1 EXHIBIT 99.(2) PRESS RELEASE RANKIN AUTOMOTIVE GROUP, INC. 3838 N. Sam Houston Parkway E., Suite 600 Houston, TX 77032 FOR MORE INFORMATION, CONTACT: RANDALL B. RANKIN, CHIEF EXECUTIVE OFFICER RANKIN AUTOMOTIVE GROUP, INC 281-618-4001 Fax: 281-618-4040 GARY D. WALTHER, CONSULTANT (WALTHER HOLDINGS, INC.) 281-895-6961 Fax 281-583-2104 FOR IMMEDIATE RELEASE RANKIN COMPLETES SALE OF ASSETS TO REPLACEMENT PARTS, INC. HOUSTON, TX., SEPTEMBER 26, 2000----Rankin Automotive Group, Inc. (NASDAQ: "RAVE") ("Company") today announced the completion of the sale of certain assets related to a group of stores and a regional distribution center to Replacement Parts, Inc., parent company of Crow-Burlingame Co., and Parts Warehouse, Inc. of Little Rock, AR. The assets sold include 24 stores located in Mississippi and Louisiana, one distribution center in Monroe, Louisiana, and independent auto parts store customers serviced from that distribution center. The sale was effective September 18, 2000. Rankin continues to operate locations in Shreveport/Bossier, and Southeast Louisiana, which will be serviced out of the Company's Houston distribution center. The sale price was approximately $11.6 million. Proceeds will be used for repayment of bank indebtedness and working capital. With the completion of the transaction, Rankin will operate 41 stores in Texas and Louisiana, serviced by its distribution center in Houston, Texas. Randall B. Rankin, CEO stated, "The Company is now focusing on its two-step distribution business. We expect our operating teams in Houston, Austin, San Antonio, and Shreveport/Bossier to improve upon their leading positions in those markets." Fletcher Lord, CEO of Replacement Parts Inc., said, "We are excited about the opportunities this acquisition offers us. We have been an active player in most of these markets for as long as 50 years, and this transaction represents a natural geographic fit for both our 110 store group and our distribution company." 36 2 Rankin sells automotive parts, products and accessories to commercial and retail customers in Texas and Louisiana through its Houston distribution center and 41 stores. Certain statements contained in this press release are forward looking statements. These statements discuss, among other things, expected growth, domestic development and expansion strategy, business strategies and future performance. These forward looking statements are subject to risks, uncertainties, and assumptions including without limitation, competition, product demand, domestic and international economies, government approvals, inflation, the ability to hire and retain qualified employees, the ability to convert acquired stores in a timely and profitable manner, consumer debt levels, and the weather. Actual results may materially differ from anticipated results. Please refer to the Risk Factors section of the 10-Q for the three months ended May 31, 2000 for more details. 37