Pep Boys Prices Common Stock Offering

PHILADELPHIA--March 19, 2004--The Pep Boys - Manny, Moe & Jack , the nation's leading automotive aftermarket and service chain, today announced the pricing of its public offering of 4,250,000 shares of common stock at a price of $24.75 per share. All of these shares will be sold by the Company. Goldman, Sachs & Co., Morgan Stanley, Wachovia Securities and Advest, Inc. acted as representatives of the underwriters. The underwriters have a 30-day option to purchase an additional 396,464 shares of common stock from the Company to cover over-allotments.

The transaction is scheduled to close on March 24, 2004, subject to the terms and conditions of the underwriting agreement. The net offering proceeds to the Company, after the payment of expenses related to the offering, will be approximately $99.4 million, and will be used for repayment of borrowings and store redesigns

About Pep Boys

Pep Boys has 595 stores and over 6,000 service bays in 36 states and Puerto Rico. Along with its vehicle repair and maintenance capabilities, the company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting pepboys.com.

Certain statements contained herein constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "guidance," "expect," "anticipate," "estimates," "forecasts" and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include management's expectations regarding future financial performance, automotive aftermarket trends, levels of competition, business development activities, future capital expenditures, financing sources and availability and the effects of regulation and litigation. Although the company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. The Company's actual results may differ materially from the results discussed in the forward-looking statements due to factors beyond the control of the Company, including the strength of the national and regional economies, retail and commercial consumers' ability to spend, the health of the various sectors of the automotive aftermarket, the weather in geographical regions with a high concentration of the Company's stores, competitive pricing, the location and number of competitors' stores, product and labor costs and the additional factors described in the Company's filings with the SEC. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.