Aug 4, 2026 – 4.52pmIt’s pedal to the metal for two well-credentialed sponsors as the auction for automotive services chain mycar – formerly known as Kmart Tyre & Auto – hits its final lap.Sydney buyout firm Allegro Funds has progressed past management presentations in the Record Point-run sale process and is preparing to lob a binding offer by the end of this month, said people involved in the auction, requesting to remain anonymous. It comes after mycar was put up for sale by German giant Continental AG in December.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?