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Advance Foundation Gifts $300K to Broward College
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By Counterman
New Advance Auto Parts CEO Shane O’Kelly served as a U.S. Army captain in the 1990s after graduating from the U.S. Military Academy at West Point.
Early in Advance’s third-quarter conference call on Nov. 15 – during which the company reported an operating loss of $43.7 million – O’Kelly said his time in the military taught him the importance of aligning an organization “around fewer measurable goals while ensuring while ensuring discipline and accountability in the process to achieve those goals.”
O’Kelly, who replaced Tom Greco as CEO on Sept. 11, then outlined five “decisive actions” that Advance is taking “to help stabilize the company and return to profitable growth.”
The headliner was the company’s decision to divest its most prized asset: Worldpac.
Advance acquired Worldpac and Carquest in 2014 through its acquisition of General Parts International Inc. At the time, Advance boasted that the transaction created the largest provider of aftermarket parts in North America.
Centerview Partners, an investment-banking and advisory firm, will assist with the sale process, according to the company.
“Worldpac is a high-performing business and as you know, is very different than our core blended-box model,” O’Kelly said during the conference call. “As we get back to the fundamentals of servicing our professional and DIY customers, we view now as the right time to simplify our model. The Worldpac business still operates relatively independently from Advance, and we believe that the sale process will not create a distraction.”
In a separate sales process, Advance plans to divest its business in Canada. Advance’s Canadian business – which goes to market under the Carquest banner – predominantly serves DIFM customers.
As part of its operational review launched in August, Advance also announced a cost-cutting program that the company expects to generate at least $150 million in annualized savings. While Advance’s Q3 net sales were up 3% to $2.7 billion, the company reported negative cash flow through the first three quarters of 2023 – an outflow of $156.8 million.
The cost-reduction program “will be primarily driven by simplifying our organizational structure, minimizing duplicative efforts and eliminating investments that are not core to supporting our frontline team members and customers,” O’Kelly said.
O’Kelly noted that Advance plans to reinvest approximately $50 million from the cost-cutting program “to improve the retention of our frontline teams and ensure we have experienced team members to serve our customers.”
“In fact, we began making changes to our frontline compensation structure in Q3 and are already seeing a reduction in turnover in targeted frontline roles,” he added.
Advance Appoints New CFO
Coinciding with its third-quarter earnings announcement, Advance announced the appointment of Ryan Grimsland as executive vice president and chief financial officer, effective Nov. 27.
Tony Iskander, who has served as interim chief financial officer since August, will continue in his role as senior vice president, finance and treasurer.
Grimsland, 46, brings more than 20 years of experience in corporate finance, treasury, financial planning and retail strategy and transformation.
Most recently, Grimsland served as senior vice president, strategy and transformation at Lowe’s Companies. During his 17-year tenure at Lowe’s, he held leadership roles across all aspects of the finance organization, including senior vice president, corporate finance and treasurer; vice president, corporate financial planning and analysis; and vice president, stores finance.
During Advance’s Nov. 15 conference call, O’Kelly said Grimsland “has a strong track record of driving organizational improvements while implementing best practices to resolve complex issues.”
“In addition to our CFO announcement, we’ve taken action to streamline our management structure,” O’Kelly added. “We have reorganized parts of my leadership team and transitioned responsibilities for our marketing, merchandising and e-commerce functions to the appropriate leaders in our organization who will drive enhanced collaboration and accountability.”
As part of that reorganization, Advance announced that it is eliminating the position of executive vice president, merchandising, marketing and e-commerce, currently held by Jason McDonell. McDonell will depart from the company effective Dec. 1.
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By partsman
Advance Auto Parts announced today, as part of their Q3 earnings release, that they are initiatiating the sale of their Worldpac and Canadian businesses (operates under Carquest).
Strategic Review Update
The company has initiated separate sale processes for the potential divestiture of Worldpac and the company’s Canada business. Worldpac, a leading automotive wholesale distributor of original equipment and aftermarket parts for all makes/all models, is highly recognized for its world class technology, catalog, product brand assortment and training. The company's Canadian business, which predominantly serves commercial customers, goes to market under the Carquest banner.
The company has engaged Centerview Partners to assist in the sale processes. The company has not set a timetable for the conclusion of the sale processes and does not intend to comment on or provide updates regarding these matters unless and until the processes are concluded or it determines that further disclosure is appropriate or required.
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By Counterman
Advance Auto Parts presented its 2023 Vendor Partner of the Year Award to National Refrigerants, a worldwide distributor of refrigerant products.
Advance presented the award during the company’s annual Partner Summit on Oct. 16 in Raleigh, North Carolina. During the event, Advance honored several vendors for their partnership and performance over the past year.
A key partner in Advance’s chemicals business, National Refrigerants worked closely with Advance’s inventory team to provide a steady supply of refrigerant products in authorized markets across the United States while helping Advance navigate state and local regulations around the selling of refrigerant products. National Refrigerants has been a trusted and reliable vendor partner for more than five years, enabling Advance to grow its business in the A/C-chemicals category, Advanced noted.
“Passionate and dedicated vendor partners are a vital component of our company’s success,” said Jason McDonell, Advance’s executive vice president of merchandising, marketing and eCommerce. “Their ability to consistently provide a quality product mix while collaborating on innovative strategies and solutions allows us to better serve the needs of our DIY and professional customers. On behalf of Advance, congratulations to National Refrigerants and all our award-winning vendors, and thank you to all who joined us at this year’s Partner Summit.”
Other award winners include Amalie Oil Company, which was named Advance’s Superior Availability Vendor Partner of the Year. Advance’s supplier of FRAM motor oil and lubricants, Amalie helped Advance maintain exemplary in-stock levels and growth in multiple categories, including heavy-duty motor oil.
“Amalie’s support allowed Advance to better serve customers with a greater product choice in the light-duty, heavy-duty and diesel motor-oil categories,” Advance added.
Advance awarded the Together with Speed Vendor Partner of the Year Award to ITW-Global Brands in recognition of its strategic support across multiple product categories at Advance, including wiper blades, wash and wax, body repair and performance chemicals. ITW’s team supported Advance through product innovation and marketing engagement while ensuring product availability to drive sales for Advance, according to Advance.
Advanced named MotoRad the Excellence in Collaboration Vendor Partner of the Year.
“Over the course of the year, MotoRad consistently showcased outstanding fill rates, product-technology innovation and creative solutions that include data-driven product recommendations,” Advance said in a news release. “Their proactive problem-solving strategies boosted the overall efficiency and effectiveness of Advance’s operations, ultimately enhancing sales and customer satisfaction.”
Advanced named Sylvania the Strategic Initiative Vendor of the Year for its exceptional support of Advance’s lighting category. Sylvania’s collaboration resulted in higher fill rates and sales growth, while also reflecting Advance’s cultural beliefs through a focus on team-member training and other lighting-category enhancements, according to Advance. Advanced named Legends Marketing the Marketing Partner of the Year for its support, advocacy and growth of Advance’s TechNet professional repair-shop network. Legends Marketing elevated the authenticity of the TechNet brand through creative solutions such as its unique video series featuring TechNet shop owners in their communities. The company’s work on behalf of Advance and TechNet shops resulted in a sixth consecutive year of membership and sales growth.
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By Counterman
Carquest by Advance has opened its newest store in Amelia Court House, Virginia, located at 15203 Patrick Henry Hwy.
It’s the fourth Carquest store owned by Magee Auto Parts LLC, with the Magee group also operating locations in Toano, Wakefield and Waverly, Virginia.
Magee’s family has been in the auto parts business for more than 40 years, with Trey’s grandfather having opened his first Carquest location in 1981. Since then, his family has been a friendly, trusted resource for automotive parts and expert knowledge in communities across southern Virginia.
The new Carquest by Advance caters to do-it-yourselfers and professional customers across Amelia County, offering quality, name-brand automotive products including DieHard auto batteries. Motorists also have access to free curbside services provided by the store team, including battery testing, battery installation and wiper-blade installation. The store also offers heavy-duty and agricultural products, including filters and custom-length hydraulic hoses.
“We’re proud to grow our business with the opening of our new Carquest by Advance,” said Trey Magee. “The community has given us a wonderful reception since we opened our doors, and we’re excited to be here. Our promise is to deliver the best service, advice and parts to every customer who walks through our building. Whether you’re a DIYer, a repair shop owner or a local farmer, we’re going to find the parts and products you need to complete your job.”
The Carquest by Advance first opened on Aug. 28, with Magee employing five team members at the store.
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By Counterman
The ASE Education Foundation recently convened a workshop to review the tasks and tools used by ASE-accredited collision repair and refinish programs in high schools and colleges nationwide.
The review committee consisted of individuals representing vehicle manufacturers, collision repair and refinish shop owners and technicians, instructors and industry trainers and equipment and parts suppliers.
“We want to thank the committee members for working diligently to review and enhance our standards for collision repair and refinish program accreditation,” said Mike Coley, president of the ASE Education Foundation. “The updates reflect what is happening in the industry with new technologies like EVs and ADAS and will help collision repair and refinish students be better prepared to enter the workforce.”
One of the major outcomes was the creation of a new area of accreditation entitled “Collision Repair and Refinish Fundamentals.”
This new area includes 121 distinct skills/tasks and requires a minimum of 300 hours of combined classroom/lab instruction. It draws from the existing areas of accreditation but focuses on five core skill areas highly valued by employers: damaged vehicle disassembly, reassembly, small-dent repair, plastic repair and prep for refinish.
The new option gives schools and local businesses another path to prepare students for success in entry-level positions with skills that are in high demand, according to ASE.
The updated collision repair and refinish standards include new hybrid and electric vehicle safety tasks that are required for all students in ASE-accredited collision repair and refinish programs. Two new task sections in mechanical and electrical components also were also added for advanced driver-assistance systems (ADAS) and hybrid and electric vehicle service procedures.
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