The present invention is directed to a new class of thermoplastic elastomers (TPEs) and processes for making them. In some embodiments of the present invention, the end groups of the multi-arm PIB copolymer is a conjugated diene, whereas the other component is a multi-functional dienophile. The components of the TPE of the present invention are chemically connected via the well-known Diels-Alder reaction which is thermally reversible (by the retro-Diels-Alder reaction) at moderately elevated temperatures. The reversibility of the Diels-Alder retro-Diels-Alder reactions allows the recovery of the original components of the TPE and thus its recyclability and also gives the TPE the ability to be reshaped or reformed.