Heafner Tire Group Extends Tender Offer and Consent Solicitation Relating to Its Senior Notes

    HUNTERSVILLE, N.C.--March 22, 2002--Heafner Tire Group, Inc. ("Heafner") announced today that it is extending its tender offer (the "Offer") for up to $126 million in principal amount of 10% Senior Notes Due 2008, Series D (the "Notes") and related solicitation of consents to the adoption of certain proposed amendments to the Indenture governing the Notes (the "Solicitation") until 5:00 p.m., New York City time, on Tuesday, March 26, 2002.
    Pursuant to an Amended Offer to Purchase and Consent Solicitation Statement dated March 11, 2002 and related Amended Consent and Letter of Transmittal addressed to all holders of Notes, Heafner is offering to purchase up to $126 million (but in no event less than $105 million) in aggregate principal amount of the Notes for cash at a price, to be determined pursuant to a modified Dutch auction procedure, of not less than $450 and not greater than $535 per $1,000 principal amount, plus accrued but unpaid interest. There will be no separate payment for consents to the proposed amendments to the Indenture governing the Notes pursuant to the Solicitation.
    As a consequence of the extension of the expiration date, holders of Notes may tender or withdraw Notes and consent to the proposed indenture amendments until 5:00 p.m., New York City time, on Tuesday, March 26, 2002 unless the Offer is further extended. The Offer was previously scheduled to expire at 5:00 p.m., New York City time, on Monday, March 25, 2002.
    Holders of approximately $99 million in aggregate principal amount of the Notes have agreed to tender their Notes pursuant to the terms of the Offer and consent to the proposed Indenture amendments pursuant to the Solicitation. Based on the latest available count of tendered Notes, approximately $28 million in aggregate outstanding principal amount of Notes and related consents have been tendered and not withdrawn pursuant to the Offer and Solicitation, approximately $22 million of which Heafner believes to have been tendered by holders of Notes who signed tender agreements.
    The information for the Offer and Solicitation is MacKenzie Partners, Inc., telephone (800) 322-2885 (toll free) or (212) 929-5500 (call collect). Additional information concerning the terms of the Offer and Solicitation, including all questions relating to the mechanics of the Offer and Solicitation, may be obtained by contacting the dealer manager, Credit Suisse First Boston Corporation, at (800) 820-1653 (toll free) or (212) 538-8474 (call collect).

    About Heafner Tire Group

    Heafner Tire Group, Inc. (formerly The J.H. Heafner Company, Inc.) is one of the largest independent suppliers of tires to the replacement tire market in the United States. Heafner operates 65 distribution centers servicing all or parts of 35 states. Heafner sells a broad selection of tires, custom wheels, automotive service equipment and related products manufactured by the leading manufacturers of those products.
    Reports and other information filed by Heafner with the Securities and Exchange Commission may be obtained from the website that the Commission maintains at http://www.sec.gov or by request to Heafner at 12200 Herbert Wayne Court, Suite 150, Huntersville, North Carolina 28078 (tel: (704) 632-7127), Attention: Legal Department.