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Carquest by Advance Opens New Store in Virginia
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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
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
Lumileds received the Best New Tool for Repairs Award for its Philips Xperion 6000 UV Pillar work light from the Import Vehicle Community at AAPEX in Las Vegas.
“We designed the Philips Xperion 6000 UV Pillar as a multi-purpose work light that helps technicians save time, money and space in their tool chest,” noted Aubry Baugh, Lumileds senior manager, aftermarket marketing leader, NA. “This innovative light features three light sources: a main light rated CRI95 for color matching; a 180-lumen spotlight; and a very handy UV inspection light for critical repair jobs. The Xperion 6000 UV Pillar is three lights in one and allows techs to carry a single tool.”
Featuring an articulating LED panel for precise beam placement, a swiveling hook and powerful magnetic base, the Xperion 6000 UV Pillar can be placed in nearly any location or position to deliver light exactly where it is needed. The light features a rechargeable lithium battery for exceptional battery life, according to the company, and it’s compatible with the Philips multi-dock recharging station.
If the light is ever misplaced, technicians can find it anywhere in the shop by making it beep and flash with the optional Philips “Find My Device” key fob.
Designed to withstand the demands of automotive repair work, the Xperion 6000 UV Pillar is rated IP65 against intrusion by fluids and IK07 against impacts. The ABS rubber surfaces retain excellent grip, even in the presence of grease and oil, according to the company.
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By Counterman
Standard Motor Products (SMP) has released 276 new part numbers in its October new-number announcement.
This most recent release provides new coverage in 113 distinct product categories and 118 part numbers for 2022, 2023 and 2024 model-year vehicles.
Standard and Four Seasons continue to expand their programs for hybrid and electric vehicles.
Standard’s latest additions include park-assist sensors for the 2022-2017 Toyota Prius Prime and canister purge solenoids for the 2022-18 Lexus ES300h.
Four Seasons released hose assemblies for hybrid vehicles such as the 2022-2018 Honda Accord and electric vehicles including the 2021-2017 Chevrolet Bolt. Brushless blower motors have been introduced for the 2022-2016 Mercedes C-Class Hybrid, and evaporators are now available for the 2022-2020 Ford Interceptor Utility and Lincoln Aviator Hybrid.
Internal combustion engines are evolving to improve fuel economy while reducing emissions, and Standard is continually expanding popular categories for these vehicles. The Standard variable valve timing (VVT) program has grown with the introduction of new solenoids, sprockets and oil-control valves, while turbochargers and related components have been released for General Motors, Nissan, Ford and Chrysler vehicles.
Emission-control products including fuel-vapor canisters, EGR tubes, EGR valves, engine crankcase breather hoses and PCV valves also were added.
Powertrain-neutral categories such as active grille shutters and park-assist sensors represent repair opportunities that didn’t exist a few years ago. Active grille shutter assemblies have been introduced for new Ford and Chrysler applications, and active grille shutter actuators are new for Ford vehicles through model-year 2022. Fourteen park-assist sensors have been added covering popular vehicles such as the 2021-2020 Cadillac CT5 and 2021-2014 Infiniti Q50. Standard also has introduced 18 new ABS speed sensors covering 5 million vehicles.
“Our October new number announcement provides expansion in over 100 product categories, offering new coverage for countless vehicles in operation,” said Jack Ramsey, senior vice president of sales and marketing, SMP. “We are pleased to offer this level of coverage to our trusted partners.”
Four Seasons has introduced 107 new part numbers, including 63 new hose assemblies with domestic and import coverage for more than 7 million vehicles in operation, including the 2022-2020 Subaru Legacy and Outback and the 2023-2020 Ford Transit. New blower motors have been introduced for popular vehicles such as the 2022-2018 Honda Pilot and the 2021 Chevrolet Trailblazer. Additional newly released components include desiccant bags for 2023-2017 RAM ProMasters and reman compressors for 1.1 million Ford and Lincoln SUVs.
All new applications are listed in the catalogs found at
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