S&P May Downgrade Delphi Credit to ‘Junk’ Status
Standard & Poor’s said it put Delphi Corp.’s “BBB-” corporate credit rating, which is one notch above “junk” status, and its “A-3” commercial paper rating on review with negative implications. “The action reflected concerns about the challenging conditions in the automotive industry, including reduced vehicle production schedules, a difficult pricing environment and high raw material costs, and their likely impact on Delphi’s futures earnings and cash flow generation,” said S&P credit analyst Martin King. The auto parts maker’s stock was last trading down 15 cents, or 1.6 percent, at $9.02.
Celette S.A. Founder Germain Celette Dies
Celette S.A. has announced the passing of its founder Germain Celette. Celette died at his home, “le Bastion,” on Nov. 30 in Vienne, France. Well respected in the industry, Celette got his start in 1952, after responding to a friends’ need to repair a collision damaged Renault 4 CV, one of the first unibody vehicles.
COMMENTARY: More Lean, Mean Machines
On a landmark Tuesday in which stock car racing rubbed wheels with Formula One in Dearborn, Mich., leaders of five auto racing sanctioning bodies agreed their sport faced some of its biggest challenges in years. Their message to a packed room of automotive engineers and racing industry veterans was clear: There must be a meaningful connection between race cars and production vehicles, or racing might be seen by manufacturers as too costly to continue to support.
Alliance of Automotive Service Providers Announces 2005/2005 Board of Directors
The Alliance of Automotive Service Providers (AASP) recently elected its new board officers for the 2005/2006 term. The officers of the association also serve as the executive committee. The newly elected board officially takes over on Jan. 1, 2005.
AutoZone’s Steve Handschuh to Lobby for Right to Repair
The Coalition for Auto Repair Equality (CARE) has announced that AutoZone executive Steve Handschuh will join the aftermarket industry team promoting the passage of the Vehicle Owners’ Right to Repair Act in the 109th Congress. Handschuh will take a leave of absence from AutoZone, as an “executive on loan,” to help support the campaign for Right to Repair. His primary areas of responsibility will include industry communications, coalition-building and fund-raising.
U.S. Rep Edolphus Towns Prepared to Reintroduce Right to Repair in 109th Congress
U.S. Rep. Edolphus Towns, D-N.Y., announced yesterday he will reintroduce the Motor Vehicle Owners’ Right to Repair Act in the 109th Congress. Responding to an article in CollisionWeek that stated that he is backing off of support for the Motor Vehicle Owners’ Right to Repair Act, Rep. Towns said that “the article mischaracterized his position.” Rep. Towns further stated that “I strongly believe in the viability and the need for this legislation.”
Visteon Among Companies to Successfully Stop Patent Infringement at AAPEX
Yesterday it was announced that organizers for this year’s Automotive Aftermarket Products Expo (AAPEX) were extremely successful in their efforts to crack down on counterfeiters and other intellectual property violators at the recent trade show held in Las Vegas Nov. 2-5. Among the companies that requested action at this year’s show was Visteon, which reported an infringement on a patented design used in its aftermarket products.
Many Recalled Cars Remain Unrepaired
Timothy Michaud died in May after falling from the tailgate of a Chevrolet pickup and suffering severe head injuries. The 19-year-old from Maine never knew General Motors Corp. had recalled the pickup two months earlier because the tailgate cables could corrode and snap. At the time of the accident, Michaud’s employer, which owned the used 2000 pickup, hadn’t received a recall notice, said Stephen Schwarz, an attorney for the Michaud family. The pickup was one of the millions of recalled vehicles that go unrepaired each year. Sometimes vehicle owners are at fault for not getting repairs. But some safety experts say automakers and federal regulators share the blame because they haven’t developed a better system to track whether a vehicle has in fact been repaired.
Colfax Completes Sale of its Colfax Power Transmission Group to Genstar Capital
Colfax Corp. has completed the sale of its Colfax Power Transmission Group division to Genstar Capital, L.P., a private investment firm. The company, which will now operate under the new name Altra Industrial Motion, Inc., has estimated revenues of approximately $336 million for 2004.
Counterman Magazine Names New Managing Editor
Counterman magazine, a Babcox publication, has named Michael Freeze as its new managing editor. Freeze was the former associate editor of Transportation & Distribution magazine. He was also the feature news provider for the publication’s Web site.
Increased Efforts Help Stem Intellectual Property Violations at AAPEX
Show organizers for this year’s Automotive Aftermarket Products Expo (AAPEX) reported they were extremely successful in their efforts to crack down on counterfeiters and other intellectual property violators at the recent trade show held in Las Vegas Nov. 2-5. The event featured more than 1,900 exhibitors in the automotive parts and accessories market. A total of 24 cases of suspected intellectual property violations were examined by a staff of three attorneys working with show management, according to Show Manager Bill Glasgow, Sr.
Austin Automotive Warehouse Joins National Pronto Association
Austin Automotive Warehouse located in Woodside, NY, has become the newest member of National Pronto Association. Austin Automotive Warehouse serves the New York metro market under the leadership of President Drori Benmen.