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Best Buy & Car Toys Form Strategic Alliance to Support Commercial Customers of After-Market Car Electronics
(Thomson Reuters ONE (English) Via Acquire Media NewsEdge)
Relationship leverages Best Buy's national install capability and Car Toys'
sales and installation expertise to serve car dealerships, fleet managers and
insurance companies
MINNEAPOLIS, Feb. 14, 2012 - Best Buy Co., Inc. (NYSE: BBY) today announced it
has entered into a strategic alliance with Car Toys, the largest independent car
audio and mobile electronics retailer in America, to launch the first commercial
after-market car electronics service throughout the U.S. The financial terms of
the alliance were not disclosed.
This move is part of a broader strategy to grow and capture value in the after-
market car electronics space, an industry which is undergoing a new wave of
innovation and advancements driven by the customer's need for technology and
connectivity in their vehicle. With a U.S. market leading position in the
retail segment of the market, the capability developed through this relationship
will allow Best Buy to extend its reach to the commercial channel, providing
complete car electronics sales and installation services for car dealerships,
fleet managers and insurance companies. Leveraging Best Buy's national footprint
of retail locations and Car Toys' proven expertise servicing commercial
customers, this partnership will be well positioned to better serve large
commercial customers on a broad basis.
"We are very excited to partner with Car Toys to further expand the scope and
depth of our tech product and service support to commercial customers," said
Lisa Farrell, senior vice president for Best Buy. "The commercial car
electronics business is a multi-billion dollar market and Car Toys is an
industry leading retailer that brings a wealth of experience in specialized
mobile electronics that serves as a great complement to the fulfillment
capabilities we have through our Best Buy retail locations."
"There are tremendous synergies between Best Buy and Car Toys," said Dan
Brettler, chairman and CEO for Car Toys. "Not only do we possess the expertise
to understand the commercial customer and to support any install, but we also
share the commitment to providing the best customer experience possible. We look
forward to this mutually beneficial relationship and to the opportunities we see
ahead in the commercial car electronics business."
Best Buy will leverage its footprint of more than 1,000 installation bays and
3,000 certified Geek Squad Autotechs at Best Buy stores nationwide. Best Buy has
more than 25 years of auto installation experience. Whether it is a car deck,
speakers, security system or GPS, Best Buy will install any mobile product -
regardless of where it was purchased. Geek Squad Autotechs complete more than
one million installations each year and include 80 of the world's 140 Mobile
Electronics Certified Professional (MECP) Master Installers. For more
information, visit Best Buy's Car Installation Services.
Car Toys is the largest independent car audio and mobile electronics retailer in
America and it brings 25 years of experience in the commercial after-market
mobile electronics industry. Through its 50 stores and online at CarToys.com, it
offers a full line of name brand car audio and video products, portable and in-
dash navigation, state-of-the-art vehicle safety and security products,
satellite radio and auto detailing services. For more information about Car Toys
Commercial Services, visit http://www.cartoys.com/commercial/.
About Car Toys
Car Toys is the largest independent car audio and mobile electronics retailer in
America with locations in major cities across the western U.S., including
Seattle, Spokane, Portland, Denver, Colorado Springs, Ft. Collins, Houston,
Dallas and Ft. Worth. The company has built its business by offering the widest
selection, expert advice and outstanding service. Car Toys was founded in 1987
by current Chairman & CEO Dan Brettler.
About Best Buy Co., Inc.
Best Buy Co., Inc. (NYSE: BBY) is a leading multi-channel global retailer and
developer of technology products and services. Every day our employees -
180,000 strong - are committed to helping deliver the technology solutions that
enable easy access to people, knowledge, ideas and fun. We are keenly aware of
our role and impact on the world, and we are committed to developing and
implementing business strategies that bring sustainable technology solutions to
our consumers and communities. For information about Best Buy, visit www.bby.com
and to shop at Best Buy, visit www.bestbuy.com.
MEDIA CONTACTS
Jeremy Baier
Best Buy
612-291-4812
jeremy.baier@bestbuy.com
Dan Brettler
Car Toys
206-443-0980 x220
msimon@cartoys.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Best Buy PR via Thomson Reuters ONE
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