FullSpeed Automotive® Fuels Nationwide Expansion Goals with Appointments of New Vice President of Mergers & Acquisitions and Chief Financial Officer

Leading Automotive Franchise Brands Poised for Aggressive 2022 Growth with Additions to Executive Leadership Team

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Feb 22, 2022, 09:10 ET

GREENWOOD VILLAGE, Colo., Feb. 22, 2022 /PRNewswire/ -- FullSpeed Automotive, one of the nation's largest franchisors and operators of automotive aftermarket repair facilities, announced the hiring of Greg Penman as Vice President of Mergers & Acquisitions and Shane Jones as Chief Financial Officer. This news comes on the heels of a remarkable 2021 for the company, including the hiring of a new development team and the opening of its milestone 700^th location.

Penman brings over 20 years of experience to the FullSpeed team, with previous progressive roles in the gas and convenience business, including 12 years with BP. Previously serving as the Regional Director of Acquisitions at Yesway, he played a major role in the growth of the company's portfolio of eight stores to over 420 in just five years. With an aggressive growth goal to reach its 1,000-unit milestone by the end of 2022/early 2023, Penman will spearhead FullSpeed's nationwide expansion through mergers and acquisitions to grow flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®.

"I am most excited to have the opportunity to interact with existing sellers and owners and to be able to help them with the next phase of their life," said Penman. "This process is very meaningful to me – watching other's lives change because of this process is very impactful. I look forward to growing both Grease Monkey's and SpeeDee's portfolios into industry leaders nationwide."

Jones steps into the role of Chief Financial Officer, bringing extensive financial and operational experience from various world-class digital and direct-to-consumer brands. In those previous roles, Jones had a knack for combining finance and operations to strengthen companies by increasing profitability, driving increased cash flow, growing market share, and enhancing customer service. He has repeatedly partnered with private equity sponsors, board members, lenders, and executives to drive outsized returns.

"FullSpeed Automotive is building a team of best-in-class leaders to elevate and fuel growth through acquisitions," said Kevin Kormondy, Chief Executive Officer of FullSpeed Automotive. "Both of these remarkable leaders bring an extensive background to our growing leadership team. Greg's combined background in the automotive industry and his passion for building trusting relationships with sellers, along with Shane's analytical capability and operational mindset, are both a huge asset to the FullSpeed team, and we could not be more excited to see where they take our brands."

With a focus on exceptional franchisee support, streamlined operations, and growing its seasoned executive leadership team, FullSpeed Automotive has set aggressive expansion goals to reach its 1,000-unit milestone by the end of 2022/early 2023 as it seeks single and multi-unit operators throughout the United States and internationally.

When franchisees invest with FullSpeed Automotive brands, they're investing in an organization with a strong culture, solid systems, and a proven business model backed with 70+ years of experience in providing quality car care in the industry. Acquired by MidOcean Partners in November 2020, FullSpeed has its eyes set on aggressive development ahead.

According to the 2020 Franchise Disclosure Documents, the Top 50% of Grease Monkey's franchised stores generated $1,053,386 AUV and the Top 50% of SpeeDee Oil Change & Auto Service's franchised stores generated $1,385,243 AUV.

For more information on Grease Monkey or SpeeDee Oil Change & Auto Service, visit fullspeedautomotive.com or call 800-364-0352.

About FullSpeed Automotive®
FullSpeed Automotive® is a leading automotive aftermarket services platform offering oil changes, tire sales and rotations, brake services, car washes, and other ancillary services through multiple brand formats that target several desirable segments of the service market. The company's strategic geographic footprint of 700+ franchised and company-owned locations provide density in high growth markets. The company's flagship brands include Grease Monkey® and SpeeDee Oil Change & Auto Service®. FullSpeed is headquartered in Greenwood Village, Colorado.

SOURCE FullSpeed Automotive