The Week in Review (June 23-27, 2008) - aftermarketNews

The Week in Review (June 23-27, 2008)

By Amy Antenora

The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, just click on the link that says "News Archives" at the bottom of the page to begin catching up on the latest industry news.

We’ve all heard that the decline in the housing market this year is an indicator of the overall health of the economy, but who knew it was also a good predictor for auto parts sales?

According to new research from NPD group, there is indeed a correlation between auto parts sales and housing prices in particular regions. NPD’s Automotive Store Level Tracking, which tracks point-of-sale (POS) store level information collected from nine major auto parts retailers, found that of the 50 designated market areas it covers, the markets showing the slowest growth in auto parts sales were also areas in which housing prices have depreciated; and conversely, the markets with robust sales are areas where housing has appreciated. The three leading markets, in terms of both housing and auto parts sales, can be found in Texas. Certain regions of the southeastern U.S. were found to have the lowest performing markets.

This week, Japan-based DENSO Corp. made a number of senior management changes, which took effect at the company’s shareholders meeting on June 25. At the meeting, former President and CEO Koichi Fukaya was appointed vice chairman of the DENSO board. Nobuaki Katoh now takes over as president and CEO, from his prior role as senior managing director.

Also this week, AutoZone’s board of directors authorized the repurchase of an additional $500 million of the company’s stock, bringing its current unused repurchase authorization to $608 million. Including the additional authorization, the cumulative share repurchase authorization approved by its board since 1998 totals $6.4 billion.

Following closely on the heels of Plastech Engineered Products February Chapter 11 filing, Progressive Molded Products, a Canadian Plastics Supplier, has filed for bankruptcy as well. Progressive filed for Chapter 11 protection late last Friday (June 20), listing debts in excess of $500 million and assets of no more that $50 million.

The final item to round out our list of most-viewed news items on AMN this week is an Open Letter authored by Affinia President and CEO Terry McCormack. In the letter, McCormack announces that the Michigan-based auto parts manufacturer plans to decrease its presence at this year’s AAPEX show in Las Vegas. While news of the company’s scaled-back presence may be news in and of itself for Affinia’s customers and competitors, McCormack points out that the decision speaks to the more significant shifts taking place in today’s business world – changes that cannot be ignored.

To view all of the news from the past week, simply click here to view our News Archives.

You May Also Like

ChargeLab Expands Leadership Team with Two Hires

ChargeLab appointed Kevin Alfred as vice president of finance, and Ariel Maidansky as head of growth.

ChargeLab Bolsters leadership team with two hires

ChargeLab announces the appointment of Kevin Alfred, CFA, CMA, as vice president of finance, and Ariel Maidansky as head of growth.

"We are thrilled to welcome Kevin and Ariel to ChargeLab," said CEO Zak Lefevre. "Their wealth of experience and expertise will play a crucial role in driving our company's growth and innovation in the EV charging industry. With Kevin leading our finance operations and Ariel spearheading our growth initiatives, we are confident we can accelerate charger deployments in 2024."

MEMA Aftermarket Suppliers Forms New CEO Council

The council brings together executives from the automotive, commercial vehicle and remanufacturing sectors.

Standard Motor Products Announces 123 New Numbers

The release provides new coverage in 53 distinct product categories and 47 part numbers for 2023 and 2024 model-year vehicles.

Standard Motor Products Announces 123 New Numbers
ASE Practice Tests Available Online

Those preparing for ASE certification can get a good idea of what to expect by adding the official ASE practice tests to their study plans.

ASE Practice Tests Available Online
CCC Report Analyzes Labor Pressures, Vehicle Complexity

Report shows advanced technology is contributing to costlier repairs, higher claims costs and longer cycle times.

CCC Report Analyzes Labor Pressures, Vehicle Complexity

Other Posts

UAF Scholarship Deadline Fast Approaching

The deadline to submit an application is March 31.

UAF Scholarship Deadline Fast Approaching
Opposition Grows for California’s Mandate Banning New Gas-Powered Vehicle Sales

SEMA members and industry consumers sent EPA over 5,000 letters in opposition to the ACC II Waiver.

Opposition Grows for California’s Mandate Banning New Gas-Powered Vehicle Sales
Demand for REE Automotive Full By-Wire EVs Continues to Grow

REE has expanded its authorized dealer network, which now covers 66 locations of sales and service across the U.S. and Canada.

AAPEX Named One of 50 Fastest-Growing Shows in 2023  

This is the second consecutive year that AAPEX earned a spot in TSE’s Fastest 50 Class.