Precision Sells 3 Car Washes

LEESBURG, Va.--Precision Auto Care Inc. has sold three car washes in the Indianapolis, Ind. area for $1.425 million. The buyer was not disclosed.

Proceeds of the sale will be used for working capital, according to the company, which said also that negotiations are underway with potential purchasers of another car wash in Indianapolis and a Precision Tune Auto Care center in Stratford, Conn.

Precision is the world’s largest franchiser of auto care centers, with more than 560 sites. The company franchises and operates Precision Tune Auto Care, Precision Auto Wash, and Precision Lube Express centers.

In August, Precision concluded the sale of its car wash business operated in the Denver, Colo. area while continuing to negotiate with possible purchasers of the balance of its car wash business.

It reported losses of some $10.3 million for the latest fiscal year and a loss of $21 million for 1999’s fiscal year.

For more information, contact www.precisionac.com.