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ASE Education Foundation Updates Collision Repair Standards
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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 Counterman
Right to Repair has notched another victory.
On Nov. 7, Ballot Question 4 in Maine asked this question: “Do you want to require vehicle manufacturers to standardize on-board diagnostic systems and provide remote access to those systems and mechanical data to owners and independent repair facilities?”
At press time, more than 80% of Maine voters had answered “yes,” ensuring that vehicle owners and the independent repair shops of their choice can access the diagnostic tools and data necessary for routine repairs.
“The result of [Tuesday’s] election in Maine proved another victory for the American consumer and the Right-to-Repair movement that is gaining support across the United States,” said Bill Hanvey, president and CEO of the Auto Care Association. “The right to repair is one of a few unifying issues our nation faces, and whether we achieve repair access chamber by chamber or state by state, I am confident that every American will soon have the fundamental right to repair what belongs to them. Right to repair isn’t going away and this victory demonstrates that it’s an issue that needs to be resolved.”
The Maine vote comes after movement on the federal level to advance the Right to Equitable and Professional Auto Industry Repair (REPAIR) Act (H.R. 906). Last week, a House Energy and Commerce subcommittee unanimously voted to advance the bipartisan REPAIR Act to the full committee for consideration.
“Maine voters’ overwhelming show of support for Question 4 adds momentum to the growing national push for right-to-repair protections,” CAR Coalition Executive Director Justin Rzepka said. “The CAR Coalition will continue this important fight at the federal level with bipartisan bills like the SMART and REPAIR Acts to ensure every American – no matter where they live – has the right to repair the car they own.”
Meanwhile, John Bozzella, president and CEO of the Alliance for Automotive Innovation, said the results in Maine were “disappointing but hardly surprising.”
“Out-of-state, big-box auto retailers – that don’t speak for independent auto repairers – spent nearly $5 million trying to scare Mainers into thinking that the right to repair their vehicles was going away,” Bozzella said in a statement. “It will not go away. Automotive Right to Repair already exists. Mainers can get their vehicle repaired anywhere, anytime, anyplace. That was true yesterday, and it’s true today and tomorrow.”
Tommy Hickey, director of the Maine Automotive Right to Repair Coalition, told the Portland Press Herald that the next step is to meet with Maine’s attorney general and help guide the state on the best approach for implementing the law.
In the news article, Hickey called Maine and Massachusetts the “godfathers” of the Right-to-Repair movement.
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By NAPA
ATLANTA, Oct. 19, 2023 /
link hidden, please login to view/ -- Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, announced today its results for the third quarter ended September 30, 2023. "Our third quarter performance was highlighted by double digit earnings growth, driven by benefits from the mix and geographic diversity of our businesses as well continued progress on our strategic initiatives," said Paul Donahue, Chairman and Chief Executive Officer. "Through our One GPC approach, we are simplifying our business while driving productivity and efficiency across our operations. We would like to thank our teams around the world for their continued dedication to serving our customers and delivering solid quarterly results."
Third Quarter 2023 Results
Sales were $5.8 billion, a 2.6% increase compared to $5.7 billion in the same period of the prior year. The growth in sales is attributable to a 0.5% increase in comparable sales, a 1.7% benefit from acquisitions and a 0.4% net favorable impact of foreign currency and other. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter sales growth by approximately 1.2%.
Net income was $351 million, an increase of 12.4% compared to net income of $312 million in the prior year. Diluted EPS was $2.49, an increase of 13.2% compared to $2.20 in the prior year period.
Net income of $351 million compares to adjusted net income of $317 million for the same three-month period of the prior year, an increase of 10.7%. On a per share diluted basis, net income was $2.49, an increase of 11.7% compared to adjusted diluted earnings per share of $2.23 last year. Refer to the reconciliation of GAAP net income to adjusted net income and GAAP diluted earnings per share and adjusted diluted earnings per share for more information.
Third Quarter 2023 Segment Highlights
Automotive Parts Group ("Automotive")
Global Automotive sales were $3.6 billion, up 3.9% from the same period in 2022, with a 0.6% increase in comparable sales, 2.4% benefit from acquisitions and a net 0.9% favorable impact of foreign currency and other. Segment profit of $322 million increased 4.1%, with segment profit margin of 8.9%, flat compared to last year. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter Global Automotive sales growth by approximately 1.0%.
Industrial Parts Group ("Industrial")
Industrial sales were $2.2 billion, up 0.6% from the same period in 2022, reflecting a 0.3% increase in comparable sales and a 0.6% benefit from acquisitions, slightly offset by a 0.3% unfavorable impact of foreign currency. Segment profit of $283 million increased 16.6%, with segment profit margin of 12.9% up 180 basis points from the same period of the prior year. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter Industrial sales growth by approximately 1.6%.
"While our Industrial and international Automotive businesses performed well during the third quarter, the results for our U.S. Automotive business were below our expectations and negatively impacted by one less selling day," said Will Stengel, President and Chief Operating Officer. "Our third quarter results reflect continued improvement in segment margins, driven by strong team operating discipline despite the slower growth environment."
Nine Months 2023 Results
Sales for the nine months ended September 30, 2023 were $17.5 billion, up 5.6% from the same period in 2022. Net income for the nine months was $1.0 billion, or $7.08 per diluted share, an increase of 8.4% compared to $6.53 per diluted share in 2022. Net income of $1.0 billion, or $7.08 per diluted share, compares to adjusted net income of $896 million, or adjusted diluted earnings per share of $6.29, in 2022, an increase of 12.6%.
Balance Sheet, Cash Flow and Capital Allocation
The company generated cash flow from operations of $1.1 billion for the first nine months of 2023. We used $473 million in cash for investing activities, including $350 million for capital expenditures and $211 million for acquisitions, net of $80 million in proceeds from the sale of our remaining investment in S.P. Richards and other investments. We also used $599 million in cash for financing activities, including $393 million for quarterly dividends paid to shareholders and $172 million for stock repurchases. Free cash flow was $733 million for the first nine months of 2023. Refer to the reconciliation of GAAP net cash provided by operating activities to free cash flow for more information.
The company ended the quarter with $2.2 billion in total liquidity, consisting of $1.5 billion availability on the revolving credit facility and $655 million in cash and cash equivalents.
2023 Outlook
The company is updating full-year 2023 guidance previously provided in its earnings release on July 20, 2023. The company considered its recent business trends and financial results, current growth plans, strategic initiatives, global economic outlook, geopolitical conflicts and the potential impact on results in updating its guidance, which is outlined in the table below.
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By Dorman Products
The best way to help customers find your auto repair shop | Set up your Google Business Profile
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