing the rapidly expanding vehicle diagnostics and calibration marketplace. Re-flashing, programming, pre- and post- collision repair diagnostics, ADAS related calibrations, air bag replacements, theft and vandalism repair, frame replacements and full mechanical services are among the services Elite provides. The robust service offering assists LKQ’s and Elite’s customers with typically time-consuming and challenging repairs. Allowing Elite Electronics to handle any number of these operations improves cycle times, associated repair expenses and customer experiences. Added to the service offering is the backing of LKQ’s expansive distribution network and inventory strength, along with LKQ’s industry leading Promise of Protection – a unique warranty and indemnification program.

Currently providing services in thirteen states, Elite Electronics has significant growth and expansion plans. Don Smith, founder and former owner of Elite Electronics, stated, “from Elite’s very beginning, we knew great things would evolve. The acquisition by LKQ will advance and accelerate that evolution to provide a superior service solution for the industry.”

“We are pleased to welcome Elite Electronics into the LKQ family. LKQ has evaluated numerous options to further assist our loyal customers, and Elite’s services help ease complexity while providing a strong company to address growing automotive technology challenges. We are excited to have Don and his entire team of experts from Elite become a part of LKQ,” stated Terry Fortner, Vice President of Sales and Marketing North America.

About LKQ

LKQ Corporation ( www.lkqcorp.com ) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks, and recreational and performance vehicles.

Forward Looking Statement

Statements and information in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of such Act.

Forward-looking statements include, but are not limited to, statements regarding our outlook, guidance, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors including those identified below. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied in the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual results to differ from the results predicted or implied by our forward-looking statements include, among others, the failure to realize, or delays in realizing, growth projections, synergies and cost-savings from the transaction; competitive responses to the transaction; and other factors discussed in our filings with the SEC, including those disclosed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2017 and in our subsequent Quarterly Reports on Form 10-Q. These reports are available on our investor relations website at lkqcorp.com and on the SEC website at sec.gov.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190401005909/en/

CONTACT: Robert Masone

rxmasone@lkqcorp.com

KEYWORD: UNITED STATES NORTH AMERICA CANADA ILLINOIS TEXAS

INDUSTRY KEYWORD: TRANSPORT TRUCKING MANUFACTURING AUTOMOTIVE MANUFACTURING ENGINEERING AUTOMOTIVE FLEET MANAGEMENT PERFORMANCE & SPECIAL INTEREST RECREATIONAL VEHICLES GENERAL AUTOMOTIVE

SOURCE: LKQ Corporation

Copyright Business Wire 2019.

PUB: 04/01/2019 05:08 PM/DISC: 04/01/2019 05:08 PM

http://www.businesswire.com/news/home/20190401005909/en