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A deal to place Dallas-based Interstate Batteries products in Advance Auto Parts stores is dead.
The "value envisioned by both parties was compelling, but circumstances changed," Interstate Batteries noted in a statement Tuesday.
The collaboration would have allowed Interstate Batteries, which has a strong reputation among mechanics, to significantly increase its retail presence. Now available in about 200 stores, its products would have expanded to 5,000 Advance Auto Parts locations.
"Challenges arose throughout the process, but Interstate believed those could be resolved. Simply put, the two parties could not reach an agreement where all stakeholders involved benefitted," the statement said.
The company did not elaborate on what sunk the deal. Financial details had not been released publicly.
In an earnings call Tuesday, Advance Auto Parts president and CEO Tom Greco said: "We still believe Interstate Batteries provides a leading brand, quality products and an exceptional service model and we wish them continued success."
As part of the deal, Advance Auto Parts would have dropped its AutoCraft private label car batteries and stocked Interstate Batteries exclusively. The plan was announced in December.
The announcement Tuesday came shortly after Advance Auto Parts released its first quarter earnings. The company's profits were down about $600 million from a year earlier and "comparable" store sales were down by nearly 1 percent.
The company's stock price was down more than 3 percent from Monday's close.
Scott Miller, president and CEO of the privately-owned Interstate Batteries, said in December that the company had about $1.8 billion in annual revenue. The Advance Auto Parts deal, he said, had the potential to pushed Interstate Batteries sales from 18 million batteries to 26 million, or nearly one quarter of the market.
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By Auto News
MEMPHIS, Tenn., Dec. 18, 2017 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE:AZO) today announced that Jim Griffith, Senior Vice President, Store Operations, Customer Satisfaction has made the decision to retire from AutoZone early next year. Jim joined AutoZone in 1987 as a part timer and has held several positions in Store Operations, including Store Manager, District Manager, Regional Manager, and Vice President of Stores. Jim spent seven years leading the Store Development team and since 2015, Jim has successfully led our Store Operations team as the Senior Vice President. “I would like to thank Jim for his many contributions to our organization over the last thirty years,” said Bill Rhod...
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link hidden, please login to view PHILADELPHIA — Pep Boys has acquired PJ's Auto & Tire Center in Franklin Square, N.Y., and opened a Service & Tire Center in Bordentown, N.J., increasing its presence in the New York and Philadelphia metro markets.
Pep Boys, a subsidiary of Icahn Automotive Group L.L.C., described PJ's Auto & Tire — a family-run business since 1980 — as a six-bay shop located in a high-traffic neighborhood in Franklin Square on Long Island.
Financial terms of the acquisition were not disclosed. Pep Boys did not elaborate on the status of the dealership's owners or staff.
The greenfield store in Bordentown also is a six-bay shop, Pep Boys said. Bordentown is a community of about 3,900 inhabitants bordering Trenton, N.J.
Both locations will use the Pep Boys Service & Tire Center identity.
Pep Boys now has 16 stores on Long Island and nearly 30 in the New York metro area. The new stores push Icahn Automotive's network of stores closer to the 1,500 mark.
This is Pep Boys' third acquisition of 2017.
In mid-May the Philadelphia-based retailer acquired
link hidden, please login to view & Auto Service and Direct Tire Distributors in Memphis, establishing a retail position in that market for the first time with a dozen locations and a 6,000-unit warehouse. In January Pep Boys bought
link hidden, please login to viewL.L.C., an automotive repair and maintenance chain with 134 stores throughout the U.S. southern tier, and said it planned to convert those stores to the Service & Tire Center brand.
There seems to be a rumor going around that Advance Auto Parts is looking to spin off the CARQUEST independent business. There is a topic on thelayoff.com that was recently posted by an anonymous poster. Comments and link to topic below.
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DAYTONA BEACH, Fla. & RALEIGH, N.C.--(BUSINESS WIRE)--As NASCAR Weekly Series sanctioned events begin to return at select tracks across North America, NASCAR and Advance Auto Parts (NYSE: AAP), a leading automotive aftermarket parts provider, today announced a multiyear official partnership, designating Advance as the series entitlement sponsor. As part of the agreement, Advance also becomes the “Official Auto Parts Retailer of NASCAR.”
"It's great to have Advance join us in welcoming the return of NASCAR-sanctioned grassroots racing," said Ben Kennedy, vice president, racing development, NASCAR. "Advance’s commitment to our Weekly Series will develop some of the brightest NASCAR talent across North America. Advance has a long history in racing, and we’re thrilled to see its expanded presence from the grassroots all the way through our national series.”
Advance Auto Parts, Inc. (NYSE: AAP) has acquired the DieHard brand from Transform Holdco LLC (“Transformco”), for $200 million utilizing cash on hand.
“We are excited to acquire global ownership of an iconic American brand. DieHard will help differentiate Advance, drive increased DIY customer traffic and build a unique value proposition for our Professional customers and Independent Carquest partners. DieHard has the highest brand awareness and regard of any automotive battery brand in North America and will enable Advance to build a leadership position within the critical battery category,” said Tom Greco, president and CEO, Advance Auto Parts. “DieHard stands for durability and reliability and we will strengthen and leverage the brand in other battery categories, such as marine and recreational vehicles. We also see opportunities to extend DieHard in other automotive categories. We remain committed to providing our customers with high-quality products and excellent service. The addition of DieHard to our industry leading assortment of national brands, OE parts and owned brands will enable us to differentiate Advance and drive significant long-term shareholder value.”
AmazonBasics High Mileage Motor Oil - Synthetic Blend
AmazonBasics high-mileage synthetic-blend motor oil offers an enhanced level of protection for engines over 75,000 miles. Its synthetic blend combines conventional oil with synthetic for cost efficiency with some of the benefits of a full synthetic. An important part of routine maintenance, the motor oil works well for anything from topping off levels to complete oil changes. Whether it’s a beloved older vehicle or one with an uncertain maintenance history, help protect its engine with AmazonBasics high-mileage, synthetic-blend motor oil.
When selecting parts for a car repair, it pays to know the differences between original and aftermarket parts. Whenever possible, get estimates for both.
Choosing between original and aftermarket car parts — and even used parts of either type — is all about squaring your priorities with your budget.
You’ll have different options depending on the part and the shop. And the best choice will depend on whether you’re trying to keep repairs cheap, restore your car’s appearance after a wreck or soup up your ride.
Original equipment manufacturer (OEM) parts match those that came with your car, and are of the same quality as its original parts. They’re also the most expensive.
The factory-recommended replacement intervals for filters can vary quite a bit depending on the year, make and model of the vehicle, as well as how it is driven. As a rule, older vehicles (those more than 15 to 20 years old) typically have more frequent service intervals than newer vehicles. Why? Because late-model vehicles require less maintenance, thanks to improvements in motor oils, transmission fluids, engine design and filter media.
Many long-life air and oil filters use synthetic fiber media or a blend of cellulose and synthetic fibers to extend filter life.
Changing the oil and filter every 3,000 miles was standard practice decades ago. But it’s no longer necessary because most multi-viscosity oils today are a synthetic blend or a full synthetic that resist viscosity breakdown and oxidation for a much longer period of time. Late-model fuel-injected engines also run much cleaner than their carbureted ancestors, which reduces oil contamination in the crankcase.