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Genuine Parts Company to Report Second Quarter 2023 Results on July 20, 2023
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By Counterman
Benjamin Fisher of New Haven, Connecticut, is the 2023 Mitchell 1 and National Institute for Automotive Service Excellence (ASE) Technician of the Future, Mitchell 1 announced.
Fisher received the award during the ASE Board of Governors Meeting and Service Professional Awards Banquet in Clearwater, Florida.
“We congratulate Ben on receiving the 2023 Technician of the Future Award,” said Nick DiVerde, senior marketing director, Mitchell 1. “Through his hard work and determination thus far, Ben has proven to be a student that Mitchell 1 is proud to recognize. We know he will be successful as he continues with his education and journeys down his career path.”
Fisher, who received a $1,000 cash prize for the honor, recently earned an associate’s degree in Comprehensive Automotive Repair and Services (C.A.R.S.) from Gateway Community College in New Haven. He also holds several ASE certifications.
“While attending the University of Connecticut for software engineering during COVID, I decided to take a semester off and found a job at a local TravelCenters of America,” said Fisher. “That’s when I discovered that working with my hands as well as my brain was much more rewarding. My goal for the future is to make an impact in the world with my skill set.”
To receive the Mitchell 1 and ASE Technician of the Future Award, the winner must be ASE-certified, have registered as a student and earned the highest cumulative test scores on the A4, A5, A6 and A8 tests.
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By AutoZone
MEMPHIS, Tenn. , Dec. 05, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $4.2 billion for its first quarter (12 weeks) ended November 18, 2023 , an increase of 5.1% from the first quarter of fiscal 2023 (12 weeks). Same store sales, or sales for our domestic and
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By Counterman
NTN, the parent company of BCA Bearings and Bower Bearings, announced that it received a 2023 Automotive Communications Award from Women in Auto Care.
NTN received the award in the “Business-to-Business – Promotional Goods, Gear, Marketing Collateral” category for its BCA and Bower “Summer Cruisin’” promotions.
“We are honored to be recognized by an inspiring organization like the Women in Auto Care”, said Georgianne Dickey, director of marketing. “Our BCA and Bower summer promotions are always popular with our customers, and winning an Automotive Communications Award puts an exclamation point on our 2023 promotions as we are hard at work planning for 2024.”
The BCA and Bower summer promotions reward participating distributor customers in the automotive and heavy-duty aftermarket segments with BCA- and Bower-branded promotional goods, which they can then use to conduct their own local promotions.
“This strategy increases brand awareness at every level of the distribution channel, from the distributor to the technician, while enabling our distributors to localize the incentives and customize their promotions to their loyal customer bases,” NTN said in a news release.
The theme for the 2023 BCA and Bower summer promotions was “Summer Cruisin’”, and the promo-item packages contained items used for popular summer car care activities. Items such as carwash kits, microfiber towels, car dusters and tailgate carry-alls keep cars clean and organized, while coolers, director’s chairs and umbrellas keep refreshments and people cool in the shade, allowing recipients to go for a summer cruise in comfort and style.
The 2023 Women in Auto Care Automotive Communication Awards were presented at the annual Women in Auto Care Awards Presentation, during AAPEX in Las Vegas. The awards recognize aftermarket manufacturers, distribution networks and other organizations for outstanding business-to-consumer and business-to-business advertising, marketing and public relations activities.
Women in Auto Care is a community of the Auto Care Association, the co-owner of AAPEX, a trade-only event for the automotive aftermarket.
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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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