Pep Boys Announces Expiration of Consent Solicitation and Execution of Supplemental Indenture

PHILADELPHIA--Dec. 1, 20043, 2004--The Pep Boys-Manny, Moe & Jack , the nation's leading automotive aftermarket and service chain, announced pursuant to the terms of its previously announced cash tender offer (the "Offer") for any and all of its $100,000,000 aggregate principal amount 7% Notes due 2005 (CUSIP 713278AD1) (the "Securities") and related consent solicitation (the "Consent Solicitation"), that it has received valid tenders and consents representing greater than a majority in principal amount of the Securities outstanding as of the expiration of the Consent Solicitation at 5:00 p.m., Eastern time, on December 10, 2004 (the "Consent Payment Deadline").

As of the Consent Payment Deadline, $58,180,000 in aggregate principal amount, or approximately 58% of the outstanding Securities had been validly tendered and not withdrawn. The supplemental indenture relating to the Securities has been executed by Pep Boys and the trustee, but will not become operative until after the Securities are accepted for payment pursuant to the Offer. Pep Boys will purchase all of the Securities validly tendered and not withdrawn prior to the Consent Payment Deadline on the First Settlement Date. The First Settlement Date is expected to be December 14, 2004.

The Offer is scheduled to expire at 12:01 a.m., Eastern time, on December 28, 2004, unless extended or earlier terminated (the "Expiration Time"). The Offer is subject to a number of conditions and completion of certain financing transactions.

Pep Boys has retained Goldman, Sachs & Co. to act as Dealer Manager and Solicitation Agent and Global Bondholder Services to act as Tender Agent and Information Agent in connection with the Offer and Consent Solicitation. The terms of the Offer and Consent Solicitation are described in the Company's Offer to Purchase and Consent Solicitation Statement dated November 29, 2004, copies of which may be obtained from the Information Agent by calling (866) 857-2200 (US toll-free) or (212) 357-7867 (collect).

This announcement is not an offer to purchase, a solicitation of an offer to sell or a solicitation of consent with respect to any securities. The Offer is being made solely by the Offer to Purchase and Consent Solicitation Statement dated November 29, 2004.

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.