Phony Drive Belts End Up in the Shredder; ContiTech Takes Action Against Product Piracy
ContiTech announced this week that roughly 19,500 counterfeit drive belts and packaging with ContiTech labeling were seized by customs authorities in Malta and then destroyed upon release by the courts. The counterfeits entered the Mediterranean country along with other automotive aftermarket fakes via container shipment.
Mortgage Woes Could Spread to Cars
From AFX News Limited DETROIT — Rising delinquency rates on car and truck loans have some industry analysts concerned that subprime mortgage troubles could spill into the automotive finance business. In a note to investors Monday, Lehman Brothers analyst Brian Johnson said his analysis of auto loan-backed securities sold by Ford Motor Credit Co. and
Lear Announces Executive Appointments
Lear Corp. has announced the appointments of Terrence Larkin to senior vice president, general counsel and corporate secretary and Wendy Foss to vice president, corporate controller and chief compliance officer.
From Counterman.com: Up is Up
For those in a more retail-type store environment, things are looking a little brighter. Not by much, but as a wise man once said, “up is up.” Conventional wisdom in the industry says that the retail, walk-in, do-it-yourself (DIY) trade is a low-growth business. As vehicles get more complicated, it will get harder for the average shadetree mechanic to work on vehicles. But recent research suggests otherwise. According to the Automotive Aftermarket Suppliers Association (AASA), reversing earlier trends, all types of DIY activity increased last year. That’s good news for everyone in the aftermarket, but particularly those who depend on strong DIY sales to make their numbers.
Judge Approves $6.8 Billion in Delphi Loans
A judge approved on Friday a $6.8 billion financing plan for Delphi Corp.’s exit from bankruptcy. But the judge also admonished potential equity investors who he said had drained away hundreds of millions of dollars as the auto parts supplier disclosed new terms earlier this week for investing in the company. Delphi, which is based in Troy, MI, had originally sought $8.7 billion in loans, but had reduced that amount and delayed voting on its reorganization plan as it struggled to secure the financing in a tighter credit market.
MEMA Announces Staff Two Promotions
The Motor & Equipment Manufacturers Association (MEMA) has announced two executive staff promotions: Wendy Earp to vice president, secretary and chief financial officer; and Ann Wilson to senior vice president of government affairs.
Dayco Products’ Dennis Welvaert Named New AASA Chairman; New Board Members Elected
Dennis Welvaert, president, North American aftermarket division, Dayco Products LLC., Tulsa, OK, took office as chairman of the Automotive Aftermarket Suppliers Association (AASA) Board of Governors at the board’s Nov. 8 board meeting in Chicago. Welvaert is a 37-year veteran in the automotive industry. His career started with Firestone Tire and Rubber Co. where he held various technical positions in research and development before moving into the OEM Sales division.
Johnson Controls Signs MOU to Acquire Saline, MI, Automotive Component Holdings Plant
PLYMOUTH, MI — Johnson Controls has signed a non-binding memorandum of understanding with Ford Motor Company to acquire the Saline, MI, Automotive Components Holdings (ACH) plant. The Saline ACH plant manufactures interior components such as door panels, floor consoles, instrument panels and cockpit systems for a variety of Ford Motor Company vehicles. Closure of the
The Week in Review (Nov. 12-16, 2007)
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, click on any of the dates listed at the bottom of
Herman Trend Alert: Agriculture Will Continue to Boom
With the growing demand for farm products, agriculture in the United States and elsewhere is booming. This boom in agricultural products, like corn, soybeans, wheat, produce, milk and poultry, translates to big profits for farmers and many others in related industries, including food processing plants, trucking firms, railroads and even equipment makers.