Aaron’s Inc. has sold all of the assets of its RIMCO operations to Rent-A-Wheel/Rent-A-Tire. Financial terms of the transaction were not disclosed. RIMCO and Rent-A-Wheel/Rent-A-Tire stores sell and lease automobile tires, wheels and rims.
Ronald Allen — chairman, president and CEO of Aaron’s, explains the decision to sell: “RIMCO was a small part of Aaron’s business, with annual revenues of approximately $20 million, and this divesture will enable us to further focus efforts on improving the financial performance of our Aaron’s and HomeSmart stores.”
RIMCO has 32 company-operated and franchised locations in 11 states. Rent-A-Wheel/Rent-A-Tire, based in Los Angeles, will now have 123 stores across 15 states. Rent-A-Wheel/Rent-A-Tire plan to continue to operate all of the acquired RIMCO stores and retain a majority of its employees.
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