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By GreenGears Auto Limited
In the fast-paced world of automobiles, the allure of shiny new parts is undeniable. But amidst the gleaming chrome and cutting-edge technology, a sustainable revolution is quietly gaining momentum - the used car parts market. It's a world where eco-consciousness meets affordability, and Green Gears Auto Limited is leading the charge.
Used Car Parts: The Unsung Heroes of Automotive Sustainability
Let's face it, manufacturing new car parts takes a toll on our planet. From the extraction of raw materials to the energy-intensive production processes, the environmental impact is significant.
Used car parts offer a brilliant solution - they give a second life to perfectly functional components, reducing the need for new production and minimizing waste. It's not just about the environment though. Used auto parts, often Original Equipment Manufacturer (OEM) parts, offer significant cost savings compared to their brand-new counterparts. This means that keeping your car on the road doesn't have to break the bank.
Green Gears Auto Limited: Your One-Stop Shop for Sustainable Solutions
Enter Green Gears Auto Limited, a company dedicated to making sustainable car part solutions accessible to all. Their extensive inventory includes a wide range of used car parts, from engines and transmissions to body panels and electrical components. They even specialize in hard-to-find parts, ensuring that even owners of older or less common vehicles can find what they need.
Whether you're a DIY enthusiast, a professional mechanic, or simply a car owner looking for affordable and eco-friendly solutions, Green Gears Auto Limited has you covered. They offer:
Quality Assurance: All parts are thoroughly inspected to ensure they meet high standards of quality and functionality. Wide Selection: Their inventory covers a broad spectrum of makes and models, making it easy to find the right part for your vehicle. Expert Support: Their knowledgeable team is always ready to assist you in finding the perfect part and answering any questions you may have. Embrace the Green Revolution
The automotive industry is evolving, and sustainability is at the forefront of this transformation. Choosing used car parts isn't just a smart financial decision; it's a conscious choice to reduce your environmental footprint.
So, the next time your car needs a little TLC, consider the sustainable option. Visit
link hidden, please login to view and discover a world of affordable, eco-friendly car parts. Together, let's keep our cars running smoothly and our planet healthy. Remember, every used part is a step towards a greener future.
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By GreenGears Auto Limited
Are you looking for affordable and eco-friendly solutions for your car repairs? Look no further than Green Gears Auto Limited! We are a leading provider of high-quality used car parts, specializing in components for electric vehicles (EVs), hybrids, and other environmentally conscious vehicles.
Why Choose Green Gears Auto?
Extensive Inventory: We have a wide selection of OEM (Original Equipment Manufacturer) used parts, including hard-to-find components. Quality Assurance: All our parts are thoroughly inspected and come with a warranty for your peace of mind. Environmentally Friendly: By choosing used parts, you're helping to reduce waste and conserve resources. Affordable Prices: Save money on your car repairs without sacrificing quality. Expert Support: Our knowledgeable team is always ready to assist you in finding the right parts for your vehicle. Our Commitment to Sustainability:
At Green Gears Auto, we believe in a greener future for the automotive industry. We're committed to promoting sustainable practices by:
Reducing Waste: We extend the life cycle of automotive components, preventing them from ending up in landfills. Conserving Resources: Reusing parts reduces the need to manufacture new ones, saving energy and raw materials. Supporting Eco-Friendly Vehicles: We specialize in parts for EVs and hybrids, helping to accelerate the transition to a cleaner transportation system. Join Our Community:
We invite you to visit our website,
link hidden, please login to view, to explore our extensive inventory and learn more about our commitment to sustainability. You can also join our online forum to connect with other eco-conscious car enthusiasts and get expert advice on repairs and maintenance. Call to Action:
Browse our Inventory: Find the parts you need today and start saving money and the planet. Contact Us: Have a question? Our friendly team is here to help. Together, let's build a greener future for the automotive industry!
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By Counterman
link hidden, please login to view announced the acquisition of Rowe Auto Service, marking the company’s third acquisition since the Berrodin Parts Warehouse affiliation in October 2023, and is in addition to 32 greenfield locations opened year-to-date in 2024 and 30 locations opened in 2023. link hidden, please login to viewalso announced that the recently purchased 217,000 sq. ft. distribution center in Chicopee, Massachusetts, is expected to open in March 2025. Rowe Auto Service in Oneonta, NY, has been owned and operated by the Odell and Hogan families for nearly 60 years. It was purchased by Howard J. Odell and Joseph R. Hogan in June 1964 from the original Rowe brothers. Their sons Lance E. Odell and Joseph D. Hogan worked in the business and, in June 1995, purchased the company from their fathers. They will stay on with Fisher Auto Parts beyond the transition.
“As a family-owned, privately held business with an experienced team of professionals, Rowe Auto Service is a good fit for Fisher Auto Parts,” said Geoffrey Shifflett, area vice president of Fisher Auto Parts. “We plan to grow market share in this region, so we are very pleased that Lance and Joe agreed to pass the torch to us, and we thank them for staying on to help with the transition.”
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By Advance Auto Parts
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced its financial results for the second quarter ended July 13, 2024.
“Our team delivered positive comparable sales growth while navigating a challenging demand environment during the second quarter. I would like to thank the team for their hard work and dedication to serving our customers,” said Shane O’Kelly, president and chief executive officer. “We continue to make progress on our decisive actions with an increased focus on the Advance blended box. This morning, we announced the sale of Worldpac for $1.5 billion. This transaction is a critical milestone in our turnaround as it enables us to strengthen our balance sheet and streamline our focus. The next chapter of our strategic and operational review will now focus on the remaining Advance business, with the goal of improving our sales trajectory and the productivity of all our assets to deliver stronger returns for our shareholders.”
Second Quarter 2024 Results (1,2)
Second quarter 2024 net sales totaled $2.7 billion, which was flat compared with the second quarter of the prior year. Comparable store sales increased 0.4%.
The company's gross profit decreased 2.3% to $1.1 billion. Gross profit margin was 41.5% compared with 42.5% in the second quarter of the prior year. This was primarily due to the company's strategic pricing investments and higher product costs.
SG&A expenses were $1.0 billion, or 38.9% of net sales compared with 37.8% in the second quarter of 2023. This increase was primarily due to wage investments in frontline team members and an increase in professional fees, including costs associated with the implementation of the company's strategic plan and the remediation of the company’s previously-disclosed material weaknesses. This was partially offset by a reduction in marketing expenses.
The company's operating income was $71.8 million, or 2.7% of net sales compared with 4.7% in the second quarter of 2023.
The company's effective tax rate was 27.5%, compared with 26.4% in the second quarter of 2023. The company's diluted EPS was $0.75, compared with $1.32 in the second quarter of 2023.
Net cash provided by operating activities was $87.8 million through the second quarter of 2024 versus $167.1 million of cash used in operating activities in the same period of the prior year. Free cash flow through the second quarter of 2024 was an outflow of $4.6 million compared with an outflow of $312.0 million in the same period of the prior year.
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By APF
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced that it has entered into a definitive agreement to sell Worldpac, Inc., an automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash. The transaction is expected to close before the end of the year.
“We are pleased to announce the sale of the Worldpac business,” said Shane O’Kelly, president and chief executive officer. "The sale enables our team to sharpen their focus on decisive actions to turn around the Advance blended box business. Proceeds from the transaction will provide greater financial flexibility as we continue our strategic and operational review to improve the productivity of the company’s remaining assets and better position the company for future growth and value creation. On behalf of everyone at Advance, I would like to thank the more than 5,000 Worldpac team members for their dedication over the last ten years.”
"We are excited to partner with Worldpac, a great business operating in attractive markets," said Wes Bieligk, a Partner, and Katherine Barasch, a senior member of Carlyle's Global Industrials investing team. "Our proven track record in executing complex carve-outs position us uniquely to support Worldpac and its team as an independent company." Carlyle's investment in Worldpac builds on the firm's extensive carve-out experience in the Industrials sector, having invested ~$13 billion in industrial carve-outs over the past two decades, including in such companies as Axalta, Nouryon, Atotech, Signode, and Allison Transmission.
Transaction Details
Over the last twelve months, at the end of the second quarter of 2024, the Worldpac business generated approximately $2.1 billion in revenue and approximately $100 million in EBITDA. Advance expects net proceeds of approximately $1.2 billion after taxes and transaction fees. Centerview Partners is serving as financial advisor and Hogan Lovells US, LLP, is serving as legal advisor to Advance on the transaction. BofA Securities is acting as lead financial advisor to Carlyle and BMO Capital Markets is also acting as a financial advisor to Carlyle. Latham & Watkins is serving as legal advisor to Carlyle.
Investor Conference Call
As previously announced, the company has scheduled a webcast to begin at 8 a.m. Eastern Time today, to discuss results for the second quarter ended July 13, 2024. During the webcast, the company will provide additional information on the Worldpac transaction. The webcast will be accessible via the Investor Relations page of the company's website (ir.AdvanceAutoParts.com).
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of July 13, 2024, Advance operated 4,776 stores and 321 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,138 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at
link hidden, please login to view . About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at
link hidden, please login to view . Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group. Forward-Looking Statements
Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast, “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about the sale of Worldpac, including statements regarding the benefits of the sale and the anticipated timing of closing, the expected use of proceeds and expectations for economic conditions, future business and financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect the company’s views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, the company’s ability to hire, train and retain qualified employees, the timing and implementation of strategic initiatives, deterioration of general macroeconomic conditions, geopolitical conflicts, the highly competitive nature of the industry, demand for the company’s products and services, the company’s ability to consummate the sale of Worldpac on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy the other conditions to the closing, the company’s use of proceeds and ability to maintain credit ratings, access to financing on favorable terms, complexities in the company’s inventory and supply chain and challenges with transforming and growing its business. Please refer to “Item 1A. Risk Factors” of the company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by the company's subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.
Investor Relations Contact:
Lavesh Hemnani
T: (919) 227-5466
E: [email protected]
Media Contacts:
Darryl Carr
T: (984) 389-7207
E: [email protected]
Carlyle
Brittany Berliner, (212) 813-4839
[email protected]
Source: Advance Auto Parts, Inc.
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