Midas Completes Debt Refinancing
Midas has entered into a three-year, $115 million credit facility to refinance its existing debt. The new facility consists of a $55 million revolving loan and a $60 million term loan from a group of lenders led by Bank One, NA.
APA Honors Henry Jacobs; Re-Elects Three Board Members During Annual Shareholders Meeting
The Automotive Parts Associates, Inc. (APA) honored Henry Jacobs for his 50 years of automotive aftermarket service at its annual shareholders meeting in San Diego, Calif. Jacobs is the founder of Automotive Warehouse in Wichita, Kan. Also during its Annual Shareholders Meeting, APA announced the re-election of J. Michael Faley, Robert Jacobs and Silvia Martinez to its board of directors.
Kendall Motor Oil Awards Chemicals Business to TCC
Kendall Motor oil, a ConocoPhillips brand, awarded its automotive chemicals business to Texas-based Technical Chemical Co. (TCC). According to Ray Sparling, Kendall Motor oil brand manager, the relationship between TCC and Kendall will offer Kendall more branded product choices and will consolidate the product line across the ConocoPhillips family of brands.
Transtar Autobody Technologies Selects BJM Associates for Advertising and Marketing
Transtar Autobody Technologies has named BJM Associates as its new advertising and marketing agency. Transtar Autobody Technologies develops and markets automotive refinish products, including VOC compliant clearcoat and primers, adhesives, sealers, coatings, plastic repair, compounds, glazes and waxes for the collision repair industry.
NHRA Tour de Force Storms Detroit
Legendary hot-rodder and storyteller John Force wants a major drag racing strip in the Detroit area, and he’s willing to invest time and money to make it happen. Force, the king of funny cars and one-liners, was in town last week for the Society of Automotive Engineers World Congress at Cobo Center, in Detroit. His job: to chat with engineers and shake hands with backers, including Ford Motor Co. executives, who support his passion to go fast over a quarter-mile.
Bendix Brakes Expands Partnership with Pedregon Racing
Honeywell’s Bendix brakes has renewed its associate sponsorship with former Funny Car champion Cruz Pedregon for the 2004 NHRA POWERade drag racing series season. The brand has also expanded its involvement with the team by becoming an associate sponsor on 2003 Funny Car Champion Tony Pedregon’s Quaker State Funny Car.
Advance Auto Parts Unveils New “2010” Format in Orlando
Advance Auto Parts has announced its grand re-opening in the Orlando, Fla., market, bringing 49 retail stores and 525 employees under the newly branded name, “Advance Discount Auto Parts.” Advance Auto Parts has invested approximately $4 million to remodel the 49 stores to the new “2010” format, which is currently being rolled out across the company’s chain. The new format features a new floor layout with improved product adjacencies, enhanced systems to offer more convenience to customers and high-impact signage.
Campaign to Bring Back the “Midas Touch”
Midas wants to return to its core value of trust with the resurrection of a marketing campaign first used in Midas advertising in the 1980s. The company’s new national advertising agency DDB Chicago is collaborating with Ogilvy & Mather Toronto on the “Trust the Midas Touch” campaign. The campaign will include commercials that take place in a Midas shop and show a humorous dialog between a customer of Midas and a Midas service employee, who is hooked up to a polygraph machine. The commercials are the first in a long-term campaign to grow Midas’ category-leading shares in brakes and exhaust and to support the expansion of its services, including oil changes and other routine maintenance services.
Hankook Premiers New Corporate Identity Program
Hankook Tire Co. unveiled a new corporate identity program during a recent presentation at its headquarters in Seoul, Korea. The new look is the latest in a series of strategic moves to build the company’s global image as a leading manufacturer and marketer of tires.
Union Plant to Make More Assurance Tires
Goodyear Tire & Rubber Co. will expand production of its brand-new Assurance tire line at a union plant in Gadsden, Ala., ending a labor dispute that threatened to overshadow the product launch. The United Steelworkers of America accused Goodyear last month of violating a labor contract by building the new passenger tires at a nonunion plant in Lawton, Okla. The United Steelworkers of America accused Goodyear last month of violating a labor contract by building the new passenger tires at a nonunion plant in Lawton, Okla.