Valvoline Closes Buyout Of New Quick-Lube Center In Indiana
Zacks Investment Research | Jun 25, 2018 11:05PM ET
Valvoline Inc. (NYSE:VVV) announced that its franchisee Big River Quality Auto Inc. has completed the acquisition of a quick lube location based in Evansville, IN. Currently, the quick lube location is operating as Valvoline Instant Oil Change (VIOC) service center.
Notably, all four locations of the VIOC quick-lube are being operated by Big River Quality Auto. VIOC stores offers a wide variety of services, including tire rotation; preventive maintenance services related to the radiator, air conditioning and transmission as well as replacement of safety parts, like light bulbs and wiper blades. Majority of the locations provide fuel system and battery services as well. VIOC service stores allow customers to stay inside the car and watch the services performed.
Valvoline also acquired a quick lube location based in the greater Detroit area recently. Earlier, the company’s franchisee, Superior Lube, too made a similar acquisition in the Salt Lake City Area. These two locations are now operating as VIOC service centers.
In fact, Valvoline has been working diligently to strengthen its quick-lube model. In this regard, it has taken several efforts ranging from organic expansion of stores to starting VOIC service stores and Express Care centers at acquired locations.
Exiting six months of fiscal 2018 (ended Mar 31, 2018), the company had 1,141 VIOC centers, comprising 445 owned by it and 696 at franchised locations. While the company added 14 new stores in the first half of fiscal 2018, it plans to add another 22 new stores in the second half. Meanwhile, the company’s Express Care centers were at 323 locations.
In the last six months, shares of Valvoline have lost 15%, underperforming the Zacks Investment Research
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