Icahn Automotive Group has offered $37m to buy US-based aftermarket service company, Precision Auto Care.

Icahn Automotive Group, controlled by billionaire investor Carl Icahn's investment company, will add more than 250 corporate-owned and franchised full service shops in the US via the acquisition.

“Coupled with our existing footprint of more than 1,000 corporate-owned locations, as well as our in-house automotive parts and tyre distribution capabilities, we are uniquely positioned to provide high-quality parts, tyres and services to our customers at the most competitive price,” said Daniel Ninivaggi, CEO of Icahn Automotive.

Precision Autocare, which has been in business for more than 40 years and operates out of 26 states, will continue to be run by Robert Falconi.

Icahn Automotive Group was formed by Icahn Enterprises to invest in and operate businesses in the aftermarket parts distribution and service sector. Existing investments include Pep Boys, an automotive aftermarket retail and service chain which the company bought for just over $1 billion in 2016, and Auto Plus, an aftermarket parts distributor that it bought for $340m in 2015.