EX-99.1 2 a08-22475_1ex99d1.htm EX-99.1

 

Exhibit 99.1

 

LKQ Corporation Completes Acquisition of Pick-Your-Part Auto Wrecking in California

 

Chicago, IL—August 26, 2008— LKQ Corporation (Nasdaq: LKQX) announced that it has completed its previously announced acquisition of Pick-Your-Part Auto Wrecking, an auto recycler with nine recycling locations in California.  We paid 60% of the purchase price with LKQ Corporation common stock.

 

“We are very pleased to complete our acquisition of Pick-Your-Part,” said Joseph Holsten, President and Chief Executive Officer of LKQ Corporation. “We are excited about the prospects for these California retail oriented recycled parts businesses, and we believe Pick-Your-Part will help us expand our Southern California wholesale recycling business.”

 

About LKQ Corporation

 

LKQ Corporation is the largest nationwide provider of aftermarket collision replacement products, recycled OEM products and refurbished OEM collision replacement products such as wheels, bumper covers and lights used to repair light vehicles. LKQ operates approximately 300 facilities offering its customers a broad range of replacement systems, components, and parts to repair light vehicles and trucks.

 

Forward Looking Statements

 

The statements in this press release that are not historical are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, hopes, intentions or strategies.  Forward looking statements involve risks and uncertainties, some of which are not currently known to us.  Actual events or results may differ materially from those expressed or implied in the forward looking statements as a result of various factors.  These factors include:

 

·                  the availability and cost of inventory;

·                  pricing of new OEM replacement parts;

·                  variations in vehicle accident rates;

·                  changes in state or federal laws or regulations affecting our business;

·                  fluctuations in fuel and other commodity prices;

·                  changes in the demand for our products and the supply of our inventory due to severity of weather and seasonality of weather patterns;

·                  changes in the types of replacement parts that insurance carriers will accept in the repair process;

·                  the amount and timing of operating costs and capital expenditures relating to the maintenance and expansion of our business, operations and infrastructure;

·                  declines in asset values;

·                  uncertainty as to changes in U.S. general economic activity and the impact of these changes on the demand for our products;

 


 

·                  uncertainty as to our future profitability;

·                  increasing competition in the automotive parts industry;

·                  our ability to increase or maintain revenue and profitability at our facilities;

·                  uncertainty as to the impact on our industry of any terrorist attacks or responses to terrorist attacks;

·                  our ability to operate within the limitations imposed by financing arrangements;

·                  our ability to obtain financing on acceptable terms to finance our growth;

·                  our ability to integrate and successfully operate recently acquired companies and any companies acquired in the future and the risks associated with these companies;

·                  our ability to develop and implement the operational and financial systems needed to manage our growing operations;

·                  decreases in the supply of end of life and crush only vehicles that we process and sell for scrap; and

·                  other risks that are described in our Form 10-K filed February 29, 2008 and in other reports filed by us from time to time with the Securities and Exchange Commission.

 

You should not place undue reliance on the forward looking statements.  We assume no obligation to update any forward looking statement to reflect events or circumstances arising after the date on which it was made.

 

CONTACT:

LKQ Corporation

 

 

Mark T. Spears, Executive Vice President and Chief Financial Officer

 

 

312-621-1950

 

 

irinfo@lkqcorp.com