Leading off our top stories of the week is the news of a new not-for-profit association that has been established in order to provide an electronic parts catalog (EPC) and website for all aftermarket service dealers, free of charge. Called “Free-Cat,” the organization was established by a group of automotive parts manufacturers that want get their catalog data to the repair community much faster than it happens today. For a limited time, Free-Cat.com is available to the public without registration.
Also in this week’s top news comes word that Tenneco was notified by New York Stock Exchange (NYSE) regulators that it is not in compliance with one of the NYSE’s continued listing standards. Tenneco received the notice because its average market capitalization has been less than $75 million over a 30-day trading period and its last reported stockholder’s equity was less than $75 million. Tenneco said it will submit a plan within 45 days that will demonstrate the company’s ability to achieve compliance with the continued listing standards within 18 months.
In retail news, Advance Auto Parts has named Cathy Hall vice president, marketing – DIY. Hall joins Advance from Select Comfort Corp., where she most recently served as senior vice president and chief marketing officer. In her new role with Advance, Hall’s responsibilities will include leading the company’s efforts to develop innovative marketing programs designed to build the company’s brand and attract and retain more DIY customers. She will report to Greg Johnson, senior vice president, DIY and chief marketing officer.
This week’s AMN Executive Interview featured Dr. Tim Nash, vice president, graduate and specialty programs and dean, DeVos Graduate School of Management, Northwood University, who was responsible for developing Northwood’s new Aftermarket Executive MBA program. In the interview, Nash provides details on the course structure and curriculum, as well as opportunities for financial assistance for the program. The inaugural class will begin its coursework in May.
The final item in our round-up of the week’s top news comes from Dana, which announced its 2008 results this week. The company said sales for the full year 2008 were $8,095 million, down $626 million from $8,721 million in 2007. Dana attributed the decrease to the sharply declining vehicle production levels in North America. Sales for the fourth quarter of 2008 were $1,521 million, down $636 million, or 29 percent, from the prior year, also impacted by both sharply declining North American vehicle production and unfavorable currency changes.
