Grant Thornton Report Says Supplier Bankruptcy Risk is High
SOUTHFIELD, Mich. — Lower industry volumes and the massive decline in truck and SUV sales have put as many as one-third of automotive suppliers in North America at risk of bankruptcy, according to the Summer 2008 Automotive Industry Review prepared by Grant Thornton Corporate Advisory and Restructuring Services. At the same time, bankruptcy concerns for
Sloan Family Building for Aftermarket Studies Dedicated at Northwood University
The automotive aftermarket is big business, Northwood University President Keith Pretty commented during Thursday’s dedication of the Sloan Family Building for Aftermarket Studies. “In fact, it’s very big business,” he said, adding the industry’s annual revenues are approaching $300 billion. “This is bigger than the gross national product of many nations around the globe.” And Northwood is an integral part of the equation to help keep the economic engine of the automotive aftermarket humming along, Pretty believes.
David O’Reilly Honored with MEMA’s Triangle Award
David O’Reilly, chairman of O’Reilly Automotive Inc., was presented the prestigious Triangle Award by the Motor & Equipment Manufacturers Association (MEMA) during the O’Reilly Auto Parts National Sales Conference on Feb. 11, in Dallas, TX. For more than 30 years, the MEMA Triangle Award has been presented periodically to that person, persons or organization whom the association’s members choose to honor for selfless contribution to the automotive industry.
Pep Boys’ Rachor to Present Aftermarket Retail/Service Chain Outlook at AASA Vision Conference
RESEARCH TRIANGLE PARK, NC — Jeff Rachor, president and chief executive officer of Pep Boys Auto, will present the automotive aftermarket industry outlook from the retail and service chain perspective as one of the keynote presentations at the Automotive Aftermarket Suppliers Association (AASA) Vision Conference on Friday, Feb. 29, at the Swan and Dolphin Resort,
AASA Vision Conference Workshop To Discuss Industry Collaboration on Cataloging and Purchasing
"Cataloging a Better Way" and "Collaborative Purchasing for Indirect Items" will be the two topics of discussion during the member collaboration work session which takes place March 1 during theAutomotive Aftermarket Suppliers Association (AASA) Vision Conference. The AASA Vision Conference 2008, scheduled for Thursday, Feb. 28, through Saturday, March 1, at the Swan and Dolphin Resort, Orlando, FL, will feature presentations, panel discussions and two additional Vision Workgroup sessions. The conference is exclusive to AASA member companies.
OAC Elects New Members to Board of Directors
RESEARCH TRIANGLE PARK, N.C. – The Overseas Automotive Council (OAC) recently held elections for its Board of Directors. Members newly elected to the board include: • Carlos Baez, C.B. Automotive Group Corp; • Jorge Hernandez, Gates InterAmerica; • Joe De Santino, JDS Global Corp; • Kim Sheffey, Coni-Seal; and • Enrique Escobar, Lindeco International Corp.
UAW, GM Reach Deal
The United Auto Workers and General Motors Corp. agreed today to a tentative contract that ends a two-day national strike — the first against the automaker in 37 years — and puts responsibility for retirees’ health care into the union’s hands. The deal creates a GM-funded, UAW-run trust to administer retiree health care.
Buyer Cerberus Launches First Foray Into Automaking
The $7.4 billion buyout of DaimlerChrysler AG’s Chrysler Group by Cerberus Capital Management LP is a watershed for the struggling U.S. automotive industry. For the first time in decades, a domestic auto company will be operated in private, not under the scrutiny of shareholders. It is unknown how the buyer will handle Chrysler and its premier Toledo, OH-born Jeep brand, but the purchase will enlarge Cerberus’ stable of more than 45 firms.
Aftermarket Auto Parts Alliance Holds Annual Winter Meeting in Sunny Florida
The shareholders of Aftermarket Auto Parts Alliance, Inc. gathered in Boca Raton, FL, for the group’s annual winter meeting held Dec. 2-6. Each shareholder of the Alliance was represented. The meeting is a culmination of the past year’s efforts of Auto Value/Bumper to Bumper parts stores and certified service centers. Reports and breakout meetings focusing on marketing, product and education were reviewed. New vendors were reviewed and approved and the 2007 marketing strategy was presented.
Pete Joy of Haldex to be Honored with MEMA’s Triangle Award During HDAW
Robert “Pete” Joy, president of Haldex Friction Brake, will receive the prestigious Triangle Award from the Motor & Equipment Manufacturers Association (MEMA) and its heavy duty market association, the Heavy Duty Manufacturers Association (HDMA), during Heavy Duty Aftermarket Week (HDAW). HDAW takes place Jan. 22-25, 2007, in Las Vegas.