Just a little over a year since emerging from a prepackaged bankruptcy plan in March 2008, Holley Performance has again filed for Chapter 11 bankruptcy protection. Holley’s post-bankruptcy plan to focus on its growing OE business did not pan out, and the company is now looking to sell that division after a deal with Caterpillar for diesel truck engines fell through. The performance parts maker was unable to reach agreements with its lenders, who claim that Kentucky-based Holley is near foreclosure and has defaulted on the debt terms of its previous Chapter 11 reorganization plan.
It was a disappointing week for those rooting for the return of the Saturn brand. Racing and automotive retail king Roger Penske officially backed out of his proposed deal to buy the Saturn brand. According to reports, Penske’s deal hinged upon securing another auto producer to take over production of the Saturn lines while Penske managed the sales, marketing and administration of the company. The board of directors at Renault, which was rumored to be in talks with Penske, walked away from the deal. As a result, General Motors, owner of the Saturn brand, plans to wind down operations for the nameplate.
In the parts distribution segment, Monroe Motor Products, a regional Parts Plus distributor, has acquired Ronald Hinson Enterprises Inc. The purchase includes the Keuka Wholesale Co. warehouse and store located in Hall, N.Y., as well as The Parts Store in Elmira, N.Y., and the Penn Yan Auto Parts location. Owner Ron Hinson will remain senior vice president of the newly formed Keuka Distributing LLC, which will function as a separate business unit.
Also in distribution news this week, Atlantic Pacific Automotive LLC (AP Auto) and Keltner Distribution have introduced the new Pro Gauge filter program. This new private label program includes a line of oil, air and cabin air filters with more than 95 percent coverage for aftermarket part numbers. The company said it worked closely with premier filter manufacturers around the world to develop the program and all engineering, customer support and technical support for Pro Gauge are based in the U.S. All suppliers manufacture the filters in ISO/TS 16949 certified factories.
The final item in our recap of the week’s top news also comes from the distribution segment. This week, global manufacturer GMB announced that it has been approved to supply new lifetime water pumps to the Automotive Distribution Network, which has 242 WD locations and services more than 2,000 affiliated auto stores and 1,400 affiliated service centers.
