Darren Jackson Appointed President and CEO of Advance
Advance Auto Parts has appointed Darren Jackson, 43, president and chief executive officer, effective Jan. 7, 2008. Jackson, who has been a member of the Advance Auto Parts Board of Directors since 2004, will replace interim president and chief executive officer John Brouillard. Brouillard, who also joined the Advance Auto Parts Board in 2004, will assume the position of non-executive chairman. Jackson will also remain on the board. Jackson joins Advance Auto Parts from Best Buy Co., Inc. where he is currently executive vice president of Customer Operating Groups.
Pep Boys Reports Third Quarter Adjusted Loss; Announces Long-Term Strategic Plan to Include Cutting 550 Jobs
The Pep Boys today announced the details of a long-term strategic plan, which includes a five-year plan to refocus on core automotive merchandise. The company plans to optimize square footage productivity and add incremental service bay density through a "hub and spoke" growth model, in the hopes of driving robust revenue and profit growth in each of its lines of business.
Dana Secures $2 Billion in Exit Financing
Dana Corp. announced today that it has obtained fully underwritten commitments for a $2 billion exit financing facility. According to the company, the financing is a significant step toward its emergence from Chapter 11 reorganization. The company expects to emerge from bankruptcy by the end of January 2008, if not sooner.
Canadian Auto Imports Hits Record
From AFX News Limited OTTAWA — A record number of Canadians imported vehicles from the United States this year and economists say the automotive shopping spree south of the border could drive down prices in Canada. Scotia Economics, citing data from the Registrar of Imported Vehicles, said Monday that Canadians imported a record 137,000 new
Cerberus Drops $4 Billion Chrysler Bond As Credit Crunch Bites
The credit market crisis is causing three headaches for Cerberus Capital, the private equity firm named after the mythical, many-headed hound of Hades. The firm was yesterday working on a turnaround plan for its GMAC Finance business, which it partly owns with General Motors and whose residential mortgage business is perilously close to breaching debt covenants that could result in its tipping over into bankruptcy. At the same time, financiers for Chrysler, the carmaker purchased by Cerberus earlier this year, were forced to abandon a $4 billion bond sale, raising fears that investors are turning their backs on the market for loans from highly leveraged private equity-owned companies. The news came a day after Cerberus was sued in a U.S. court over its attempt to wriggle out of another leveraged buy-out deal it signed in the summer.
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
I-CAR Announces Re-organization; Chairman, President and CEO Tom McGee to Transition to New Role
I-CAR, the Inter-Industry Conference on Auto Collision Repair, and the I-CAR Foundation have announced plans for a re-organization that will streamline operations, bringing increased focus and aligning resources around industry market segments and activities. Following the announcement of Tom McGee’s decision to step down from the roles of president and CEO, the Chairman of the Board of Directors of I-CAR International, John Edelen, and the Chairman of the Board of Trustees of the I-CAR Education Foundation, Chris Evans, have announced, jointly, the re-organization of both I-CAR entities.
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.
Delphi, GM Reach Deal on Exit Financing
Delphi Corp. said Wednesday it reached an agreement with General Motors Corp. and investors for a new Chapter 11 reorganization plan that requires $5.2 billion in exit financing. A previous reorganization plan required $7.1 billion in exit financing. New terms can be achieved "during this challenging capital markets environment," Delphi Chief Restructuring Officer John Sheehan said Wednesday in a written statement.
HDAW Panel to Address Access to Product and Service Information
ORLAND PARK, IL – A panel of senior executives from the commercial vehicle industry will discuss “Access to Product and Service Information, an Industry Perspective” during Heavy Duty Aftermarket Week (HDAW). HDAW will be held Monday, Jan. 21 through Thursday, Jan. 24 at The Mirage in Las Vegas. Moderated by Dave Scheer, president of Inland