Canadian Plastics Supplier Files for Chapter 11 Bankruptcy
Canadian supplier Progressive Molded Products Inc. filed for Chapter 11 protection late Friday, June 20, listing debts in excess of $500 million and assets of no more that $50 million. Progressive’s filing in U.S. Bankruptcy Court in Wilmington, Del., comes in the shadow of the Feb. 1 bankruptcy filing by giant interior plastic trim supplier Plastech Engineered Products Inc., of suburban Detroit. Plastech, with $1.4 billion in revenue in 2007, has begun liquidating its business under court protection.
MEMA Members Tell Legislators: “Now is the Time”
The theme “Now is the Time,” has never seemed more appropriate as members of the Motor & Equipment Manufacturers Association (MEMA) gathered on Capitol Hill this week to talk to legislators about the critical issues currently challenging the motor vehicle supplier industry. Rather than simply bringing a laundry list of complaints to legislators this week, motor vehicle suppliers that attended MEMA’s annual Legislative Summit focused on ways that the industry can be part of the solution rather than part of the problem.
The Alliance’s Richard Morgan Speaks Out about Fuel Surcharges
The U.S. Energy Dept. has predicted that gas prices this summer would peak at $4.15 a gallon and then drift down to $4 a gallon, probably remaining for the rest of the year. As both consumers and businesses struggle with the increasing burden of high fuel costs, the issue has become one of heated debate, particularly in the automotive warehouse distribution segment. At the recent shareholder meeting of Aftermarket Auto Parts Alliance, Inc., its President and CEO Richard Morgan, recommended that in order for each automotive warehouse distributor to survive in the face of escalating oil prices, it should consider having a fuel surcharge policy to fairly pass on the increased fuel costs at all levels of their distribution.
The Week in Review (June 9-13,2008)
By Amy Antenora The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, just click on the link that says "News Archives" at the
AOCA Launches Media Campaigns for Members
DALLAS — In an effort to get the word out about the importance of regular vehicle maintenance and how the fast lube industry is doing its part to help the environment, the Automotive Oil Change Association (AOCA) is putting together three campaigns for their members. The first campaign, launching during the summer, focuses on the
Bosch: 32 Years and 500 Million Oxygen Sensors
Bosch celebrated the production of its 500 millionth oxygen sensor in May. Bosch invented and started series production of automotive oxygen sensors in 1976. Ten years after its launch in the U.S. variant of the Volvo 264, Bosch celebrated delivery of the 10 millionth oxygen sensor.
K Electric Rolls Out National Franchise Opportunity
FORT WORTH, Texas – K Electric Inc. of Fort Worth, Texas, is planning to expand nationally through its new franchising venture, K Mobile Distribution Systems. The franchise opportunity is essentially a mobile parts store, a utility van stocked with thousands of parts that can be sold and delivered directly to manufacturers and machinery repair facilities
Delphi Gets Permission to Increase Bankruptcy Financing
TROY, Mich. — A new report from the Detroit Free Press says that Delphi has been granted permission to increase the size of its bankruptcy loan by $245 million, bringing the auto parts maker’s total bankruptcy financing to $4.35 billion. The move was approved by Judge Robert Drain of the U.S. Bankruptcy Court in Manhattan,
VIDEO FEATURE: Attendees of ACDelco eAction Forum Make E-Commerce a Top Priority
Attendees of ACDelco’s recent eAction Forum in Phoenix, Ariz., heard the organization’s vision for e-business, one that strives for increased efficiency and a significant amount of inventory turns. E-commerce was on the mind of those attending the eAction Forum, held May 12-14, and they have good reason to be interested: This month, ACDelco hit $1 billion in sales that have originated from the organization’s e-commerce systems since they were started in earnest in 2003. While in Phoenix, Counterman Editor Mark Phillips had a chance to speak to a few ACDelco execs and eAction Forum attendees about the event and why e-commerce is critical to success in the aftermarket today.
The Week in Review (May 26-30, 2008)
By Amy Antenora The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, just click on the link that says "News Archives" at the