Car Talk: Volume 26

Research evidence excerpt

Car Talk: Volume 26

June 28, 2026 Car Talk: Volume 26

WHAT YOU SHOULD KNOW: Car Talk is our recurring publication where we highlight Marvin Fong, CFA recent news and developments in the auto services space that we believe investors will (212) 527-3562 mfong@btig.com

find of interest. In this volume: 1) more reasonable asking prices help drive an active

season for car wash M&A; 2) a downstream glass deal in Canada turns a distributorAUTOMOTIVE

into a new competitor for repairers; 3) a start-up shows how AI can help quick lube

operators; 4) Rhode Island raises the total loss threshold for insurers; and 5) all three

autmotive services subsectors outperformed on the week.

■ Active M&A quarter for car wash. Amplify Capital (Private) announced it hasSERVICES advised on ~$450MM of car wash transactions in 2Q26 covering ~400 locations. To

reinforce the point that car wash M&A is showing vitality, this week Whitewater

Express (Private) acquired Sparkle Express' eight locations across GA and SC,

bringing Whitewater to 154 car washes across eight states. Amplify noted the

environment has improved as participants have gotten clarity around interest rates

and capital markets. Amplify is currently advising multiple chains representing overINDUSTRY $500MM in value. Our take: Amplify's disclosure works out to just over $1.1MM per

location. Asking prices have certainly come down since the car wash M&A frenzy of

the late 2010s/early 2020s when per-store transaction prices were often upwards

of $5MM. The pick-up in volume is also notable. For context, Car Wash Advisory

(Private) reported that all of 2025 saw ~660 car wash locations change hands.REPORT

■ A Canadian glass distributor turns competitor. PGW Auto Glass (Private) acquired