Automobile Recycling Business Has Changed Dramatically
As Gary Ackerman approaches through a hallway at LKQ Star Auto Parts, there’s no confusing him with Redd Foxx, who played the role of Fred Sanford in the 1970s sitcom "Sanford and Son." And there’s certainly no confusing the multimillion-dollar automotive recycling business that Ackerman runs on Janesville’s south side with the junkyard Sanford and his son labored over in Los Angeles. Parts still may be parts, but the process of getting them from one user to another is radically different.
Alibaba.com Price Triples on IPO Debut
From United Press International HONG KONG — Shares of Chinese business-to-business website Alibaba.com nearly tripled Tuesday on their initial public offering debut in Hong Kong. The flagship unit of China Alibaba Group, which also runs Yahoo! China, eBay Inc. competitor Taobao, PayPal Inc. rival Alipay and web services business Alisoft, recently raised $1.5 billion when
DURA on Track to Emerge from Chapter 11 in the Fourth Quarter of 2007
ROCHESTER HILLS, MI — The U.S. Bankruptcy Court for the District of Delaware has approved DURA Automotive Systems’ engagement and fee agreement with Goldman Sachs Credit Partners, L.P. and Barclays Capital in connection with the arrangement of approximately $425 million in credit facilities to be used to fund DURA’s exit from Chapter 11 in the
Sam Quick Named Senior Director, Data Integration, Web Services for Affinia Group
Affinia Group has named Sam Quick, a 27-year information technology veteran, as senior director of Data Integration and Web Services. In the newly created position, Quick will report to Jim Burdiss, vice president and chief information officer. Quick’s career has included all aspects of strategic information technology management, including shaping the e-commerce programs for three major pharmaceutical companies and managing enterprise software and web applications for manufacturing, healthcare, communications and aftermarket products organizations.
U.S. Looking at Anti-Counterfeiting Trade Agreement with Trade Partners
From AAIA’s Capital Report WASHINGTON — During a press conference on Capitol Hill, U.S. Trade Representative Susan C. Schwab announced that the U.S. and several key trading partners are looking to negotiate a trade agreement to strengthen the worldwide fight against counterfeiting and piracy. Canada, the European Union, Japan, Korea, Mexico, New Zealand and Switzerland
Lear Reports Third Quarter 2007 Financial Results
SOUTHFIELD, MI — Lear Corp. has reported financial results for the third quarter of 2007. The company also updated its outlook for the full year of 2007 and provided a preliminary outlook for 2008. For the third quarter of 2007, Lear reported net sales of $3.6 billion and pretax income of $60.1 million, including restructuring
From Counterman.com: Why Buy Direct?
The phrase “buying direct” conjures up all sort of feelings in the aftermarket, both for repair shops and distributors. For me, those words bring to mind a primal desire to “cut out the middleman” and participate in the world of “deep discounts.” Wow, wouldn’t it be great to bump profit margins from resale parts from an average of 30 percent to more than 50 percent? Or wouldn’t it be even better to increase car count by undercutting our competitors by 10 percent on parts-intensive repairs like undercar or air conditioning services? The short answer is that if every small, independent automotive repair shop in the United States could “buy direct,” the playing field would be leveled and the service market would remain very much as it is now. But the question remains: Is there any advantage to buying direct?
Alcoa Completes Sale of Automotive Castings Business
PITTSBURGH — Alcoa has completed the sale of its automotive castings business to Compass Automotive Group, LLC, a portfolio company of Monomoy Capital Partners, L.P. Compass Automotive Group is a provider of aluminum and magnesium component solutions to Tier 1 automotive suppliers. Terms of the sale were not disclosed. Alcoa announced its plan to divest
Last Week at AAPEX: Fred Bunting Receives Art Fisher Award
AWDA presented the 2007 Art Fisher Memorial Scholarship Award to Fred A. Bunting in recognition of his passion for training and education. Bunting received this honor during AWDA’s general session, held last Sunday night in Las Vegas. The Art Fisher Memorial Scholarship Award is presented annually to an aftermarket company or individual that demonstrates outstanding commitment to education and training, either within their own companies or throughout the industry. Given in memory of former AWDA chairman Art Fisher, the award grants substantial scholarships in the name of the award winner to two students enrolled in the automotive aftermarket management program at Northwood University.
Advance Auto Parts Reports Third Quarter Results
Advance Auto Parts yesterday announced its financial results for the fiscal third quarter ended Oct. 6. Earnings per diluted share for the third quarter were 57 cents. Excluding severance costs and asset write-offs associated with the company’s expense reduction initiatives, earnings per diluted share were 61 cents compared to 56 cents last year, an 8.9 percent increase. In the third quarter, sales increased to $1.16 billion from $1.1 billion last year. Comparable-store sales increased 1.1 percent in the quarter, comprised of a 1 percent decrease in do-it-yourself (DIY) and an 8 percent increase in do-it-for-me (DIFM). The 1.1 percent comparable-store sales increase compared to a 1.4 percent increase in last year’s third quarter.