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Stop Trying To Do Too Much, And Watch Your Sales Improve
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By Counterman
The automotive aftermarket continues to demonstrate its market strength with higher-than-expected sales in 2021 in the wake of a slow economic recovery from the COVID-19 pandemic in the United States.
Total U.S. light duty automotive aftermarket sales are forecasted to increase 8.5% in 2022, totaling $356.5 billion, according to the 2022 Joint Channel Forecast Model produced jointly by the Auto Care Association and the Automotive Aftermarket Suppliers Association (AASA).
This data will be examined in a joint,
link hidden, please login to view led by Shane Norton of S&P Global Mobility at 1 p.m. EDT on June 9. An additional 5% growth is expected for 2023 and growth will average more than 3% in 2024, bringing the light-duty aftermarket to $401.5 billion by 2025, according to the forecast.
The compound average annual growth rate from 2019 to 2022 will be 5.7%, more than making up for losses seen in 2020 due to the pandemic.
“Year after year, the auto care industry continues to show its strength and reliability,” said Bill Hanvey, president and CEO of the Auto Care Association. “In the midst of the highest gas prices on record and an inflation rate at a 40-year high, coupled with persistent supply chain disruptions and war in Eastern Europe, vehicle miles driven, vehicles in operation and consumer spending all increased in 2021 and are projected to increase into the coming years as well.”
“The automotive aftermarket once again shows its resiliency with a stronger than expected recovery from the pandemic,” commented Paul McCarthy, president and CEO of AASA. “In fact, the automotive aftermarket rose nearly 25% in the past two years despite ongoing headwinds, and we are excited to see the landmark market size of $400 billion in 2025. But as the industry advances to that landmark number, look for a new challenge to emerge as we may shift from a market supported by high demand and availability to a battle for market share. With that, we’ll see one more strength of the aftermarket emerge, collaboration with the right partners to ensure the same pace of success in this next phase of industry dynamics.”
Key data in the joint channel forecast model include:
Market trends influencing the aftermarket A 2021-2025 review of industry growth and forecasts Industry sales by channel including history and forecasts Industry sales by distribution channel And more The market sizing and forecast are conducted on behalf of the Auto Care Association and AASA by S&P Global Mobility (formerly the automotive team at IHS Markit), a leading business intelligence firm. The forecast is based on the U.S. Census Bureau’s Economic Census; IMR Inc.; and proprietary data, economic analysis and forecasting models from S&P Global Mobility.
The Joint Channel Forecast Model is available in the Auto Care Association’s
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By Counterman
Perfect Stop is turning up the summer heat with its annual powersports giveaway.
Six grand-prize winners will choose a powersports vehicle of their choice – worth up to $15,000. In addition to the vehicles, 150 lucky winners will take home $25,000 in gift cards.
Perfect Stop is a premium line offering brake pads, rotors, calipers and cleaners for light-duty, medium-duty and heavy-duty applications. The brake line’s annual powersports sweepstakes draw upward of 150,000 entries as technicians vie for one of the powersports or cash prizes.
Beginning June 1 and ending on July 31, technicians will earn entries by purchasing Perfect Stop through the e-commerce parts-ordering platform MyPlace4Parts. All qualifying orders are automatically entered into the sweepstakes for the six grand-prize selections, and gift cards in $100, $250 or $500 increments.
“Perfect Stop has the professional technician in mind,” says Dan Rader, vice president of category management. “From our technologically advanced brake pads, sensors and calipers to our high-carbon rotors and brake cleaners and brake fluid – each product is well-designed for everyday applications. This sweepstakes encourages technicians to combine the product
lines and increase the end user’s overall fulfillment. It creates the one-stop-shop for the wheel end.”
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By Counterman
Advance Auto Parts reported first-quarter net sales of $3.4 billion, a 1.3% year-over-year increase.
Comparable-store sales increased by 0.6%. However, comparable sales increased by 25.3% on a two-year stack, which blends comparable-sales from 2022 and 2021.
“In the first quarter of 2022, we delivered our eighth consecutive quarter of comparable-store sales, adjusted operating income and adjusted earnings per share growth,” said Tom Greco, president and chief executive officer. “We started 2022 with strong mid-single-digit comp growth through the first 10 weeks of our 16-week quarter. During the final six weeks, we experienced comp declines driven by our DIY omnichannel business. This was primarily a result of headwinds from the expected lap of the DIY sales boost from the 2021 stimulus as well as a slower start to the spring selling season due to cooler temperatures and higher precipitation. These headwinds have subsided during the first four weeks of our second quarter with comparable-sales growth within our full-year guidance range.”
On the same day that Advance announced its first-quarter results, the company introduced the DieHard EV with xEV by Clarios. Advance says it’s the first auto parts retailer to sell 12-volt batteries designed specifically for hybrid and battery-electric vehicles.
“We believe the investments we’ve made in the company, our team members as well as our supplier partners are enabling us to capitalize on emerging opportunities while staying focused on the disciplined execution of our long-term strategic plan,” Greco said. “Consistent with this, we continue to build and strengthen a differentiated customer offering behind improved parts availability, industry-leading innovation and an enhanced online and in-store experience. This includes today’s announcement that Advance Auto Parts is the first-to-market with our exclusive DieHard EV battery for hybrid and battery electric vehicles. This innovative 12-volt battery will provide improved and longer-lasting battery performance for the increasing power demands of hybrid and electric vehicles.”
Advance reaffirmed its full-year guidance of net sales between $11.2 billion and $11.5 billion and comparable sales increasing by 1% to 3%, among other metrics.
“We continue to execute against our long-term plans, despite volatility within the broader macro environment,” said Jeff Shepherd, executive vice president and chief financial officer. “Based on our Q1 results and 2022 outlook, we’re reaffirming our 2022 guidance including comparable-store sales growth, adjusted operating-margin expansion and double-digit adjusted earnings-per-share growth. Importantly, we’re slightly increasing our adjusted diluted EPS guidance range reflecting year-to-date share repurchases.”
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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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