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                                                                    Exhibit 99.1


CSK AUTO CORPORATION COMPLETES ITS REFINANCING

PHOENIX, AZ, December 21, 2001-- CSK Auto Corporation (NYSE: CAO), the parent
company of CSK Auto, Inc., a specialty retailer in the automotive aftermarket,
today announced the following:

-     Closing of a $300.0 million non-amortizing senior secured, asset based
      credit facility;

-     Issuance of $280.0 million of 12% senior notes due June 2006;

-     Issuance to certain investors, including an affiliate of Investcorp, one
      of its principal stockholders, of $50.0 million of 7% convertible
      subordinated debentures due December 2006;

-     Conversion of already outstanding $30.0 million of 7% subordinated notes
      into approximately 4.5 million shares of CSK Auto Corporation common
      stock; and

-     Financial results for the third quarter of fiscal 2001.

REFINANCING

The Company said it has consummated several transactions to refinance its
capital structure (the "Refinancing"). The components of the Refinancing, the
intent of which is to reduce debt, eliminate scheduled bank debt amortization
payments prior to the end of 2004, extend debt maturities and enhance liquidity,
are as follows:

-     CSK Auto, Inc. entered into a new $300.0 million senior secured, asset
      based credit facility that matures in December of 2004. The new senior
      credit facility is comprised of a $170.0 million non-amortizing term loan
      and a $130.0 million revolving credit facility. Availability under the new
      senior credit facility is subject to a borrowing base formula equal to the
      lesser of $300.0 million and the sum of certain percentages of eligible
      inventory and eligible accounts receivable owned by CSK Auto, Inc. and its
      subsidiaries. The interest rate on this credit facility is generally LIBOR
      plus 3.5%.

-     CSK Auto, Inc. issued $280.0 million of 12% senior notes due in 2006. The
      effective interest rate, including amortization of original issue
      discount, is approximately 12.5% per annum. Interest is payable
      semi-annually in arrears on December 15 and June 15 of each year. The
      notes mature on June 15, 2006.

-     CSK Auto Corporation issued to certain investors, including an affiliate
      of Investcorp, one of its principal stockholders, $50.0 million principal
      amount of 7% convertible subordinated debentures due December 2006. CSK
      Auto Corporation expects to require these investors to convert their
      debentures into CSK Auto Corporation common stock following satisfaction
      of certain conditions, including the effectiveness of a registration
      statement covering the shares of common stock underlying these
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      debentures. Management currently expects that satisfaction of these
      conditions will occur within 150 days of the closing. If the conditions to
      conversion are not satisfied, then the debentures will remain convertible
      at the option of the holders. The convertible subordinated debentures to
      be held by the affiliate of Investcorp will not be convertible into common
      stock of CSK Auto Corporation until the issuance of the common stock
      underlying its debentures has been approved by the stockholders of CSK
      Auto Corporation.

-     CSK Auto Corporation converted $30.0 million aggregate principal amount of
      already outstanding 7% convertible subordinated notes due September 1,
      2006 into approximately 4.5 million shares of CSK Auto Corporation common
      stock.

FINANCIAL RESULTS - THIRTEEN WEEKS ENDED NOVEMBER 4, 2001

The financial results outlined below expand on the summary financial results
released on November 29, 2001:

-     Net sales for the thirteen weeks ended November 4, 2001 ("third quarter of
      fiscal 2001") were $366.7 million. Comparable store sales increased by 1%.

-     Gross profit was $171.1 million, or 46.7% of net sales, in the third
      quarter of fiscal 2001.

-     Operating profit for the third quarter of fiscal 2001 totaled $23.7
      million or 6.5% of net sales.

-     Net income for the third quarter of fiscal 2001 was $5.9 million or $0.19
      per diluted common share (assuming 31.9 million shares outstanding on a
      fully diluted basis). In the third quarter of fiscal 2001, shares
      outstanding for purposes of calculating diluted EPS increased by
      approximately 4.1 million (weighted for the period outstanding) as a
      result of the issuance by CSK Auto Corporation of $30 million of
      convertible debentures. The dilutive effect of these added shares was
      reduced by the benefit of the related tax effected interest expense. On a
      pro-forma basis, excluding the interest expense and incremental diluted
      shares associated with the $30 million of convertible debentures, our net
      income would have been approximately $6.2 million or $0.22 per diluted
      common share (assuming 27.8 million shares outstanding on a fully diluted
      basis).

-     EBITDA for the third quarter of fiscal 2001 was $33.3 million.

-     At November 4, 2001, the Company had 1,133 stores in operation, compared
      to 1,147 at the end of the third quarter of fiscal 2000.
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COMMENTS AND FOURTH QUARTER OUTLOOK

"We are excited to announce the successful completion of our Refinancing. We
will now have the financial flexibility to address outstanding issues with our
vendor community and to undertake the key business initiatives necessary to
improve our profitability in fiscal 2002," said Maynard Jenkins, Chairman and
Chief Executive Officer of CSK Auto Corporation. "We believe that the operating
initiatives we have implemented as part of our Profitability Enhancement Plan,
as well as the new capital resources resulting from the Refinancing, are
important steps in strengthening the Company operationally and financially."

Based on current sales trends, the Company expects fourth quarter net sales to
approximate $330 million to $340 million with a comparable store sales increase
of approximately 4%. In addition, the Company expects fourth quarter net income
of $5 million to $6 million and EBITDA to range from $31 million to $32 million.
These results exclude an extraordinary loss of approximately $3.1 million
relating to the write-off of unamortized financing fees associated with our
previous senior credit facility.

CSK Auto Corporation is the parent company of CSK Auto, Inc., a specialty
retailer in the automotive aftermarket. As of November 4, 2001, the company
operated 1,133 stores in 19 states under the brand names Checker Auto Parts,
Schuck's Auto Supply and Kragen Auto Parts.

Certain statements contained in this release are forward-looking statements.
They discuss, among other things, expected growth, future store development and
relocation strategy, business strategies, future revenues and future
performance. The forward-looking statements are subject to risks, uncertainties
and assumptions, including, but not limited to, changes in the conditions of
capital markets, competitive pressures, demand for the company's products, the
state of the economy, inflation, consumer debt levels and the weather. Actual
results may differ materially from anticipated results described in these
forward-looking statements.

Contact: Don Watson     602-631-7224


