The Top Ten Newsmakers of 2004
For the first time ever, Counterman magazine and aftermarketNews.com bring you The Top 10 Newsmakers of the Year. Our editorial team took a look at some of this industry’s most influential leaders and selected the 10 we believe have had a direct impact on the success of the aftermarket in 2004. Beyond that, we believe these individuals have helped set the stage for an even more productive future for our industry.
The Year in Review – A Look at the Top 10 News Stories of 2004
Whether you believe 2004 was a good or bad year for the aftermarket, no one can argue this was a big news year for our industry. The year included noteworthy shifts in leadership, mergers, acquisitions and more, most of which will significantly impact the industry for many years to come. Here’s a month-by-month look at what aftermarketNews.com considers to be biggest news events that happened in our industry in 2004.
Fine-tuning the Midas Touch
Alan Feldman, president and CEO of Midas Inc., may not share the ability of his company’s fabled literary counterpart, King Midas, to turn whatever he touches to gold, but much of what Feldman has touched in his 21-month tenure at the automotive aftermarket giant has had a golden effect on the company.
Dave Caracci Elected New AAIA Chairman of the Board of Directors
AAIA has elected its officers and board of directors for the 2004-2005 term at its spring meeting in Phoenix, Ariz.
Midas Completes Debt Refinancing
Midas has entered into a three-year, $115 million credit facility to refinance its existing debt. The new facility consists of a $55 million revolving loan and a $60 million term loan from a group of lenders led by Bank One, NA.
Midas Completes Restructuring
Midas said it has completed its restructuring plan successfully, and on schedule. In April 2003, Midas announced agreements with AutoZone in the U.S. and Uni-Select in Canada for distribution of Midas brand and other automotive parts to the 1,900 Midas shops in North America. Midas’ timetable to exit the parts distribution business was the end of fiscal 2003. In April 2003, Midas announced agreements with AutoZone in the U.S. and Uni-Select in Canada for distribution of Midas brand and other automotive parts to the 1,900 Midas shops in North America. Midas’ timetable to exit the parts distribution business was the end of fiscal 2003.