Nextel and NASCAR Announce Largest NASCAR NEXTEL Cup Series Points Fund
Nextel Communications and NASCAR yesterday announced that a record points fund of more than $24 million will be distributed among the top 25 drivers in the NASCAR NEXTEL Cup series at the end of the 2004 season. The payout, a component of the sponsorship agreement Nextel entered into last year with NASCAR, guarantees each of the top 11 drivers at least $1 million for the first time in the sport’s history.
NHTSA Administrator to Join RMA in December
The Rubber Manufacturers Association (RMA) has announced that Scott Brenner will join the trade group in early December as vice president of government affairs. Brenner currently serves as associate administrator for external affairs with the National Highway Traffic Safety Administration (NHTSA) where he is responsible for the content and conduct of the agency’s communications with Congress, Federal and State agencies; media and stakeholders.
Gentex Earnings Dip Slightly
The cost to implement manufacturing upgrades, soft automotive production in North America and Europe and persistent pricing pressures from automakers combined to push Gentex Corp.’s quarterly earnings down slightly. The Zeeland, Mich.-based automotive supplier recently reported a 2 percent earnings decline on a 7 percent sales gain for the third quarter that ended Sept. 30.
Ray Motes Recognized for Lifetime Achievement in Drag Racing
Longtime drag racer Ray Motes was recently honored with the Lifetime Achievement in Drag Racing Award by the Heartland Hot Rod Association. The ceremony was held earlier this fall at the Great Bend Kansas Dragway, home of the first National Hot Rod Association (NHRA) sanctioned event in 1955.
Twenty University of the Aftermarket Classes Available Online
Committed to offering professional development opportunities to its members, Northwood University’s University of the Aftermarket has announced that members can take classes online at any time of day or night. Twenty courses are now available — from programs designed to introduce new hires to the complex automotive aftermarket industry to courses on improving management, supervision and leadership skills. All of the online courses qualify for University of the Aftermarket continuing education credits (CEU).
GPC Declares Regular Quarterly Dividend; Announces Officer Change
The board of directors of Genuine Parts Co. declared a regular quarterly cash dividend of 30 cents per share on the company’s common stock. The dividend will be payable Jan. 3, 2005 to shareholders of record Dec. 10.
Lear Announces Executive Appointments
Fortune 500 automotive interiors company Lear Corp. announced the following organizational changes this week. Jim Brackenbury, has been named president – Mexican Operations, succeeding Dino de Falco who is retiring. Frank Orsini succeeds Brackenbury as president of the DaimlerChrysler Division and Dan Golles replaces Orsini as vice president – GM Truck Group. Brackenbury, Orsini and Americo Nesti, president – South American Operations whose position remains unchanged, report directly to Douglas DelGrosso, president and COO – Americas. Golles will report to Frank Sovis, president of Lear’s GM Division.
U.S. Retailers Kmart, Sears to Merge in $11 Billion Deal
U.S. retailer Kmart, which emerged from bankruptcy protection only 18 months ago, and Sears, Roebuck and Co. announced today plans to merge into a new retail giant by March 2005, in a deal worth some $11 billion. With almost 3,500 retail stores, the new company, to be called Sears Holding Corp., will have $55 billion in sales annually and will be headed by Kmart chairman Edward Lampert.
Keystone Automotive Acquires Chambers Parts Distributors
Keystone Automotive Industries has acquired Chambers Parts Distributors, headquartered in Manchester, Me. In addition to Manchester, Chambers operates out of facilities in Bangor and Portland, Me. The company recorded sales of approximately $5 million in 2003. Terms of the transaction were not disclosed.
Corteco Announces Winner of First Edelbrock Engine Sweepstakes
The automotive aftermarket converged in Las Vegas during the first week of November for the industry’s annual AAPEX trade show. This year at the show, Edelbrock, one of the most famous names in automotive performance, teamed up with Corteco, the aftermarket business of Freudenberg-NOK, to give away the first of two performance engines, sealed exclusively by Corteco.
Hankook Announces Price Increases
Hankook Tire America Corp. announced that it is raising prices on its full line of passenger, high performance, light truck and medium truck tires by 3 to 5 percent.
Hayden Automotive Issues Second Notice for Catalog Recall
Four Seasons, a division of Standard Motor Products, has issued a second notice to the industry about a recall of certain current automotive parts catalogs. Hayden Automotive, a Four Seasons company, recently settled a legal battle against U.S. Motor Works and C.P. Auto Products, both suppliers of the Derale brand of cooling products. The legal proceedings involved Hayden’s efforts to protect the copyright in its fan clutch catalogs. As part of the settlement, U.S Motor Works and C.P. Auto Products have agreed to return any catalogs, both print and electronic, that contain fan clutch sections, as referred to in the legal proceedings.