Driven Brands Holdings Inc. (NASDAQ: DRVN), the parent company of collision repair networks CARSTAR, Abra and Fix Auto USA, said its audit committee found material errors in previously issued financial statements and that the company will restate results for fiscal 2023 and 2024 and several interim periods. Driven Brands also said it is delaying the […]
Driven Brands Completes Sale of International Car Wash Business
Driven Brands Holdings Inc. announced yesterday it has completed the previously announced sale of IMO, its international car wash business, to Franchise Equity Partners for approximately €411 million ($490.5 million). The company said cash proceeds from the transaction will primarily be used to pay down debt. “The completion of this transaction is a strategic milestone […]
Driven Brands Collision Group Reaches $6 Million Milestone in Cystic Fibrosis Fundraising
The Driven Brands Collision Group announced it has raised more than $6 million for cystic fibrosis research, care and advocacy. The company’s collision repair brands — Abra, CARSTAR and Fix Auto USA — have collected the funds over more than 25 years through car washes, golf tournaments, car shows, barbecues, charity walks, garage sales and […]
Driven Brands to Sell International Car Wash Business to Franchise Equity Partners for $471 Million
Driven Brands Holdings Inc. announced today it has agreed to sell its international car wash business, IMO Car Wash, to private investment firm Franchise Equity Partners for €406 million ($471.2 million). The transaction, expected to close in the first quarter of 2026, includes IMO’s 720 locations primarily in the United Kingdom and Germany, with additional […]
Driven Brands Hosts OEM-Insurer-Repairer Meeting on Customer Experience
The Driven Brands Collision Group convened representatives from original equipment manufacturers, insurers and collision repairers Oct. 1 to discuss customer experience issues during the company’s Ascend Conference in Charlotte, N.C. The meeting brought together carriers, repairers and OEMs to identify customer pain points and explore opportunities for collaboration in the repair and claims process. “This […]
Driven Brands Closes $500 Million Securitization to Refinance Debt
Driven Brands Holdings Inc. (NASDAQ: DRVN) announced today it closed a $500 million securitization offering to refinance existing debt. The parent company of collision repair industry brands such as Maaco, 1-800-Radiator & A/C, Auto Glass Now, and CARSTAR issued Series 2025-1 Fixed Rate Senior Secured Notes, Class A-2, maturing in October 2055 with an anticipated […]
Abra Names Doug Sharp 2025 Franchisee of the Year
Abra announced Doug Sharp, owner of two South Dakota locations, as its 2025 Franchisee of the Year at the Ascend 2025 Conference on Oct. 14. The award recognizes franchisees who demonstrate operational performance, community involvement and brand alignment. Sharp operates Abra franchise locations in Watertown and Brookings,S.D. He joined the Abra network in 2008 after […]
Mo Khalid Named COO at Driven Brands
Driven Brands Holdings Inc. (NASDAQ: DRVN) has appointed Mo Khalid as executive vice president and chief operating officer, the company announced Monday. Khalid previously served as executive vice president and president of Take 5 Oil Change. Tim Austin, who was chief operating officer of Take 5, will succeed Khalid as Take 5 president. “Mo is […]
Driven Brands Collision Group Announces Ascend Conference September 30-October 2 in Colorado
The Driven Brands Collision Group announced its 2025 Ascend Conference will take place from September 30 to October 2, 2025 at the Sheraton Denver Downtown Hotel in Denver, Colo. Franchise partners from Abra, CARSTAR, and Fix Auto USA, along with Driven Brands team members, vendors, and industry leaders, will unite for the third annual U.S. […]
Driven Brands Completes Sale of U.S. Car Wash Business
Driven Brands Holdings Inc. (NASDAQ: DRVN) announced it has completed the previously announced sale of its U.S. car wash business to Whistle Express Car Wash. The transaction, valued at approximately $385 million, consists of $255 million in cash and a $130 million interest-bearing seller note. The final proceeds may change due to customary post-closing adjustments […]
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