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.
Just one week ago, Quebec-based parts distributor Uni-Select announced its plans purchase import parts supplier Beck/Arnley Worldparts Corp. and its Canadian subsidiary Beck/Arnley Worldparts Canada ULC. Shortly following the announcement, aftermarketNews spoke with Uni-Select President and CEO Richard Roy, who shared some additional details about the acquisition, as well as the company’s long-term plans for the U.S. This interview became the most popular article on aftermarketNews this week, as readers seek to learn more details about this unique acquisition. Stay tuned for an upcoming Executive Interview with Roy and Beck/Arnley President Max Dull in the coming weeks.
Another highly read news item on AMN this week was ArvinMeritor’s announcement that it plans to initiate a new commodity surcharge, starting June 1. The surcharge comes as a result of the “unprecedented volatility in the commodity markets” that continues to impact the company’s financial results, according to Chip McClure, chairman, CEO and president of ArvinMeritor.
On a more positive note, there was a number of familiar aftermarket names listed among the recipients of this year’s General Motors Supplier of the Year Awards. Ninety-seven companies, including aftermarket manufacturers such as Aisin, DENSO, Federal-Mogul, MAHLE, MANN+HUMMEL and NGK, received the highly coveted award. The award recognizes the significant contributions of GM’s suppliers in 2007 to the company’s global product and performance achievements.
It appears that the accounting issues CSK reported back in 2005 and 2006 continue to haunt the parts retailer today. Earlier this week, Dow Jones Newswires reported that the Securities and Exchange Commission (SEC) has issued a Wells Notice to CSK, alerting them that the SEC staff is considering recommending that the agency bring an enforcement action, alleging that CSK violated some provisions of the federal securities laws. In 2006, the auto parts retailer’s audit committee conducted a seven-month investigation into CSK’s accounting practices that resulted in senior officer and finance management personnel departures, and the implementation of corrective actions.
And finally, rounding out our top news stories this week is the appointment of Donna Broome to the role of senior vice president, commercial sales at Advance Auto Parts. Effective May 19, Broome, the former chief sales officer at Dealer Tire, will be responsible for leading Advance’s commercial sales force.
To view all of the news from the past week, simply click here to view our News Archives.
