Sponheimer reports on the Auto Aftermarket

Auto Aftermarket: A mature market with tailwinds
• As of July 31, 2010, affiliates of Gabelli & Company had approximately 22.53% ownership in Midas Inc., 12.71% ownership in Standard Motor Products Inc., 2.87% ownership in Tenneco Inc., 2.65% ownership in Donaldson Company Inc., 2.48% ownership in Genuine Parts Company, 2/33% ownership in AutoNation Inc., 1/84% ownership in O'Reilly Automotive Inc., 1.60% ownership in Federal-Mogul Corp., 1.52% ownership in BorgWarner Inc. and less than 1% ownership in AutoZone Inc., Ford Motor Co., Honda Motor Corp., Monro Muffler Brake Inc. and Penske Automotive Group.
• The analyst appearing in the webcast certifies that the views expressed in this webcast accurately reflect his personal views about the subject company.
• The analyst has not been, and will not be receiving direct or indirect compensation for expressing the specific recommendation or view in this webcast.
• Gabelli & Company and its affiliates may be seeking business from AutoNation Inc., AutoZone, Inc., BorgWarner Inc., Donaldson Company Inc., Federal-Mogul Corp., Ford Motor Co., Genuine Parts Company, Honda Motor Corp., Midas Inc., Monro Muffler Brake Inc., O'Reilly Automotive Inc., Penske Auto Group, Inc., Standard Motor Products Inc., Tenneco Inc. and Toyota Motor Corp.
• Neither the analyst nor members of his household own shares of any of the companies mentioned here today.
• One of our affiliates serves as an investment advisor to Genuine Parts Company or an affiliated entity and has received compensation within the past twelve months for these non-investment banking securities-related services.
GAMCO Investors, Inc ("GAMCO") prepared this webcast as a matter of general information. We do not intend for this report to be a complete description of any security or company and it is not an offer or solicitation to buy or sell any security. All facts and statistics are from sources we believe to be reliable, but we do not guarantee their accuracy. We do not undertake to advise you of changes in our opinion or information. Unless otherwise noted, all stock prices reflect the closing price on the business day immediately prior to the date of this report. We do not use "price targets" predicting future stock performance. We do refer to "private market value" or PMV, which is the price that we believe an informed buyer would pay to acquire 100% of a company. There is no assurance that there are any willing buyers of a company at this price and we do not intend to suggest that any acquisition is likely. Additional information is available on request.
Because the portfolio managers at our affiliates make individual investment decisions with respect to the client accounts they manage, these accounts may have transactions inconsistent with the recommendations in this report. These portfolio managers may know the substance of our research reports prior to their publication as a result of joint participation in research meetings or otherwise. The analyst who wrote this report may receive commissions from customers' transactions in the securities mentioned in this report.

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• Brian
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• Mario
• Gabelli
• Auto
• Aftermarket