It’s been a busy week in AftermarketNews, here are five stories you need to know heading into the weekend.
Valvoline Revs Up In Q2
Valvoline announced that sales from continuing operations of $389 million grew 13%, driven by system-wide same store sales growth of 7.7%.
“The second quarter saw growth of 7.7% in system-wide same-store sales, while adjusted EBITDA increased 21%,” said Lori Flees, president & CEO. “We delivered network growth of 38 net store additions this quarter, 14 of which came from our franchise partners.”
Flees continued, “We also repurchased $40 million of shares in the second quarter which completes the $1.6 billion share repurchase authorization. This fulfills our commitment to return a substantial amount of the net proceeds from the sale of the Global Products business to shareholders.”
Here’s the full story:
NHTSA Sets the Bar: New Automatic Emergency Braking Standard
The rule makes AEB standard on all passenger cars and light trucks weighing up to 10,000 lbs. by September 2029.
“The new standard requires all cars be able to stop and avoid contact with a vehicle in front of them up to 62 miles per hour and that the systems must detect pedestrians in both daylight and darkness,” NHTSA states. “In addition, the standard requires that the system apply the brakes automatically up to 90 mph when a collision with a lead vehicle is imminent, and up to 45 mph when a pedestrian is detected.”
Under the rule, vehicles will be required to have an AEB system that applies the brakes automatically at any forward speed greater than 6.2 mph when a collision with a lead vehicle or a pedestrian is imminent.
Here are all the details:
ASE Supports SkillsUSA Mission to Develop Next Generation
The National Institute for Automotive Service Excellence (ASE) staff will be on site and providing support for the 2024 SkillsUSA National Leadership and Skills Conference, June 24-28 at the Georgia World Congress Center in Atlanta.
“ASE is honored to be part of the SkillsUSA Conference again this year,” said Dave Johnson, president and CEO of ASE. “We support SkillsUSA in a variety of ways, including ASE staff serving on technical committees as well as providing tests for the competitions and educational support from the ASE Education Foundation.”
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MEMA Aftermarket Suppliers Previews Aftermarket Technology Conference
MEMA Aftermarket Suppliers announced the 2024 Aftermarket Technology Conference will take place October 13-15, 2024, in Clearwater Beach, Fla. This is the “premier technology event in the North American aftermarket, providing a pivotal platform for showcasing the most critical and emerging technologies influencing the industry,” according to MEMA Aftermarket Suppliers.
This year’s conference will kick off with the popular Classy Llama Golf Outing on Sunday, October 13, and will close with the Aftermarket Technology Conference Celebration on the evening of October 15.
More details below:
Schaeffler Recognized as a GM 2023 Top Global Supplier
Schaeffler announced it was recently recognized as a top global supplier of 2023 by General Motors during the automaker’s annual Supplier of the Year event in Miami, Florida. This is the fourth time Schaeffler has been honored with this award.
Emphasizing shared values between GM and global suppliers, the rigorous selection process distinguishes those who align closely with GM’s principles, Schaeffler said. These values, rooted in performance, innovation, cultural alignment, and commitment to GM’s ambitious goals, serve as the foundation of the selection criteria.
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