Pep Boys Business Development Plan

Running head: PEP BOYS FINAL BUSINESS DEVELOPMENT PLAN 1
Pep Boys Final Business Development Plan
Daniel St.Germain
MBA 515
February 28, 2016
Robert Thompson

PEP BOYS FINAL BUSINESS DEVELOPMENT PLAN 2
Pep Boys Final Business Development Plan Introduction
This is the finalized business development plan for Pep Boys. It is broken down into
three categories: market domain, competitive readiness, and opportunities and trends. The
market domain section contains an analysis of the history of the domain, notable business
failures throughout its history, and a discussion of the impact said historical failures may have
upon innovation within the current business environment. The competitive readiness section
contains the SWOT and PEST analysis for Pep Boys. Lastly, the opportunities and trends
section details the various intrapreneurial and entrepreneurial opportunities available to Pep Boys
based upon the results of the analysis performed in the second section.
I. Market Domain
Automotive Aftermarket Introduction
The automotive aftermarket is a market domain within the greater transportation industry.
It includes all organizations responsible for the sale of aftermarket parts, repair of automobiles,
or any combination of the afore-mentioned. I’ve compiled an overview of said domain in this
essay. This includes a look at the factors responsible for the creation of this domain, reasons for
major business successes and failures (inhibiting and enabling factors) throughout its history, and
potential opportunities for growth and development based upon current conditions (economic,
social, environmental, legal, etc.).
Early History of the Automotive Industry
The automobile made landfall over 100 years ago in Europe and was created by Karl
Friedrich Benz and Gottlieb Daimler. “The two men, who had never met previously, filed their
patents on the same day-January 29, 1886” (History.com Staff, 2012). And while the creation of

the automobile was one of the most significant inventions of the 19th century, it was far from one
of the most significant events within the history of the automotive industry.
Initially, automobiles were thought to be a novel toy for the affluent. Furthermore, the
predominant mode of transportation during the era was the railroad. This all changed because of
the vision of one man, Henry Ford: thus the first major milestone in the history of the automotive
industry was the Model T. In fact, the creation of the Model T could be considered the creation
of the automotive industry. “By the time Model T production ceased in May 1927, more than 15
million had been built, a single-model record until 1972…The model T was more than just a car,
it was a social phenomenon. It changed the lives of millions of people” (Vance, 2015). Henry
and the Ford Motor Company created a mass-consumable automobile, however, they didn’t
create a custom vehicle, personal to the owner; and here, I venture, is where the automotive
aftermarket was born. This lack of creativity was also the subsequent downfall of the Ford
Motor Company and the rise of competition within the automotive industry. “It was Ford’s
stubborn refusal to match General Motor’s development of a diversified product line that
accounted for Ford’s declining fortunes” (O'Brien, 2016). In addition to the Model T, there were
several other integral movements that occurred during this period which led to the creation of the
automotive aftermarket.
Early History of the Automotive Aftermarket
Markets do not operate independently, rather, they act upon the world, and so too, the
world acts upon them. This was the case with the Model T. So many new motorists entering the
world during the early part of the 20th century created a need. The first was the availability for
replacement parts to keep cars running; enter the auto parts store. The second need was for
skilled laborers, to build and also to repair vehicles; enter the mechanic. The Model T, while

elegant with respect to the sheer volume of its production, was poorly made compared to today’s
standards. The engine burned copious amounts of oil and the tires didn’t last more than a
thousand miles: this vehicle needed parts, desperately. “The ‘Tin Lizzie’, as people
affectionately called the ‘T’, was everywhere by 1915 and it was the car parts salesman’s dream.
From the Ford factory it came as little more than a bare bones vehicle” (Marchman, 2004). Enter
Western Auto, the first aftermarket auto parts seller, created by George Pepperdine in 1909
(Advance Stores Company, Inc., 2015). Pep boys followed 12 years later.
Mechanics, on the other hand, had been there since the beginning. “Wealthier car
owners employed chauffeur-mechanics as servants who would drive and maintain their vehicles”
(International Association of Machinists and Aerospace Workers, 2010). However, the auto
mechanic trade was legitimized when it was adopted by the International Association of
Machinists in 1916 (International Association of Machinists and Aerospace Workers, 2010).
Another pivotal influence that occurred during this time in response to the growing use of
the automobile was governmental legislation. As was mentioned previously, during the latter
part of the 19th and beginning of the 20th century, America was predominantly a system of
railroads. The infrastructure necessary for automobile travel was shoddy, at best. In order to
improve the status quo and make way for the burgeoning automotive industry, the government
implemented the Federal Road Act of 1916. “The Federal Road Act of 1916 began the federal
government’s effort to transform muddy road into a network of interconnected paved highways”
(Johnson, 2011). This created the infrastructure necessary to grow the automotive industry into
an indispensable part of the national economy.
Last, before moving onto the next topic, we must return to Mr. Ford. While mass-
production and efficiency created millions of automobiles and did so cheaply, affording one

outright was completely out of reach for most Americans. This problem was solved by the
introduction of automotive financing. In addition to rolling millions of Model T’s off the
assembly line, Henry Ford also created an installment purchase plan (an early type of financing,
however, the owner didn’t get the car till it was paid for) so that those without enough cash to
purchase the vehicle, could still get a Model T by making payments of $5 weekly (Collins,
2007).
In summary, by 1916 there were millions of automobiles on the road thanks to the mass
production of Ford’s Model T. Such unprecedented growth in the use of automobiles created a
need for infrastructure (Federal Road Act of 1916), financing eligible buyers (Ford’s Weekly
Purchase Plan), replacement auto parts (Western Auto), and skilled repair men (Auto Mechanics
accepted into International Machinists Union). The combination of the afore-said factors then,
created the Automotive Aftermarket which was a well formed market domain by the time Pep
Boys entered the fray in 1921. The next section will cover two of the most noteworthy
businesses in this domain, since it formed nearly a century ago, and the contributing factors that
led to their success and subsequent demise.
Businesses in the Automotive Aftermarket-Success and Failure
As was mentioned before, Western Auto was one of the first aftermarket auto parts
sellers in America, rather, the world. The company started up in 1909 as a mail order (dominant
form of commerce at the time) parts company. In the catalog one could purchase everything
from tires to oil to spark plugs. Sales grew slowly and steadily and by 1913 the first retail store
opened. A second store followed in 1915. This was followed by the creation of Western Auto’s
private brand items. Private brands items generated a greater profit margin. In addition,
Pepperdine developed a unique marketing strategy during the peak of the Model T’s sales

history. Pepperdine rebranded one of his mail order catalogs as specifically for Ford owner’s
and dubbed Western Auto the “Supply Headquarters for the Ford” (Marchman, 2004). These
tactics helped to capture an even greater share of the market, however, due to ill health he was
forced to move west to California. He sold the controlling interest in his first two stores and
opened up a separate Western Auto in California.
The next major historical moment was the First World War. The world war brought
about enormous uncertainty and rising prices, however, Pepperdine capitalized upon this time to
aggressively market his product by hiring on commissioned salesmen. This led to the growth of
stores up and down the West coast along with a peppering of them throughout the American
Heartland. In a decade of operation, through aggressive marketing and a low price strategy,
Western Auto had captured an enormous percentage of the newly formed automotive
aftermarket.
The stock market crash of 1929 and subsequent Great Depression that followed crippled
much of the nation and the automotive industry was certainly not immune from the
ramifications. Add to this the fact that the Model T had been put to rest 4 years prior and the
current automobiles being built were complete cars and superior in every way to the Model T.
Replacement parts lost demand, however, Pepperdine navigated this tough time via
diversification: “George Pepperdine’s operation, had seen this coming and was expanding its
product line into sporting goods, radios, and aviation supplies” (Marchman, 2004). Western
Auto managed to navigate through one of the most difficult economic times of recorded history
and ultimately, captured an even greater market share. The next step was the associate store.
Following the Great Depression, Western Auto grew even further through the
development of associate stores. This, in effect, was the equivalent of a modern day franchise,

minus the strict legalities governing such arrangements today. The associate store was
independently owned, however, it was responsible to sell a certain amount of Western Auto
products. The amount of Western Auto stores in the United States mushroomed due to the
associate store program and this continued on through the Second World War and beyond. In
fact, the business model (associate stores, main chain, aftermarket auto parts, and a diversified
product offering including the iconic Wester Flyer bicycle) developed during this time served
Western Auto well to the tune of enormous growth and profits over the next 30 years. However,
Western Auto’s success didn’t last forever.
By the late 1960’s Western Auto had begun selling everything from tires to furniture,
however, the winds of change were blowing. Large retailers entered the market (K-Mart) and
began whittling away at Western Auto’s market share, little by little. Moving into the 1970’s
this problem was exacerbated by the steady decline in associate stores. The company relied
heavily on the process that led to their success 25 years earlier and refused to adapt to the
changing economic, social, and governmental landscape of the times. Add to this the oil crisis of
the 1970’s which dramatically increased the price of gasoline, leading to people driving less and
subsequently needing less automotive repair parts, and Western Auto had begun an inevitable
downward spiral. By the mid 1980’s Western Auto was sold out to Sears and the dream that
began nearly three quarters of a century earlier died. The cause of death can be attributed to
none other than a lack of innovation and adaptation to current market trends.
Pep Boys
After the First World War, four Navy friends pooled $800 and decided to open an auto
parts store on the east coast, specifically Philadelphia (Pep Boys, 2015). They were successful
during their first years for the same reasons as was mentioned for Western Auto, primarily the

Model T. During the Great Depression, they expanded west to California and pursued the same
strategy of product diversification as Western Auto before them. Unlike Western Auto however,
“The Company did not cut back or lay off personnel, run up debt” (Pep Boys, 2015).
Furthermore, during the California expansion, Pep boy’s implemented one of their boldest
strategic moves, effectively separating them from the herd of aftermarket parts suppliers,
opening their first repair shop. Pep boys was now playing on two ball fields. And while growth
during the 1930’s was limited in comparison to Western Auto, The end of World War II and
return of the troops home drove consumer demand for automobiles, parts, and services through
the roof.
It was at this juncture that Pep boys took an entirely different approach to Western Auto.
While Western Auto had great success with the associate store program, Pep boys went public.
The IPO infused capital into the company and its first major expansion was underway. Within
20 years there were over 124 stores with both parts and service departments. Although modest
in comparison to Western Auto, progress was steady and consistent.
As was mentioned earlier, the 70’s brought great change and one of the key changes it
brought was the beginning of the demise of Western Auto. The decay of the once great auto
parts supplier was apparent within the market domain and Pep boys took advantage of this at the
beginning of the 80’s. “To raise capital, Pep Boys split its stock 3-for-1 and moved to the New
York Stock Exchange…This concept boosted Pep Boys to more than 700 stores, almost 3,600
service bays and more than $2 billion in annual sales” (Pep Boys, 2015), grabbing up as much of
Western Auto’s hemorrhaging market share as was possible. The expansion of Pep boys
continued on through the 90’s and even expanded into the markets in Puerto Rico, however,
much like Western Auto before, refusal to adapt to change led to their ultimate demise.

The dawn of the new millennium brought vast changes because of the development of the
internet. Changes in technology began accelerating at break neck speeds resulting in
technologically superior automobiles. Automobiles have become so complex over the last 20
years that the do it yourself market has shrunk considerably and also of note, knowledgeable
technicians able to work on cars the do it yourselfers won’t, has also. In addition to the
aforesaid, many of the Pep boys locations opened over 30 years ago haven’t seen so much as a
paint brush, let alone any type of rebranding efforts. Furthermore, increased competition by
newcomers to the domain, Auto Zone, and a resurgence of Advance Auto Parts after the
acquisition of none other than Western Auto began eating away at Pep Boy’s market share. And
lastly, dealerships have come on the scene as legitimate competitors in the aftermarket domain.
“Pep Boys is fighting back with a ‘holistic’ rebranding, changing not only its marketing and
advertising strategy, but revamping store interiors and exteriors, implementing new customer-
service training programs and recalibrating its internal culture. Even its signature Manny, Moe
and Jack caricature logo has been redesigned” (Bulik, 2014). Certainly a better show of force in
the end than Western Auto, however, it came too little too late. As of the writing of this article
Pep Boys has been sold to Ichan enterprises for $18 a share, a roughly $1 billion dollar deal. The
fate of the Iconic Manny, Moe, & Jack is now in the hands of one of the most notorious Venture
Capitalists of the last 30 years, Carl Ichan. The cause of death: failing to analyze opportunities
and threats in the market place early enough to implement change successfully.
Opportunities for Growth in the Current Market
First and foremost, the greatest opportunity in the current domain is that of the potential
market share that could be gained during the process of selling Pep Boys. Employee’s wont trust
their new employer and customers won’t trust the business as both wait for the dust from the sale

to settle. This presents an unprecedented opportunity for the company willing to take the risk to
expand. Two companies already poised for this are AutoZone, one of the largest parts retailers
in the country and Bridgestone, one of the largest automotive service providers in this country.
Second, as mentioned above, the rapid pace of technological advance in the last 20 years
has been staggering. Already, hybrid electric and fully electric vehicles are filling the highways.
The advanced tech propelling the automobiles requires a new, more knowledgeable technician.
This requires companies to begin investing as much money as possible toward the training and
development of new human resources. I mentioned briefly before, dealerships are becoming a
major competitor in the automotive aftermarket, and it bears repeating again, because their
training, benefits, and retention are already far ahead of the majority of their aftermarket
competitors. This is because they build the cars: so naturally, their OEM parts are the best for
the vehicle and they know how best to train technicians to repair them. In addition, selling
automobiles further diversifies dealerships giving them a hand over fist advantage over strictly
aftermarket competitors.
Third, stricter government regulations regarding the burning of fossil fuels will continue
to drive technological advance within the industry further complicating the construction and
operation of motor vehicles pointing back toward the second point: education and retention of
quality human resources.
Finally, the last opportunity for growth with this domain comes from the natural
breakdown of automobiles. Many of the new cars on the roads today, superior as they are, will
still begin breaking down in the next three to five years. The company that retains
knowledgeable staff today and captures Pep boy’s readily available market share will be able to
move into the next decade successful and ultimately, profitable beyond measure.

Summary
The automotive aftermarket’s development can be credited to two men: Henry Ford and
George Pepperdine. Henry Ford created the Model T, a stripped down automobile that was
affordable to the masses and George Pepperdine created the aftermarket parts to personalize it.
The two oldest companies in this domain, Western Auto and Pep Boys both achieved great
success respectively, but took different paths to get there. Western Auto was successful through
unique marketing, diversification strategies, and developing associate stores. Pep boys was
successful by growing slowly, going public and grabbing market share from a dying Western
Auto. Western Auto failed by relying on past strategy to be successful in current markets and
Pep Boys failed by missing opportunities, threats, and making changes too late.
Currently there are three opportunities for growth with this domain. The first is through
taking over Pep boy’s available market share through expansion. The second is through hiring
and retaining knowledgeable human resources to work on increasingly complex vehicles. The
third is by being prepared as the first wave of modern vehicles begin to break down; grabbing as
much of the hybrid and all-electric market as is possible.
II. Competitive Readiness
SWOT Analysis Introduction
The following contains a SWOT analysis of Pep Boys. I’ve included four examples of
each SWOT category in relationship to current market conditions and future potential. Second,
following the analysis, I’ll recommend strengths to capitalize upon and weaknesses to avoid, in
order of importance. And third, the conclusion will include a personal evaluation of Pep Boys
preparation, or lack thereof, to compete in the market today and in the future.

Strengths
The most important strength that Pep Boys currently has is brand recognition. The Pep
Boys brand has been around longer than any other brand in the collective consciousness of the
automotive aftermarket. “Our research shows that Pep Boys is a well-recognized brand by two-
thirds of consumers, and customers recognize [it] as having knowledgeable staff, clean stores
and good prices” (Bulik, 2014). Brand recognition takes years to develop and enormous
amounts of capital investment to maintain. Pep Boys already has the brand and because it is
associated with expert service and good prices, this is the companies’ greatest asset.
The second strength within the company is the online presence it has developed over the
last decade. The company has taken advantage of the integration of the internet and smartphones
into everyday life and built a strong e-commerce presence to the tune of nearly 25% of yearly
revenues, and substantial growth year over year. Currently, the DIY (do it yourself) customer
can log onto pepboys.com via their computer or through the pep boys app on their smartphone
and purchase parts which can then be shipped directly to their door or to the closest Pep boys for
store pickup. In addition, the same tech can be used to cater to the DIFM (do it for me) as this
customer segment can use the same tech to set maintenance appointments, create vehicle repair
logs, and find the manufacturer recommended service intervals for their specific vehicles.
Third, the company has implemented their “Road Ahead” rebranding campaign and this
is an enormous asset. After the rapid expansion of Pep Boy’s in the 80’s to the 800 stores it
currently has, little has been done in the way of updating, improving, and or changing the brand
strategy. As such, most of the stores look old, run down, and are built to the specifications of a
long deceased customer base. Investing capital in the “Road Ahead” campaign is going to
completely renovate every store from top to bottom. The brand logo has been redesigned, the

store lay outs have been changed, and everything from paint to flooring will be replaced. The
effort has already been rolled out in many markets throughout the country to the tune of great
success and it can be assumed that a continuation of this program will bring more of the same.
Fourth, the company has a substantial commercial parts business. Many of our top
competitors in the aftermarket service sector are also our customers in the aftermarket parts
sector. This is critical, as while we may lose service market share to many of these organizations
(local auto repair shops, franchises, etc.), our ability to make up for that via selling these
competitors the parts they need to perform said services is paramount. “As of January 31, 2015,
approximately 80%, or 456, of our 569 Supercenters and Pep Express stores provided
commercial parts delivery” (Pep Boys, 2015).
Weaknesses
The first weakness apparent when analyzing the business is that of the outdated stores
and brand image. While the “Road Ahead” rebranding effort is making headway throughout
America, it has many more stores to reach before completion and many of the older stores have
been consistently losing their customer base within their respective markets. As of the second
quarter 2014, “results disappointed investors with lower than expected earnings and revenue of
$507 million. For the nine months ended Nov. 2, comparable store sales fell 1%” (Bulik, 2014).
This drop in sales has held despite rebranding efforts and is the precise reason the Board has
begun seeking alternative way of maximizing shareholder value, such as the proposed sale to
Ichan enterprises.
The second weakness is with respect to human resources retention. In order to be highly
competitive we have to continually strive to reduce costs in order to pass that on to our
customers, in both the retail and service aspects of the business. This translates into lower

capital with which to pay employees, resulting in lower caliber employees and higher employee
turnover. The current plan rolling out during the “Road Ahead” campaign includes retraining of
employees to focus more upon customers and less upon sales, in order to retain customers for
repeat business. Retraining employees is only effective if those employees stay on with the
company and grow within the organization, thus a new type of compensation and benefits
package should be implemented. “Retraining staff in line with the Road Ahead rebranding has
proved harder than anticipated, with staff turnover in some cases as high as 40 percent” (Davis,
2014).
The third weakness apparent is the cost versus benefits of rebranding the entire
organization. The cost of conversion to the Road Ahead format is over $500,000 per store.
Couple this number with the high turnover rate of employees, and rebranding one store is easily
a million dollar investment. There are over 800 locations in need of rebranding and many are
sitting on property worth more than the potential benefit from rebranding. “Some of the
locations that Pep Boys is looking at for closure are more valuable as real estate, so they likely
would be sold for the better return” (Davis, 2014). Pep Boys, a publicly traded company, has the
ultimate responsibility to maximize shareholder profits, and while the road ahead rebranding
effort may work well in the long run, it would do so at the cost of short term shareholder value.
Therefore, the rebranding effort itself is a weakness.
Fourth, while the rebranded stores do perform better than their older counterparts, the
company’s sales have remained flat for the last three years (rebranding efforts began in 2012).
The reason is as follows: merchandise sales have gone down and service sales have gone up as a
result of the market shift from DIY to DIFM. “Total merchandise sales decreased 0.9%, or $14.8
million…Service revenue increased 7.2%, or $32.8 million” (Pep Boys, 2015). This means that

the company is missing opportunities to capitalize upon the shift in consumer behavior which is
an enormous weakness.
Opportunities
The first opportunity piggy backs off of the last weakness mentioned. Currently, there is
a fundamental shift in consumer behavior with respect to the automotive aftermarket.
Automobiles are becoming increasingly complex, and as such, the consumer is less likely to
work on his or her own automobile. This has created a mass exodus from the DIY (do it
yourself) mentality to DIFM (do it for me) and creates an enormous opportunity for Pep Boys.
The opportunity then is to capture as much of the newly emerging DIFM market as is possible in
every available market segment. In addition, growing the commercial parts sales portion of the
company to other service competitors is also a potential opportunity.
The second opportunity is through increasing online presence. It was mentioned earlier
that the e-commerce segment of the company is doing well and growing every year. Developing
and growing this segment of the business to capture more of the e-market is an especially
promising opportunity. “As a whole, our digital business represented 6% of sales in the fourth
quarter of fiscal 2014 and grew by 43% on a year over year basis” (Pep Boys, 2015).
Third, developing more private label products is another opportunity. Currently, we
already produce a large number of private label products and the profit margin for these products
is substantially greater than their name brand alternatives. “All products sold by the Company
under various private label names were approximately 25% of our merchandise sales in fiscal
2014” (Pep Boys, 2015). Because the infrastructure for creating these products already exists,
expanding our product lines, in tires, for example, wouldn’t be a tremendous expense and could
dramatically increase profitability.

Fourth, as was mentioned above, rebranding many of our failing stores is potentially
more costly than beneficial in the short term. An opportunity that must be looked at is
permanently closing these stores, selling the properties, then reinvesting the capital into
rebranding efforts elsewhere. Rather than continuing to hemorrhage capital in markets that we
can no longer compete, we should take a hard look at retreating in those areas while redoubling
our efforts in others where we’re already experiencing success.
Threats
The first threat the organization faces is also the source of its’ competitive advantage.
Pep Boys is unique because it offers parts and services, while most of its competitors only offer
one or the other. When Pep Boys was at the peak of success in the mid-90, this feature helped to
differentiate and to further enhance the brand. Today, however, in the wake of a full-scale
rebranding and year after year of flat sales, this is a liability. The company faces strong
competition from both segments within the automotive aftermarket and is losing. Were the
company just a service provider or parts supplier, the rebranding effort could be going much
more smoothly and for far less expense, but with so many moving parts, it is becoming a
disaster.
Second, the high turnover rate (40% in many cases, see above) of employees is another
threat which makes the future success of the company precarious, at best. Knowledgeable and
friendly staff is a key component necessary in order for Pep Boys to successfully transition from
a sales driven organization to a customer centric (relationship driven) one. A relationship driven
company can only happen when the same employees are there, week after week and year after
year, creating those relationships. With such high turnover rates, this isn’t happening, and is a
huge liability.

The third threat is from the growth of dealership service centers. “Dealerships may, in
fact, be Pep Boys’ biggest competition as the company looks to boost profitability. According to
Mr. Bird, dealers derive 55% of revenue on new-car sales; 30% from used-car sales; and 13% on
parts and service. However, parts and service make up more than half of their total profits,
which helps explain why carmakers such as Ford and Chrysler are building standalone quick-
service centers” (Bulik, 2014). Dealerships have the luxury of developing a relationship with the
car owner from the moment of purchase, and if nurtured, can eliminate many aftermarket
competitors, including Pep Boys, from the equation simply by providing excellent customer
service at the right price point.
The fourth threat has to do with investor confidence. Over the past 5 years, despite
rebranding efforts and growth in e-commerce, company sales have remained flat, and as of this
year, declined. As a result, return on stock holder’s equity for the past year was -5% (Pep Boys,
2015). A negative return of such magnitude decreases investor confidence and decreased
investor confidence decreases stock value. In addition to a decrease in stock value, this will also
make raising capital through the markets for continued rebranding efforts difficult, even
impossible. This is probably what led the board to begin considering sale of the company.
Prioritized List-Strengths
Based upon the aforesaid analysis, the following strengths should be capitalized upon
moving forward. First, the company should determine the weakest stores in the organization
with respect to profitability. These stores should be closed immediately and liquidated in order
to funnel said profit toward rebranding stores with a greater chance of success. Because the
rebranding effort has created such a high turn-over rate, the newly displaced employees from
liquidated stores should be given the opportunity to relocate to stores being held open for

rebranding. This will reduce the turnover percentage and help to retain good employees. In
addition, the company should continue working to grow the e-commerce portion of the business
through creative marketing strategies and research and development aimed at making the
consumer experience user friendly and at the appropriate price point to remain competitive.
Lastly, the company should expand the private label offerings in order to grow the amount of
sales via private labels from 25% to 30%. Implementation of the above will make the company
leaner, more efficient, and profitable.
Prioritized List-Weaknesses
As was mentioned in strengths, the first and most important thing for the organization to
do is stop trying to compete in markets that have already been lost to better competitors.
Continuing to dump money into failing endeavors weakens the organization as a whole and
decreases investor confidence. It is better to lose market share in some markets and boost
organizational profitability than to retain market presence and continue to lose profits. Once the
liquidation of unsuccessful stores begins to bring in money to be used for rebranding, more of
that money needs to be used to create a competitive compensation package to retain and recruit
better employees. The success of the entire endeavor is based upon having the right employees
in the stores developing relationships with our target customers, thus, spending more money on
our human resources will help to mitigate the large-scale mutiny that has been taking place.
Third, because of the shift from DIY to DIFM, the focus of the parts sector within the company
needs to focus less upon retail business and more upon commercial. As more consumers begin
taking their vehicles to shops for repairs, the potential for becoming a larger commercial supplier
becomes far more important than a retail outlet selling air fresheners and speakers.

Summary
Based upon my findings, Pep Boys is a good brand with great potential, however, the
current state of the company gives much cause for concern. The rebranding effort implemented
to save the company from extinction is costing a substantial amount of money and the work force
needed to implement it isn’t there. Furthermore, competition from both sectors (parts and
service) has become increasingly stiff, making it difficult for the company to stay afloat. E-
commerce, rebranded stores, and private label products are the best examples of what the
company is successful in, however, investor confidence has dropped along with share prices for
the past five years straight. The best way for the company to move forward is to trim the fat by
liquidating unsuccessful stores, investing capital in human resource retention, growing e-
commerce, and increase private label offerings.
PEST Analysis Introduction
Pep Boys has sustained losses in America for the past five years and has also been
undergoing an enormous rebranding effort within the country in order to stem the flow of blood
and ultimately, regain its’ former profitability and market share. Since the efforts began, sales
have remained flat and investors have become distrustful of the entire operation. This has led to
the imminent sale of the company to Ichan Enterprises, brokered at the end of last year. While
the company has a long way to go with respect to improvements within the current market, there
may still be opportunities outside of the American markets, specifically, in Canada. This article
will look into the various external political, economic, social, and technological issues and events
currently happening within the Canadian market in order to create a prioritized list of the
aforesaid that Pep Boys, when ready, could capitalize upon in order to make successful entry into

Canada. In conclusion, based upon the previous SWOT and this PEST, I’ll estimate the
organization’s readiness toward that end.
Political
The first issue in the analysis, the political climate in the Canadian market is also the
primary reason this country has been chosen has a potential country in which to expand Pep
Boys’ operations. The best reason first, the country is run politically and legally in very much
the same manner as in America making the transition from this country to that far easier than
say, Brazil or Puerto Rico (the only other country that currently has a Pep Boys besides
America). Looking into the matter further, another attractive feature of the Canadian political
sphere, is the separation between the federal government and that of its’ provinces. “Canada
divides its governmental powers provincially and federally…Although the federal government
has jurisdiction to legislate…has to date expressed no interest in doing so, leaving the provincial
governments room to govern given their jurisdiction over contracts” (Shaw & Weinberg, 2012).
Such a laissez faire attitude from Canada’s federal government allows Pep Boys to freely
negotiate with each provincial municipality in order to negotiate the best location for initial
market entry. Furthermore, there will be less red tape and bureaucracy to cut through at this
lower level of governmental infrastructure, potentially leading to a rapid and inexpensive
introduction of the organization into the host country.
Another issue related to the political sphere of Canada is that of taxation. Taxation is an
important consideration with respect to any potential market entrance, domestic or otherwise,
and as such, is an important factor in this analysis. “The federal government governs income tax
under the Income Tax Act…Corporations in Canada pay a combined income tax rate of 20
percent to 31 percent, depending on the province. These corporate tax rates are currently lower

than in the United States and are projected to stay that way” (Shaw & Weinberg, 2012). Lower
income tax leaves greater organizational profit making a move to Canada seem all the more
promising.
Economic
As of 2014, the Canadian economy was growing slowly, still rebounding from the effects
of the recession of 2008. “For Canada, this will translate into another year of modest economic
growth of about 2.3%. This is not convincingly stronger than the 1.7% reached in both 2012 and
2013, and is not sufficient to make a significant dent in the rate of unemployment, which should
remain close to 7.0%” (Leitao, 2014). The large amount of unemployment within the country is
cause for concern as people without jobs drive less, and less driving means less of a need for
automotive repair and maintenance. One high note within the scope of this economic downturn,
however, is that of low interest rates. “The Bank of Canada will keep the policy rate at 1.00%
until at least the middle of 2015” (Leitao, 2014). The lower interest rates in Canada are meant to
encourage borrowing, as the lower rates mean less costs to borrow. This could be an opportunity
for Pep Boys to seek financing for this endeavor outside of using equity capital, as at this time,
raising capital through stocks may prove difficult, if not impossible: but financing through debt
equity at such low rates of interest could be the most logical and reasonable alternative.
Social
The move of industrial companies from the America’s to other third world countries has
been on for some time. “Manufacturing employment collapsed from a high of 19.5 million
workers in June 1979 to 11.5 workers in December 2009, a drop of 8 million workers over 30
years… Manufacturing plants have also declined sharply in the last decade, shrinking by more
than 51,000 plants, or 12.5 percent, between 1998 and 2008. These stable, middle-class jobs have

been the driving force of the U.S. economy for decades and theses losses have done considerable
damage to communities across the country” (Lach, 2012). While these statistics are speaking
specifically to the outsourcing of industrial jobs in America, because of the similarity between
this country and Canada, Canadians have also felt the string of this significant threat. The loss of
industrialization in an economy reduces the middle class, and that reduction reduces the amount
of capable workers available to perform jobs at companies like Pep Boys. Canada, unlike
America however, implemented the CARS program in 2003. This program was developed to
provide information to youth about the value of jobs in the industrial sector and provides
resources for said youth to obtain jobs. One of the biggest problems with outsourcing is the
reduction in qualified employees to do the work. This program was established to create a
sufficient work force to attract industrial companies back into the country. This is a potential
asset for Pep Boy’s as the program has been underway for over a decade and will have created
many knowledgeable, qualified employees. “CARS has now distributed approximately 18,000
kits to-date and has implemented a media strategy to promote industry careers and the resources
available…To help increase awareness of the resources and to encourage the promotion of our
industry careers” (Service Station & Garage Management, 2003).
Technological
“A growing number of the world’s leading automotive manufacturers have signed on to
support CarPlay, Apple’s solution for the automotive infotainment system” (Mattera, 2016). The
introduction of outsourced technology from Silicon Valley into the manufacturing of modern
vehicles is exciting for the consumer, but will present enormous challenges for businesses in the
automotive aftermarket. The reason being the automotive aftermarket has for years made money
in the parts sector by engineering replacement parts that meet or exceed OEM specifications: this

has also included aftermarket entertainment systems. The issue arises when the OEM no longer
produces, arguably, one of the most important components within the automobile; namely, the
entertainment system. The introduction of Apple’s CarPlay and Google’s Alphabet and wide
scale adoption creates a user friendly, user preferred entertainment technology that will be
heavily protected by copyright and patent infringement laws. Case and point: Google recently
lost a major lawsuit against Oracle due to its’ use of the Java platform in its operating system.
“The high court’s decision Monday left intact a prior ruling that certain kinds of programming
instructions are entitled to copyright protection…Google and some other industry groups argued
that treating the instructions as creative works protected by copyright could hurt the ability of
companies and programmers to take advantage of standard software functions and make different
programs work together” (Kendall & Ovide, 2015). For years the aftermarket has created unique
entertainment systems that were superior to the typical system developed by OEM and therein
was the Aftermarkets competitive advantage. But this new tech is superior to anything the
aftermarket has ever produced because it is being created by some of the most innovative and
powerful tech companies in the world. Furthermore the technology used to create it is also
heavily protected legally. This will create enormous barriers to entry for many aftermarket
companies’, Pep Boys included.
Prioritized List
After examining the current factors surrounding entry into Canada the following list is
the priority in which Pep Boys should pursue entry. First, because the cost of doing business is
less in Canada (lower taxes) and it sits along America’s northern border (Pep Boys can use
existing infrastructure to supply Canadian branches) the move should proceed immediately.
Furthermore, because Pep Boys can deal with the Provincial government rather than federal for

entry into the local markets, this will ease and expedite the process. One concern about entry
was the high rate of unemployment (7%), however, because of implementation of the CARS
program over 10 years ago, while there may be a reduction in overall need for parts and repair
services, there will be an abundance of skilled laborers necessary to run the businesses.
Furthermore, by creating more jobs with this move, the company will be helping to reduce the
unemployment rate and thus alleviating the major concern discovered during the aforesaid
analysis. Lastly, because of the technological advances developed by Apple and Google, Pep
Boys should consider shutting down its aftermarket entertainment division (high barriers to
entry) and use the capital saved to fund the aforesaid expansion, rather than any debt or equity
financing.
Summary
As was discovered during the SWOT analysis, Pep Boys has been struggling in the
American market for the better part of the last five years, and while it was recommended to shut
down unsuccessful stores in order to concentrate upon the more successful ones, no mention had
been made at that time to expansion beyond the American Market. After analyzing the aforesaid
factors with respect to the Canadian market, however, it appears that expanding into the
Canadian market could be a viable alternative to attempting to strengthen what was left of Pep
Boys American market share. Pep Boys is ready for this move, and unless they act quickly, it
may be their last chance.

III. Opportunities and Trends
Intrapreneurial Opportunities Introduction
After looking at Pep Boys via SWOT and PEST, respectively, a number of important
issues emerged. First, the companies rebranding efforts were too expensive to be sustainable and
many of their American stores would need to be closed in order to finance the continued efforts.
Second, there are great opportunities for Pep Boys to enter the Canadian market, however,
financing through equity and debt will prove difficult as investor confidence is low and
leveraging too much debt could prove disastrous for the company’s long term stability. This
article discusses the creation of an intrepreneurial division within the company that can operate
independently of the whole and capitalize upon the expansion of the Pep Boys brand into the
Canadian market in addition to a separate part of the division tasked with the responsibility of
developing a greater presence as a distributor of commercial parts. In conclusion, the article will
assess the viability of both endeavors with respect to current operational concerns discovered
during the aforesaid analysis.
SWOT Overview
Based upon the SWOT analysis it was determined that Pep Boys rebranding effort was a
completely unsustainable enterprise that was having marginal, at best, results with respect to
increasing market share. “Results disappointed investors with lower than expected earnings and
revenue of $507 million” (Bulik, 2014). What this means for the company is that financing
through the public markets via equity, is all but impossible, as skittish investors will not drop
money into a sinking ship. Furthermore, because of the overall performance of the company for
the last 5 years, financing through debt is also a poor prospect, as to leverage the company at this
time could prove disastrous if the company continues to perform in such a lackluster manner.

Despite poor overall performance the company still boasts a strong brand and has a surprisingly
agile supply chain throughout America. The supply chain forms the backbone of both
intrepreneurial endeavors which will be discussed in later paragraphs. There are clearly an
opportunities, however, with limited access to capital what is to be done about the lucrative
prospect of Canadian expansion and commercial parts distribution discovered during the PEST
and SWOT analysis? The next paragraph summarizes details from the PEST (St.Germain, Pep
Boys SWOT, 2016).
PEST Overview
Opening Pep Boys stores in Canada could provide a boost to the company’s flat
performance over the better part of the last decade and capture market share in a new territory.
The reasons for this are as follows: business tax is lower in Canada than in America, the
company can use current American infrastructure to supply the new businesses, and federal laws
in Canada allow for lower level government to make decisions about business licensing making
the expansion process far easier and cheaper (Leitao, C. 2014). In addition to the low cost of
introduction and operation, another benefit to expansion in Canada is a large population of
qualified employees that are currently in need of work. The country implemented the CARS
program over a decade ago in order to attract new employees to the automotive industry (Service
Station & Garage Management, 2003), however, currently unemployment is sitting at 7% (Shaw,
B., & Weinberg, L. 2012). As can be seen from the PEST analysis, expansion into Canada is a
promising opportunity for Pep Boys, to not only survive, but to recapture some of its’ former
glory: but the funding to get the job done is another matter entirely (St.Germain, Pep Boys
PEST, 2016).

Intrepreneurial Idea #1 Canadian Franchise
Canadian expansion is clearly a business opportunity, however, funding through equity is
currently not possible, and funding through debt would put the company in a precarious
situation. Is there a third alternative? Yes, the company can expand through franchising. By
creating a franchise division, the company can expand into the Canadian market with limited
capital expense and liability. Furthermore, the associated royalties collected from franchising
can then be used to help support the rebranding efforts back in America. While this is a broad
stroke discussing the benefits of Franchising, the next paragraph will discuss the specific benefits
and drawbacks associated with expansion through franchising.
Franchising
Rather than going headlong into a treatise on the benefits of franchising, I thought it
better to begin with the most glaring disadvantages first. The first drawback to franchising is
that the process will give the company less control in the new market. “You can’t tell
franchisees what to do the way you can with employees. Franchisees are independent
businesses” (Shane, 2013). Second, the community of franchisees will be weaker than that of
their corporately managed counterparts. This develops as a result of each being independent, and
ultimately, in business for themselves. Corporate managers are part of the whole, and while
competition with other corporate store exists and is healthy, does not directly affect the
manager’s livelihood. Third, innovation can stagnate within a franchise system. “If you come
up with a new idea, you have to negotiate with your franchisees to get them to accept the new
product or whatever innovation you want to introduce, instead of just putting the new idea in
place on your own” (Shane, 2013). The next paragraph will discuss the benefits of franchising.

The most important benefit first: franchising the company will cost the company very
little capital (enormous plus for Pep Boys based upon their current financial position) yet has the
potential to create an enormous expansion within the new market, and in so doing, an enormous
amount of profit. Second, while franchisees may be in business for themselves and this can lead
to conflict, because of their stance (independent business owner) most will work far harder to
grow the business than corporate management because of their stake in the business. Last, the
money generated via royalties and sales of company products can then be funneled back into the
core business in order to help fund the rebranding efforts back home, or to open corporate stores
within the host economy once a successful presence has been established.
Intrepreneurial Idea #2 Commercial Parts Hub
It was mentioned earlier that Pep Boys still possesses a dynamic and agile supply chain,
and as was mentioned above, this infrastructure will form the basis for supply to the Canadian
franchisees. But what about distribution in America? While there can be no doubt the company
has been losing ground in the aftermarket repair business, there is ample room and opportunity
for Pep Boys to make a resurgence as a dominant commercial parts vendor. Many of the
companies that have beaten Pep Boys as a repair facility still need someone to deliver their parts,
and to do so quickly. Currently the lion’s share of this business has gone to Auto Zone, Checker,
O’ Reilly, and Advanced Auto Parts as Pep Boys has focused far more upon supplying its’ own
organization with parts rather than competitors. This is backward thinking. Were the company
to close down unprofitable repair shops but leave the central hubs in place, the company could
focus upon becoming the best commercial vendor in those markets. Furthermore, this would
cost next to nothing, as the infrastructure is in place. A new marketing campaign aimed at
capturing repair facility business would be the greatest cost of implementation.

Summary
Based upon information obtained during the SWOT and PEST analysis, respectively, it
has been determined that Pep Boy’s is ready to implement a franchise program in Canada and to
expand its’ commercial parts vendor business in America. Furthermore, based upon the
company’s current financial situation, these are the most viable opportunities for expansion and
profitability. This is because of the afore-mentioned reasons (shareholder confidence and high
exposure to risk via debt finance). In order to begin the process, rather than creating new
positions to fill the intrepreneurial division, the company can simply create cross-vertical teams
from the current employee base. These employees would only get extra compensation based
upon the success of the project: a guaranteed way to infuse the entrepreneurial spirit into the
project and further reduce company risk. And in conclusion, if the process is successful, the
capital generated could then be used to finance the continued rebranding efforts at home or to
pursue a corporate expansion into the Canadian market.
Entrepreneurial Opportunities Introduction
This article is the fourth and final assessment of the Pep Boys organization. It contains a
list of entrepreneurial opportunities gathered from the previous SWOT and PEST analysis,
respectively. Following the list, I’ve chosen the most attractive opportunity to pursue and will
then go on to assess its’ viability. Afterward, there is a discussion of specific industry trends
currently affecting Pep Boy’s market domain followed by an explanation of the impact said
trends may have upon the opportunity and its’ ultimate sustainability.
Entrepreneurial Opportunities List
This paragraph contains a list of potential entrepreneurial opportunities that Pep Boys
could exploit in order to gain competitive advantage within the automotive aftermarket. The first

idea discovered during the course of the intrapreneurial assignment was that of expanding the
commercial parts delivery program. The company currently has a country wide infrastructure
available in order to maintain inventory and deliver parts to rival repair facilities rapidly: as a
matter of fact, the infrastructure easily rivals that of their largest parts competitor, AutoZone.
Rather than expanding under the Pep Boys brand, perhaps creating an alternative parts
Distribution Company that oversaw commercial parts delivery might fare better than one
operated beneath the banner of the parent organization. The second idea was to expand the
private label auto parts offering in order to increase profitability through the sales of private label
brands as opposed to third party components. Another idea, based upon prior research, is to
increase online presence, perhaps through creating a spinoff online auto parts retailer. While all
three opportunities are promising, one has the greatest potential for success as a separate entity:
expanding private label offerings to create private label brands.
Exide Batteries
Pep boys sells a large volume of private label products such as batteries, brake pads, oil,
etc. The sales of these products generates a far greater profit margin than selling products from
other manufacturers. “All products sold by the Company under various private label names were
approximately 25% of our merchandise sales in fiscal 2014” (Pep Boys, 2015). Increasing the
volume of private label products sold would increase profits substantially. However, if the
company were to cut out the manufacturer of said private label products and create them
internally, by say, owning the company creating said parts that self-same increase in profitability
would increase exponentially. As an example, currently Exide Technologies is the major
supplier for Pep Boys batteries. “Exide will provide private-labeled, Pep Boys Pro-Start
batteries for automotive, marine, lawn and garden, and heavy duty/commercial types. Exide has

supplied private-labeled Bosch premium batteries to Pep Boys since 2008” (Exide Technologies,
2012). As a rule, all Pep Boys private label brands are being produced in the above manner.
Manufacturers place bids to obtain contracts with the organization and the lowest bidder gets the
contract. However, if the company placing the lowest bid was owned in whole or in part by Pep
Boys, then the organization would be doubling profits: first by manufacturing parts sold to Pep
Boys, and second through Pep Boys sale of those parts to the public.
Start-Up or Acquisition
When deciding whether Pep Boys should fund a start-up aftermarket parts manufacturing
business or acquire one already in operation, one key factor must be pointed out. First and
foremost, the company has performed poorly for some time and as such, the high risks associated
with getting a start-up off the ground and successful are too great at this time to pursue. Finding
a manufacturer that has an established market presence and is already operational, on the other
hand, dramatically reduces the risk and would enable the company to move in and begin
processes immediately. Therefore, the smart bet, would be to find the right company, perhaps in
a similar position as Pep Boys (great potential but poor performance), and acquire the company
to begin development and production of all of Pep Boys private label products. The question
that logically follows is: then who?
Eaton Corporation
After searching through a relatively recent edition of Automotive News, it was
discovered that the best company to consider for acquisition was Eaton Corporation. As of the
writing of this periodical, it was listed at number ninety nine out of the one hundred best auto
parts manufactures. Currently the company produces “engine valves, valve actuation
components, fluid connectors & conveyance, superchargers, torque controls, engine &

transmissions controls, fuel emission & safety controls” (Crain Communications Inc., 2013).
The current parts production is in line with many of the private label parts Pep Boys would like
to begin producing, and the manufacturing set up will allow for quick expansion into other
components as well. Now while the company is second to last out of a hundred, that doesn’t
necessarily mean they are poised for acquisition. The company could be satisfied with current
market share and have no desire to grow any larger. This however, isn’t the case. The company
has plummeted over twenty four dollars per share over the last year and a half: from trading at a
high of $78.57 back in July of 2014 to $54.20 as of this past Friday (Google lnc., 2016). For the
same reasons Pep Boy’s has been forced to sell this year will most likely be the reason for Eaton
Corporation to consider the same proposition. The next paragraph discusses current trends
within the market domain along with the potential for sustainability of the above endeavor.
Trends & Sustainability
As was discussed during the SWOT and PEST analysis, the automotive aftermarket has
been experiencing a shift in consumer behavior from that of DIY (do it yourself) to DIFM (do it
for me). This is a result of cars becoming increasingly complex, primarily, but also due to other
factors such as an improving economy, leading to more disposable income per American
household (Bulik, 2014). This trend is expected to continue and because of it aftermarket part
retail sales are expected to continue declining. The decline in retail sales will lead toward greater
competition in order to capture an ever dwindling share of the market. Rather than fight in a
restrictive market, one in which Pep Boys is already losing, taking the fight toward commercial
sales is the better bet. While the consumer isn’t purchasing parts to repair vehicles himself, he is
most certainly still in need of automotive maintenance and repairs. That being so, there will be
an increase in commercial sales to aftermarket repair facilities, of which Pep Boys is one.

Focusing on holding current market share in this sector of the domain and expanding would be
the best course to capitalize upon the opportunity presented here. Furthermore, it is the best way
to sustain the operation over the long run. Lastly, because of ever increasing government
regulations regarding vehicles emissions, creating quality emissions aftermarket components is
an important product line to roll out and mass market: because the trend toward environmental
concern will only grow with each passing year due to the threat of global warming.
Summary
There were three opportunities presented within this article: commercial sales expansion,
internet sales expansion, and private label production. The first two are more suited to stay
within the confines of the parent organization, however, the third would be best suited as an
entrepreneurial endeavor. Because Pep Boys has done so poorly these last few years, funding
and producing a successful startup is too hazardous of a proposition. The wiser bet is to find a
well-established manufacturer in a similar predicament as Pep Boys: namely, Eaton Corporation.
The company has all the production capabilities necessary for Pep Boys chief goal: produce
private label products for sale to the parent corporation and to the aftermarket domain at large.
Lastly, the current shift from DIY to DIFM has reduced retail part sales and increased
commercial sales. The company should focus upon growing presence in the DIFM market and
also focus upon manufacturing high quality emissions parts due to growing government
regulations regard vehicle emissions.

Conclusion
There are two caveats derived from this report that bear repeating at its close. The first is
that the automotive aftermarket is more competitive than ever and that Pep Boys, if it hopes to
remain relevant, must make rapid changes to stay in the game. The first of which is to continue
rebranding stores that are successful, while closing others that are not. The revenue generated
from the closing of stores could be used in a few different ways: first, continue funding the
rebranding efforts; second, use the funds to expand into the Canadian markets via franchising; or
third, create a separate manufacturing business that would develop aftermarket components. The
second caveat: new innovations are shifting the entire landscape of the automotive industry
(electric automobiles, android auto, and self-driving automobiles to name a few) and to do
nothing, is a guarantee of failure. The time to act is now.

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