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By Counterman
Advance Auto Parts Foundation, the philanthropic arm of Advance Auto Parts, recently announced the first five recipients of its scholarship commitment to Wake Technical Community College (Wake Tech) and its new Hendrick Center for Automotive Excellence.
The scholarships are part of a larger commitment by the Advance Auto Parts Foundation that also includes a first-of-its-kind recruitment initiative aimed at increasing student diversity in the school’s automotive systems technology and collision repair programs to help address the nationwide technician shortage.
Over the next five years, Advance Auto Parts Foundation will support 25 students enrolled in Wake Tech’s automotive degree programs by funding $5,000 unrestricted scholarships for each student to offset educational and living expenses, plus a one-time $600 stipend to purchase tools needed for studies.
The first five recipients of these scholarships were nominated by high school guidance counselors and selected by Wake Tech. They include:
· Bryant Torres Garcia ofEast Wake High School
· Amiya Hall of South Garner High School
· Alexander Kirschenbauer of East Wake High School
· Waylen Bryce McLeod of East Wake High School
· Javai Thomas O’Briant of East Wake High School
These scholarship recipients will begin their training in the Automotive Systems Technology degree program in the fall 2022 semester.
“Automotive repair jobs offer competitive pay, the opportunity to continue learning new skills and the satisfaction of knowing you’re helping someone get their vehicle back on the road safely,” said Tom Greco, president and chief executive officer of Advance Auto Parts. “Despite the many positives associated with careers in our industry, the technician shortage is worsening. This is one of the reasons we are so thrilled to partner with Wake Tech and help support students from all backgrounds and experiences who want to explore careers in automotive service and repair.”
The scholarship announcement follows the opening of Wake Tech’s new $42 million Hendrick Center for Automotive Excellence, a more than 100,000-square-foot facility on the college’s Scott Northern Wake Campus in Raleigh. The new facility allows the college to triple the number of students in its automotive systems technology program and add a new collision repair program.
“The Advance Auto Parts Foundation’s support enables us to directly address automotive technician workforce and diversity needs,” said Scott Ralls, president of Wake Technical Community College. “We are grateful to Advance for their partnership in awarding the scholarships and within the larger programs that our new Hendrick Center supports.”
In addition to a $200,000 gift from the Advance Auto Parts Foundation, Advance Auto Parts contributed $50,000 to outfit new tool rooms that support student learning. The tool rooms are branded DieHard in celebration of DieHard’s new lifetime-warranty hand tools, which exceed ANSI/ASME standards and feature an anti-slip open-end design on all combination wrenches, a driver handle designed for more ergonomic shape and a line of ratchets created for better wear resistance and strength than other bit materials, according to the company.
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By Counterman
During AutoZone’s fiscal second-quarter 2022 conference call in March, company executives asserted that its pandemic-driven sales momentum could be sustained, even after consumers blow through their stimulus payments.
AutoZone’s fiscal third-quarter results did nothing to convince them otherwise.
“We believed our competitive positioning was materially improved, as indicated by our significant retail share gains and rapidly accelerated commercial sales growth,” AutoZone CEO Bill Rhodes reflected during the company’s third-quarter conference call on May 24. “We believed customer behavior may have permanently changed. We continue to believe all of this today.”
AutoZone reported fiscal third-quarter net sales of $3.9 billion, a 5.9% year-over-year increase. The company’s fiscal third quarter ended on May 7.
Domestic same-store sales, or sales for stores open at least one year, increased 2.6% for the quarter. AutoZone delivered the 2.6% increase against some extremely tough comparisons: In the fiscal third quarter of 2021, same-store sales jumped nearly 29%.
If AutoZone indeed is able to sustain its momentum from 2020 and 2021, “it’ll be the fourth time in the last 30 years that the economy and society have been through significant shocks leading to material acceleration in our growth in sales and profits, without a corresponding decline back to pre-recessionary or pre-pandemic levels,” Rhodes said.
DIFM sales, which suffered in the first few months of the pandemic in 2020, continued to rebound. AutoZone’s commercial sales rocketed 26% higher to $1.04 billion, a third-quarter record for the company.
Weekly commercial sales per store also set a quarterly record, at $16,600, up from $13,500 in fiscal Q3 2021. The company averaged approximately $87 million in total weekly commercial sales.
During the quarter, AutoZone launched 43 net new commercial programs, finishing with 5,275 total programs.
“As I’ve said since the outset of the year, commercial growth will lead the way in FY 22, and our results in the third quarter and year to date reflect this dynamic,” CFO Jamere Jackson said during the conference call.
Rhodes attributed the DIFM growth to a number of companywide initiatives, including expanded hub and megahub coverage, “the strength of the Duralast brand,” technology investments, a more effective salesforce and improved delivery times.
Domestic DIY sales slipped 4.5% during the quarter – another case of tough comps. Rhodes noted that U.S. consumers received stimulus payments in the third quarter of 2021, which led to record DIY-sales growth.
“We’re very proud of our DIY results,” Rhodes added. “Considering we had such a tough comparison to last year, from the data we have available to us, we continued not only retain the enormous share gains in dollars and units built during the initial stages of the pandemic, but [also] modestly build on those gains.
“Our performance, considering the amount of time from the last stimulus and the ending of the enhanced unemployment benefits, has substantially exceeded our expectations and gives us continued conviction about the sustainability of the massive elevated sales levels we have experienced since the beginning of the pandemic.”
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By AutoZone
MEMPHIS, Tenn. , May 24, 2022 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $3.9 billion for its third quarter (12 weeks) ended May 7, 2022 , an increase of 5.9% from the third quarter of fiscal 2021 (12 weeks). Domestic same store sales, or sales for stores open at
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By AutoZone
MEMPHIS, Tenn. , May 05, 2022 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), the leading retailer and distributor of automotive replacement parts and accessories in the Americas , will release results for its third quarter ended Saturday, May 7, 2022 , before market open on Tuesday, May 24, 2022 .
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