NASCAR CEO George Pyne Shifts Gears
Milford’s George Pyne is switching gears. After a very successful 10-year run at NASCAR, Pyne confirmed yesterday that he is stepping down as the CEO for stock car racing’s governing body to become the president of IMG Worldwide, Inc, the sports marketing company announced this week.
AMN’s Top Ten Week: Top Ten News Stories
If nothing else has been made clear by the events taking place in the automotive industry over the past 12 months, this much is true: The automotive aftermarket is changing — in dramatic ways. Here, the editorial staffs of Counterman and aftermarketNews takes a month-by-month look at the key events that have shaped this industry’s destiny over the past year.
ABRA Auto Body & Glass Adds Hixson, TN, Franchise
Minneapolis-based ABRA Auto Body & Glass announced the opening of its ninety-first facility located in Hixson, TN, this is the third ABRA franchise awarded to Nelson Bowers II in the greater Chattanooga, TN, trade area.
Right to Repair Issue Discussed in Subcommittee Hearing
The U.S. House of Representatives Subcommittee on Commerce, Trade and Consumer Protection held a congressional hearing yesterday concerning the ongoing “Right to Repair” battle between the automotive aftermarket industry and the original equipment manufacturers (OEMs).
AAIA Establishes New Segment for Independents
In response to appeals from its members calling for a national platform to represent the exclusive interests of independent vehicle service and repair businesses, the Automotive Aftermarket Industry Association (AAIA) has created the new Independent Service Providers segment to operate within the association.
Victor H. Doolan Joins Sonic Automotive, Inc. Board of Directors
Sonic Automotive, Inc. announced that veteran auto industry leader, Victor H. Doolan, has been appointed to the company’s Board of Directors.
Stanley Works Provides Supplemental Information About Offer for Facom Tools
The Stanley Works announced that it has made a firm offer to purchase Facom Tools from Fimalac for approximately $494 million in cash. Facom Tools, with 2004 sales of euro 370 million ($445 million) and LTM (last twelve months) operating profit of approximately 12 percent, includes the professional tool brands Facom, Usag (Italy) and Virax (plumbing tools), among others. The proposed transaction is subject to certain regulatory approvals and other customary conditions, including consultation with Facom’s labor representatives, which must be completed prior to the acceptance of the offer by Fimalac. Assuming successful completion of this process, closing is expected to occur by year-end 2005 or shortly thereafter.
Huzl Named CEO of Hendrick Automotive Group
Motorsports mogul Rick Hendrick announced a new chief executive for his Hendrick Automotive Group and other personnel shuffling for his business entities this week. Jim Huzl is being promoted to automotive group president and CEO effective July 1. Huzl succeeds Jim Perkins, who is becoming the first president and COO of the Hendrick Cos., an organization recently formed to manage initiatives of Hendrick’s various business enterprises.
Private Equity Firm to Acquire Universal Underwriters
An investor group, led by San Francisco-based private equity firm Hellman & Friedman LLC, has signed a stock purchase agreement to acquire Universal Underwriters Group from Zurich Financial Services Group in a deal valued at approximately $1.1 billion. Founded in 1922, Universal Underwriters is the leading provider of property and casualty insurance to U.S. franchised automotive dealerships with an approximate 40 percent market share.
AAMCO Founder Robert Morgan Dies
Robert Morgan, 87, chairman and founder of AAMCO Transmissions Inc., died Feb. 11, at his home in Gladwyne, Pa. Morgan redefined the automotive repair industry in 1963 with the founding of AAMCO, the world’s largest transmission specialist. At that time, franchises were few in number, as were automotive aftermarket specialists, which were only beginning to emerge.