Stop us if you’ve heard this one before:

Billionaire investor, activist and horse racing enthusiast Carl Icahn bid to buy Pep Boys on Tuesday for just over $1 billion, outpricing Japanese tire giant Bridgestone for the franchise, Bloomberg reported (via Automotive News).

Bridgestone’s refusal to tender a competing offer after its final bid of $947 million for the 800 Pep Boys stores seemingly means that Icahn is the winner — although we’ve been here before.

Icahn offered up to $18.50 per share of the company, of which he already owns 12 percent, which is slightly higher than the company’s stock during trading Wednesday.

(Read More…)

Steve Lang might not be “thrilled by the shill”, but here at TTAC, we’re delighted to see him return. As always, he drove a tough bargain, but he’s back. Look for more “Hammer Time” articles from our rogue buy-here-pay-here specialist in the future! — JB

“Did he just try to run me up on a $500 car?”

The auctioneer had seen my bid, taken it, and then moved his body to a 90 degree angle from where I stood. He quickly took a bid. A bit too quickly for me to believe it.

Magically, a $600 bid had been taken somewhere between the sea of bodies and the coke machine, as he quickly went back to me looking for more. I saw the low mileage 1994 Geo Prizm with the banged up body slowly move away as the auctioneer tried to make eye contact and get me to bid again. Except I wasn’t watching from the same spot anymore. I walked away. The shill bidding that would have cost me at least $150 was now worth nothing.

I knew his trick because, a bit over 10 years ago, it was my job to help the auctioneer make it work.
(Read More…)