Straightaway Tire & Auto Acquires 2 Repair Shops in Minnesota Zainal Abidin, 07/07/2024 Accurate Auto & Tire Service and Wayne’s Automotive have a combined experience of more than 60 years in the industry. Straightaway Tire & Auto expanded its reach in Minnesota by acquiring Accurate Auto & Tire Service and Wayne’s Automotivefacilitated by O2 Investment Partnerswhich announced the move. “We’re very excited to welcome the teams at Accurate Auto and Wayne’s to the Straightaway family,” said Jeff Matt, division president of Straightaway. “They have each earned loyal customer bases over their decades in operation, and we look forward to working together to uphold their reputations for great customer experience.” The two well-established businesses have a combined experience of more than 60 years in the automotive repair industry. Accurate Auto has been a cornerstone in the Maple Grove, MN, market for over 25 years, offering comprehensive auto repair services. Similarly, Wayne’s Automotive, with more than 35 years of operation, has been a key player in the Grand Rapids, MN, market. “The addition of Accurate Auto and Wayne’s will further strengthen Straightaway’s already robust presence in Minnesota,” said Joe Vallee of O2 Investment Partners. “Furthermore, the transactions highlight our commitment to support Straightaway’s continued expansion by leveraging platform-wide resources to drive localized … Continue Reading
Auto Repair Industry Could Benefit from Tax Relief Act Zainal Abidin, 01/03/202428/03/2024 The automotive repair industry is poised to receive a substantial boost from the proposed Tax Relief for American Families and Workers Act of 2024. This bipartisan initiative, supported by the Automotive Service Association (ASA), aims to alleviate financial strains faced by independent repair shops, grappling with rapid technological advancements and an evolving automotive landscape. If passed, the legislation, as outlined in a press release from ASA, would address several pressing concerns. It offers a reward from the high costs associated with adopting new technologies such as EVs and ADAS. These adaptations have forced many independent repairers to incur significant debts to upgrade their facilities and equipment. The Tax Relief Act proposes to reclassify the interest paid on these loans as a deductible expense. Furthermore, the act proposes a 100% bonus depreciation allowance for qualified property acquired between Dec. 31, 2022, and Jan. 1, 2026. This allowance would cover necessary investments like equipment and vehicles. Additionally, it increases the maximum expense limit for qualifying property, adjusting for inflation in the coming years, providing immediate financial relief while also setting a precedent for sustainable growth in the industry. A proposed change in the Child Tax Credit would directly impact employees of these … Continue Reading