Penske Auto Centers and Snap-on Extend Strategic Partnership

KENOSHA, Wis.--(BUSINES WIRE)--Sept. 6, 2001--Penske Auto Centers LLC and Snap-on Incorporated are enhancing their strategic partnership by extending the organizations' supply and equipment agreement for an additional five years. As part of the agreement, Penske Auto Centers will upgrade its existing wheel service equipment with John Bean(R) V3D alignment systems. This new system features the exclusive 3-Dimensional modeling technology, developed and patented by Snap-on, which allows the service technician to provide faster and more accurate wheel alignments than traditional wheel alignment technologies currently used in the marketplace. Also included in the agreement are the John Bean(R) Virtual Plane Imaging (VPI) System II wheel balancers and Enhanced High Performance (EHP) tire changers.

According to Jim Wheat, President and Chief Executive Officer of Penske Auto Centers, "This supply and purchase agreement reinforces our company's commitment to maintaining our position as a leader of preventative automotive services nationwide. As we continue to meet our customer's expectations, it is equally important that we provide and equip our centers with state-of-the-art technology in order to better service our customers' vehicles. That combination is critical to our overall success and our continued growth in the marketplace."

"Snap-on and John Bean are excited to be a part of Penske's service strategy," said Dale F. Elliott, Snap-on President and Chief Executive Officer. "The agreement illustrates Snap-on's ability to provide the full range of productivity-enhancing equipment, information and services that our customers need and want."

John Bean is a division of Snap-on Incorporated. Snap-on Incorporated (NYSE: SNA) is a leading global developer, manufacturer and marketer of tool, diagnostic and equipment solutions for professional tool users. Product lines include hand and power tools, diagnostics and shop equipment, tool storage products, diagnostics software and other solutions for transportation-service, industrial, government, education and agricultural customers, and other commercial applications, including construction and electrical. Products are sold through its franchised dealer van, company direct sales and distributor channels, and the Internet. Founded in 1920, Snap-on is a $2.2 billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 14,000 people worldwide. For more information, go to www.snapon.com.

Penske Auto Centers LLC is the largest independent tire dealer in the United States with 630 locations nationwide and more than 4,000 employees committed to being the leader in preventative automotive maintenance. In addition to its strong presence in the marketplace for tire sales, other services offered by Penske Auto Centers include 30-minute oil changes, wheel alignments, ATF fluid exchanges and brake service, just to name a few. Integral to the company's overall success is its long-term growth strategy and strategic partnerships with organizations such as Kmart, Snap-on, Goodyear, Mobil, NAPA and Exide Battery Company. For more information, go to www.penskeautocenters.com.

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