<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-Q


{Mark One}

{X} Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934.  For quarterly period ended August 25, 1997


                                       OR


{ } Transition Report Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934 Commission File No:   0-28812


                         RANKIN AUTOMOTIVE GROUP, INC.
             (Exact name of registrant as specified in its charter)


<TABLE>
<S>                                                                 <C>
                   Louisiana                                                     72-0838383
----------------------------------------------                      -------------------------------------
(State or other jurisdiction of incorporation)                      (I.R.S. Employer Indentification No.)


         3709 S. MacArthur Drive
             Alexandria, LA                                                        71302
----------------------------------------                            -------------------------------------
(address of principal executive offices)                                         (zip code)
</TABLE>



                                (318) 487-1081
                                ---------------
               Registrant's telephone number, including Area Code

         Securities registered pursuant to Section 12 (b) of the Act:

                                      None

         Securities registered pursuant to Section 12 (g) of the Act:

                          Common Stock, $.01 par value

         Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                               YES   X    NO
                                   -----     -----

         As of August 25, 1997, 4,535,000 shares of common stock were 
outstanding.





<PAGE>   2
                         RANKIN AUTOMOTIVE GROUP, INC.

                                     INDEX

PART I. FINANCIAL INFORMATION

         Item 1. Financial Statements

                 Consolidated Balance Sheets - February 25, 1997 and August 25,
                 1997 (unaudited)

                 Condensed Statements of Operations - Three months ended August
                 25, 1996 and 1997 and Six months ended August 25, 1996 and 1997

                 Condensed Statements of Cash Flows - Six months ended August
                 25, 1996 and 1997

                 Notes to Condensed Financial Statements - Six months ended
                 August 25, 1996 and 1997 (unaudited)


         Item 2. Management's Discussion and Analysis of Financial Condition
                 and Results of Operations





<PAGE>   3




PART II  -  OTHER INFORMATION



                 Other Information

                 Item 1 - 5       None

                 Item  6          Exhibits and Reports on Form 8 - K

                                  27 Financial Data Schedule (for SEC use only)


                                   SIGNATURE


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


RANKIN AUTOMOTIVE GROUP, INC.


                                    /s/   Randall B. Rankin
                                    --------------------------------------------
                                    Randall B. Rankin, Chief Executive Officer


  October 8, 1997                   /s/   Deborah N. Eddlemon
-------------------                 --------------------------------------------
                                    Deborah N. Eddlemon, Chief Financial Officer
                                                   and Treasurer





<PAGE>   4
PART I.

RANKIN AUTOMOTIVE GROUP, INC.

CONDENSED BALANCE SHEETS
================================================================================

<TABLE>
<CAPTION>
                                                                      FEBRUARY 25,       AUGUST 25, 
ASSETS                                                                    1997              1997    
                                                                                          UNAUDITED
<S>                                                                   <C>               <C>           
CURRENT ASSETS                                                                                        
 Cash                                                                 $  4,022,287      $  4,014,998  
Accounts Receivable                                                                                   
  Trade, net of allowance for doubtful accounts of $9,000             $  2,126,352      $  2,694,997  
  Related party                                                       $     20,035      $      9,959  
Inventories                                                           $ 10,249,572      $ 12,146,748  
Prepaid Expenses and other current assets                             $    117,526      $    158,986  
                                                                      ------------      ------------  
                                                                                                      
  Total Current Assets                                                $ 16,534,772      $ 19,025,688  
                                                                                                      
PROPERTY AND EQUIPMENT, NET                                           $  1,342,526      $  1,695,502  
INTANGIBLE ASSETS, NET                                                $    651,260      $    700,617  
                                                                      ------------      ------------  
                                                                                                      
TOTAL ASSETS                                                          $18,528,558       $ 21,421,807  
                                                                      ===========       ============  
                                                                                                      
LIABILITIES AND STOCKHOLDERS' EQUITY                                                                  
CURRENT LIABILITIES                                                                                   
 Accounts Payable, Trade                                              $ 2,552,371       $  3,152,481  
 Accrued Expenses                                                     $   714,994       $    555,129  
 Current Portion of Long-Term Debt                                    $   114,378       $    147,266  
                                                                      -----------       ------------              
                                                                                                      
   Total Current Liabilities                                          $ 3,381,743       $  3,954,876  
                                                                                                      
LONG-TERM DEBT, less current portion                                  $ 1,519,022       $  3,901,213  
                                                                      -----------       ------------  
                                                                                                      
   Total Liabilities                                                  $ 4,900,765       $  7,856,089  
                                                                      -----------       ------------  
                                                                                                      
COMMITMENTS AND CONTINGENCIES                                         $         0       $          0  
                                                                                                      
STOCKHOLDERS' EQUITY:                                                                                 
Preferred Stock, no par value, 2,000,000 shares authorized,                                           
  none issued                                                         $         0       $          0  
Common Stock, $.01 par value, 10,000,000 shares authorized,                                           
  4,550,000 shares issued and outstanding                             $    45,500       $     45,500  
Additional paid-in capital                                            $13,083,830       $ 13,083,830  
Retained Earnings                                                     $   498,463       $    631,388  
Less: Treasury Stock (15,000) shares at cost)                         $         0       $   (195,000) 
                                                                      -----------       ------------  
                                                                                                      
 Total Stockholders' Equity                                           $13,627,793       $ 13,565,718  
                                                                      -----------       ------------  
                                                                                                      
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                            $18,528,558       $ 21,421,807  
                                                                      ===========       ============  
</TABLE>

* The balance sheet at February 25, 1997 has been taken from the audited
  balance sheet at that date.

See notes to condensed financial statements.

<PAGE>   5
RANKIN AUTOMOTIVE GROUP, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
================================================================================

<TABLE>
<CAPTION>
                                            THREE MONTHS ENDED                 SIX MONTHS ENDED
                                                AUGUST 25,                        AUGUST 25,
                                           1996           1997               1996            1997
<S>                                     <C>           <C>                 <C>            <C>           
NET SALES                               $7,459,275    $10,665,272         $14,344,052    $20,572,159   

COST OF GOODS SOLD                      $4,886,510    $ 7,239,109         $ 9,365,584    $13,781,134   
                                        ----------    -----------         -----------    -----------   

   Gross Profit                         $2,572,765    $ 3,426,163         $ 4,978,468    $ 6,791,025   

OPERATING, SELLING, GENERAL AND                                                                        
  ADMINISTRATIVE EXPENSES               $2,130,297    $ 3,426,419         $ 4,080,273    $ 6,625,891   
                                        ----------    -----------         -----------    -----------   

   Earnings (loss) from Operations      $  442,468    $      (256)        $   898,195    $   166,134   

NET INTEREST (EXPENSE) INCOME           $ (132,789)   $    12,886         $  (265,268)   $    32,791   
                                        ----------    -----------         -----------    -----------   

EARNINGS BEFORE INCOME TAXES            $  309,679    $    12,630         $   632,927    $   197,925   

INCOME TAXES                            $  108,388    $     2,000         $   225,000    $    65,000   
                                        ----------    -----------         -----------    -----------   

NET EARNINGS                            $  201,291    $    10,630         $   407,927    $   132,925   
                                        ==========    ===========         ===========    ===========   

NET EARNINGS PER COMMON SHARE           $     0.07    $      0.00         $      0.13    $      0.03   
                                        ==========    ===========         ===========    ===========   

WEIGHTED AVERAGE COMMON SHARES                                                                         
  OUTSTANDING                              3050000        4535000             3050000        4542500   
                                                                                                       
</TABLE>



See notes to condensed financial statements.
<PAGE>   6
RANKIN AUTOMOTIVE GROUP, INC.

CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
================================================================================

<TABLE>
<CAPTION>
                                                                      SIX MONTHS ENDED
                                                                         AUGUST 26, 
                                                                   1996               1997
                                                              -------------      -------------
<S>                                                           <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Earnings                                                $     407,927      $     132,925
  Adjustments to reconcile net earnings to net
    cash provided by (used in) operating activities:
      Depreciation and amortization                           $     114,025            212,518
      Changes in assets and liabilities
        (Increase) decrease in accounts receivable            $    (317,057)     $    (559,569)
        (Increase) in inventories                             $    (880,646)     $  (1,489,176)
        Increase (decrease) in accounts payable
          and accrued expenses                                $     351,462      $     540,245
      Other, net                                              $      (4,078)     $     (41,460)
                                                              -------------      -------------

    Net cash (used in) operating activities                   $    (328,367)     $  (1,204,517)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment, net                     $    (170,107)     $    (603,999)
  Purchase of Treasury Stock                                  $           0      $    (195,000)
  Cash paid in connection with acquisition                    $           0      $    (408,000) 
                                                              -------------      -------------

    Net cash (used in) investing activities                   $    (170,107)     $  (1,206,999)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Borrowings from revolving line of credit                    $  15,344,096      $  22,542,268
  Repayments of borrowings under revolving line of credit     $ (14,908,684)     $ (20,338,633)
  Proceeds from other long-term obligations                   $     179,841      $     237,642
  Repayments of long-term obligations                         $     (87,683)     $     (37,050)
  Increase (decrease) in notes payable to stockholder         $         406      $           0
                                                              -------------      -------------

    Net cash provided by financing activities                 $     527,976      $   2,404,227
                                                              -------------      -------------

NET INCREASE (DECREASE) IN CASH                               $      29,502      $      (7,289)

CASH, BEGINNING OF PERIOD                                     $     309,144      $   4,022,287
                                                              -------------      -------------

CASH, END OF PERIOD                                           $     338,646      $   4,014,998
                                                              =============      =============


</TABLE>

<PAGE>   7

RANKIN AUTOMOTIVE GROUP, INC.

NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED AUGUST 25, 1997 (UNAUDITED)
================================================================================

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         The accompanying unaudited financial statements have been prepared in
         accordance with generally accepted accounting principles for interim
         financial information and with the instructions to Form 10-QSB and
         Rule 10-01 of Regulation S-X. In the opinion of management, all
         adjustments (consisting only of normal recurring accruals) considered
         necessary for a fair presentation have been included. Operating
         results for interim periods are not necessarily indicative of the
         results that may be expected for the entire year. These condensed
         financial statements should be read in conjunction with the Company's
         annual financial statements and notes thereto included in the
         Company's Form 10-KSB for the year ended February 25, 1997.


2. ACQUISITION OF BUSINESSES

         On July 25, 1996, the Company acquired one auto parts store. The
         Company incurred debt to the seller of approximately $400,000 in
         exchange for assets with a purchase price of approximately $400,000.

         On October 25, 1996, the Company acquired 12 auto parts stores. The
         Company incurred debt to the seller of approximately $2,510,000 in
         exchange for assets with a purchase price of approximately $2,510,000.

         On June 25, 1997, the Company acquired one auto parts store. The
         company paid cash of $408,000 to the seller and assumed certain
         liabilities amounting to $70,000 in exchange for assets with a
         purchase price of $478,000.

         These acquisitions were accounted for as purchases and, accordingly,
         the purchase prices were allocated to the assets and liabilities based
         upon estimates of their fair values as of the dates of acquisition.
         The results of operations of each acquisition are included in the
         accompanying Statements of Operations from the dates of acquisition.
         The following unaudited pro forma results of operations give effect to
         the acquisitions as though they had occurred on February 26, 1996
         (Numbers are in thousands except share data):


<TABLE>
<CAPTION>
                                                       SIX MONTHS ENDED
                                                          AUGUST 25,
                                                  -------------------------
                                                       1996           1997
<S>                                               <C>            <C>
Net sales                                         $   19,771     $   20,872

Net earnings                                      $      415     $      133

Net earnings per share                            $      .14     $      .03


Weighted average of common shares outstanding      3,050,000      4,542,500
</TABLE>


         The unaudited pro forma information is not necessarily indicative
         either of the results of operations that would have occurred had the
         purchases been made as of February 26, 1996 or of future results of
         operations of the combined companies.





<PAGE>   8

                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW
===============================================================================

         Results of the second quarter of the fiscal year reflected the
continued evidence of the Company's growth strategy. Sales for the three months
ended August 25, 1997 approximated $10.7 million compared to the $7.5 million
for the same period of the prior year. Likewise, sales for the six months ended
August 25, 1997 approximated $20.6 million compared to the $14.3 million for
the same six month period ended August 25, 1996. The sales gains in both
comparative periods approximated 43%.

         At the beginning of this fiscal year, the Company decided to move away
from several specialty markets in which it had participated in the past. This
decision was due primarily to the volatility of those markets and the
ever-shrinking profit margins. When comparing the Company's same store sales,
excluding these two locations, for its traditional business, a 3% increase was
registered for the three months ended August 25, 1997 in relation to the same
period of the previous year.

         During 1997, management determined that an increase in its reserve for
inventory shrinkage was appropriate as inventories continue to increase with
the rapid growth of the number of locations within the Company.

         The Company has embarked upon a program to solidify the management
staff by hiring highly qualified individuals in key positions to assist with
the continued growth. Some of the costs of this program have been experienced
during the three months ended August 25, 1997. Management believes the benefits
from this decision will be felt in improved efficiencies and profitability for
years to come.





<PAGE>   9



RESULTS OF OPERATIONS

         The following table sets forth certain selected historical
consolidated operating results for the Company as a percentage of Net Sales.


<TABLE>
<CAPTION>
                                    THREE MONTHS ENDED      SIX MONTHS ENDED
                                        AUGUST 25,             AUGUST 25,
                                     1996        1997       1996        1997
<S>                                 <C>         <C>        <C>         <C>
NET SALES .......................   100.0%      100.0%     100.0%      100.0%

COST OF GOODS SOLD ..............    65.5%       67.9%      65.3%       67.0%

GROSS PROFIT ....................    34.5%       32.1%      34.7%       33.0%

OPERATING, SG&A EXPENSES ........    28.6%       32.1%      28.5%       32.2%

EARNINGS FROM OPERATIONS ........     5.9%        0.0%       6.2%        0.8%

INTEREST (EXPENSE) INCOME .......    (1.8%)       0.0%      (1.8%)       0.2%

EARNINGS BEFORE INCOME TAXES ....     4.1%        0.1%       4.4%        1.0%

INCOME TAXES ....................     1.4%        0.0%       1.6%        0.3%

NET EARNINGS (LOSS) .............     2.7%        0.1%       2.8%        0.7%
</TABLE>



THREE MONTHS ENDED AUGUST 25, 1997 COMPARED TO THREE MONTHS ENDED AUGUST 25,
1996

         NET SALES. Product sales increased approximately $3.2 million, or
43.0%, from approximately $7.5 million for the three months ended August 25,
1996 to $10.7 million for the comparable three month period of 1997.
Approximately $3.2 million of the increase was due to the acquisitions and new
store openings which occurred in July and October, 1996 and March and June,
1997. Total same store sales for the period were relatively flat when compared
to the same period of the prior year. As indicated elsewhere, this is due in
part to the decision to move away from certain specialty markets.


         COST OF GOODS SOLD. Cost of Goods Sold for the three months ended
August 25, 1997 amounted to approximately $7.2 million or 67.9% of Net Sales
compared to approximately $4.9 million or 34.5% for the same three month period
ended August 25, 1996. The increase in the dollar amount was primarily
attributable to the increased dollar amount of Net Sales. The Company increased
its reserve for inventory shrinkage as inventories continue to increase with
the rapid growth of the number of store locations within the Company.

         OPERATING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. The OSG&A
expenses for the three months ended August 25, 1997 amounted to approximately
$3.4 million or 32.1% of Net Sales compared to $2.1 million, or 28.6% of Net
Sales, for the same three month period of 1996. This increase is attributable
to, among other things, increased Net Sales and a decision by the Company to
consolidate certain functions within the corporate offices to gain efficiencies
and reduce costs. With any planned improvement in productivity, the cost of
implementing the program is experienced first with the benefits coming
afterward. Since the program has recently begun, the costs associated with it
are being exhibited in the fiscal quarter being reported with the expected
benefits coming later.

         The specific expense areas where increased costs have been experienced
are payroll costs, communications activities and rents. Payroll costs amounted
to approximately $2.3 million for the three months ended August 25, 1997 or
21.7% of Net Sales. This compares to payroll costs of approximately $1.4
million or 18.6% of Net Sales for the same three month period of the previous
year. Rents and communications activities amounted to approximately 3.7% of Net
Sales in the three month period





<PAGE>   10



ended August 25, 1997 while they accounted for approximately 3.0% during the
same period of the previous year.

         INTEREST EXPENSE (INCOME). For the three months ended August 25, 1997,
the Company had $12,886 of net Interest Income compared to $132,789 net Interest
Expense for the same period of the prior year. This is a result of excess funds
from the IPO being invested until appropriate acquisition candidates could be
identified. Prior year debts which resulted in Interest Expense were retired by
the use of some of the proceeds from the November, 1996 public offering.

         INCOME TAXES. Income taxes decreased to $2,000 for the three months
ended August 25, 1997 compared to $108,388 for the same three month period of
1996 as a result of decreased earnings before income taxes.


SIX MONTHS ENDED AUGUST 25, 1997 COMPARED TO SIX MONTHS ENDED AUGUST 25, 1996

         NET SALES. Product sales increased approximately $6.2 million, or
43.4%, from approximately $14.4 million for the six months ended August 25,
1996 to $20.6 million for the comparable six month period of 1997. Sales
attributable to acquisitions and new-store openings which occurred in July and
October, 1996 and March and June, 1997, accounted for the major portion of this
increase.

         At the beginning of this fiscal year, the Company decided to move away
from several specialty markets in which it had participated in the past. This
decision was due primarily to the volatility of those markets and the
ever-shrinking profit margins. When comparing the Company's same store sales,
excluding these two locations, for its traditional business, a 3% increase was
registered for the three months ended August 25, 1997 in relation to the same
period of the previous year.

         COST OF GOODS SOLD. Cost of Goods Sold for the six months ended August
25, 1997 amounted to approximately $13.8 million or 67.0% of Net Sales compared
to $9.4 million, or 65.3% of Net Sales for the same six month period of the
previous year. The increase in the dollar amount was primarily attributable to
the increase in Net Sales. The increase in cost of goods sold as a percentage
of net sales was due to, among other things, a change in the mix of products
sold and an increase in the reserve for inventory shrinkage.

         OPERATING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. The OSG&A
expenses for the six months ended August 25, 1997 amounted to approximately
$6.6 million or 32.2% of Net Sales for the period. This compares to a total of
$4.1 million or 28.5% of Net Sales for the six months ended August 25, 1996.
This increase is attributable to, among other things, an increased level of
business and, as previously described, a decision be the Company to consolidate
certain functions within the corporate offices to gain efficiencies and reduce
costs. Total payroll costs amounted to approximately $4.4 million, or 21.2% of
Net Sales for the six months ended August 25, 1997 compared to approximately
$2.7 million for the six months ended August 25, 1996, or 18.6% of Net Sales
for that period. In addition, communication activities and rents amounted to
approximately 3.8% of Net Sales for the six months ended August 25, 1997
compared to approximately 3.1% of Net Sales for the same period of the prior
year.

         INTEREST EXPENSE (INCOME). The Company had Interest Income of $32,791,
net of Interest Expense, for the six months ended August 25, 1997 compared to
Interest Expense of $265,268 for the six months ended August 25, 1996. This is
a result of excess funds from the IPO being invested until appropriate
acquisition candidates could be identified. Prior year debts which resulted in
Interest Expense were retired by the use of some of the proceeds from the
November, 1996 public offering.

         INCOME TAXES. Income taxes for the six months ended August 25, 1997
amounted to $65,000 for an effective tax rate of 32.8%. This compares to a tax
of $225,000 for an effective tax rate of 35.5% for the same period of the prior
year.

<PAGE>   11
                                Exhibit Index




<TABLE>
<CAPTION>
Exhibit
Number                           Description
-------                          -----------
  <S>                            <C>                       
  27                             Financial Data Schedule
</TABLE>