Advance Auto Parts Inc., an automotive aftermarket parts provider in North America, has announced that it plans to cut hundreds of stores as part of its restructuring plan, according to a press release dated Nov. 14. Significance: The company said its restructuring and asset optimization plan is aimed at improving profitability and streamlining its operations. This plan anticipates closure of approximately 500 stores, about 200 independent locations and four distribution centers by mid-2...

The Schaeffler Group announced that its Vehicle Lifetime Solutions (VLS) division reported revenue of €1.953 billion at constant currency in the first nine months of 2024, up 16.1% from €1.710 billion in the same time frame of 2023, according to a press release dated Nov. 5. Significance: Earlier in 2024, Schaeffler announced the debut of its Automotive Aftermarket division under the new branding of Schaeffler Vehicle Lifetime Solutions. The company said this rebranding signifies the...

Japan’s Aisin Corp. has unveiled its new tire brand Aiterra and its lineup of new products, including water-based paints, for the first time at the Auto Aftermarket Tohoku 2024, a business exhibition for automotive aftermarket businesses on Sept. 20 in Japan, according to a report by CarCarePlus on the same date. Significance: About 80 new products and services were unveiled, including tires, water-based paints, tire changers, small mobility and on-site service cars. Among them, the pr...

The Motor & Equipment Manufacturers Association (MEMA) Aftermarket Suppliers, an association in North America representing motor-vehicle component manufacturers, announced that it has successfully petitioned for a new exemption to the Digital Millennium Copyright Act (DMCA) regarding its anti-circumvention provisions, which traditionally prevent the bypassing of copyright protection systems, according to a press release dated Nov. 1. This exemption was officially recognized by the Register o...

The Auto Care Association, a US-based industry body representing independent manufacturers, distributors and repair shops, announced that on Sept. 11, 30 associations from various countries including Australia, Brazil, Canada, Colombia, India, South Africa, the US and nearly 20 European nations gathered in Frankfurt, Germany, during Automechanika 2024 for the Right to Repair Global (R2RG) meeting, as per a press release dated Sept. 17. Significance: This assembly was an essential platform for...

The Specialty Equipment Market Association (SEMA), a US-based trade organization for the automotive aftermarket industry, has revealed new research that offers fresh insights into vehicle life cycles and the trends in accessorizing and modifying the over 289 million vehicles in the US, according to a press release dated Sept. 16. Significance: The SEMA Vehicle Lifecycles Report identifies trends across four vehicle categories: Classic, Aged, Core and Modern, analyzing their age, popularity, u...

Meyle, a Hamburg, Germany-based replacement parts manufacturer for the independent aftermarket, announced that a study conducted in collaboration with Innofact AG surveying 274 independent workshops in Germany, Austria and Switzerland, revealed varied responses toward shifting their business models to accommodate e-mobility, according to a press release dated Aug. 14. Significance: The survey is part of the broader "IAM:CONNECT" dialog platform initiative by Meyl...

German automotive supplier Hella, which operates under the umbrella brand Forvia, has announced financial results for the first half of the fiscal year 2024, spanning from Jan. 1 to June 30, 2024, according to a press release dated July 23. The company said its Lifecycle Solutions Business Group registered a decline in sales by 2.6% to €0.54 billion from €0.55 billion in the previous year. Significance: While the company's independent aftermarket business developed positive...

The Schaeffler Group announced that its Vehicle Lifetime Solutions division reported revenue of €1.309 billion in the first six months of 2024, up 16% from €1.129 billion in the same time frame of 2023, according to a press release dated Aug. 6. Constant currency growth stood at 17.6%. Significance: Earlier in 2024, Schaeffler announced the debut of its Automotive Aftermarket division under the new branding of Schaeffler Vehicle Lifetime Solutions (VLS). The company said this rebranding s...

As reported in a press release on Aug. 5, Continental announced that its executive board is considering the potential spin-off of its Automotive group sector to form two independent companies to maximize value and growth. The decision, set for the fourth quarter of 2024, is aimed at responding to the dynamic changes in the automotive industry, particularly in light of recent technological shifts and market demands for greater flexibility. If the executive board and supervisory board approve, ...

Dana Inc., the Ohio, US-based global supplier of drivetrain and propulsion systems, as well as aftermarket solutions, has revealed its financial results for the second quarter of 2024, according to a press release dated July 31. Significance: The company reported sales amounting to $2.74 billion, a slight decrease from $2.75 billion in the same period in 2023. Despite the dip in sales and the ongoing costs associated with the development of electric vehicle products, Dana said it ma...

Driven Brands, a US-based automotive aftermarket repairing and servicing company, has announced its financial results for the second quarter ending June 29, 2024, according to a press release dated Aug. 1. Significance: The company reported a revenue of $612 million, up 1% from the previous year with systemwide sales reaching $1.7 billion, also up by 1%. This growth is attributed to a 0.5% increase in same-store sales and the addition of 115 net new units, the release added. Despite a slig...

LKQ Corp., a leading provider of alternative and specialty parts to repair and accessorize vehicles, announced its financial results for the second quarter of 2024, highlighting a 7.6% revenue increase to $3.7 billion compared to the same period in 2023, according to a press release dated July 25. The total parts and services revenue increased 9.0%. Other revenue for the second quarter of 2024 fell 16.2%, primarily due to weaker precious metals prices and lower scrap steel volumes relative to...

O’Reilly Automotive Inc., a US-based retailer in the automotive aftermarket industry, has announced its financial results for the second quarter ending June 30, 2024, saying that it has posted a record revenue amid challenges in the demand environment, according to a press release dated July 24. Significance: CEO Brad Beckham acknowledged that the company's performance fell below expectations due to soft demand that continued through May, although sales trends improved in June with str...

ZF Friedrichshafen AG, based in Germany, has announced a strategic realignment to boost its competitiveness amid evolving mobility sector dynamics, especially in electromobility, according to a press release dated July 26. Significance: This restructuring includes organizing German locations more efficiently by merging them into site networks, with an anticipated reduction of between 11,000 and 14,000 employees from the current level of about 54,000 in Germany by the end o...

The Automotive Component Manufacturers Association of India (ACMA) has reported the turnover of India’s aftermarket at $11.3 billion for the period of April 2023 to March 2024, registering a growth of 6.6% year over year from $10.6 billion in the previous year, according to a press release dated July 25. Significance: An increase in the movement of vehicles post-pandemic and surge in demand for used vehicles led to buoyancy in the aftermarket across all segments, ACMA noted. The aftermarket...

Standard Motor Products Inc. (SMP), a US-based automotive parts manufacturer and distributor, has announced its definitive agreement to acquire Nissens, a leading European manufacturer and distributor of aftermarket engine cooling and air conditioning products, for approximately $388 million in cash, according to a press release dated July 10. Significance: The acquisition is said to create a global leader in aftermarket parts supply, particularly in thermal management products, and expand SM...

TVS Mobility, a Mumbai, India-headquartered group whose companies provide manufacturing, supply chain solutions, vehicle mobility, aftermarket distribution and services, has announced that its subsidiary SI Air Springs has acquired Roberto Nuti Group, a Bolognese group that manufactures and markets suspension systems mainly for heavy vehicles in the aftermarket, according to a report by the Press Trust of India. SI Air Springs is a firm involved in air spring solutions for the automotive and rai...

DRiV Inc. has announced a significant expansion of its Monroe Steering and Suspension product line, aiming to enhance coverage by around 20% with the introduction of 750 new part numbers, according to a press release dated June 12. This development underlines Monroe's dedication to offering parts that prioritize safety on the road and are built to last to minimize customer return issues. “We’ve listened to the market, which recognizes the value of one of the world’s best-known brands...

US-based supplier of commercial vehicle braking and safety systems, Bendix Commercial Vehicle Systems, has announced that its primary North American distribution center situated in Huntington, Indiana, will be upgraded using automation technology over the next year and a half, while the engine vibration damper business will consolidate production into a larger space on the campus, according to a press release dated April 25. Significance: The changes are the result of a multimillion-dollar ca...

The Motor & Equipment Manufacturers Association (MEMA) Aftermarket Suppliers, an association in North America representing motor-vehicle component manufacturers, has announced that it is launching a new right to repair campaign in support of the Right to Equitable and Professional Auto Industry Repair (“REPAIR”) Act, according to a press release dated April 29. Significance: The act would expand access to vehicle repair and maintenance information safely and securely and enable afterm...

VinFast Auto has announced that it has signed a cooperation agreement with Mobivia, a European automotive repair and maintenance brand, to expand a comprehensive aftersales service network for VinFast customers in France and Germany, according to a press release dated Apr. 19. Significance: Through this cooperation, VinFast electric vehicle owners can access aftersales services at Mobivia's network of over 900 service centers in France and Germany. Mobivia will oversee the warranty process, r...

DENSO Products and Services Americas, Inc., an affiliate of mobility supplier DENSO, has announced the formation of MobiQ, the company's new brand of aftermarket smart mobility and vehicle-to-everything (V2X) products and solutions, according to a press release dated Apr. 22. The company unveiled MobiQ at the ongoing ITS America Conference & Expo 2024 in Phoenix. "MobiQ stands for mobility, intelligence and quality. We are committed to the smart mobility market and are excited to bring 75...

Mann+Hummel, a global filtration technology company, announced that it has established a new business unit in Indonesia, called PT Mann And Hummel Filtration Indonesia, according to a press release dated April 9. With the move, the company aims to strengthen its reach in key markets in Asia and optimize its sales and logistics network in the region. The company said it is supported by more than 80 offices worldwide and now has a wide reach in China, India, South Korea, Singapore, Thailand and...

CLEPA, the European Association of Automotive Suppliers, recently held the 15th edition of the CLEPA Aftermarket Conference and observed that the automotive aftermarket in Europe faces a transformative landscape shaped by sustainability policies, technological advancements, and evolving regulatory frameworks, according to a press release dated Mar. 26. The event, held on 20 and 21 March in Brussels under the theme “Digital and Sustainable Solutions for a Competitive Aftermarket,” brought ...

Earlier in March, the UK automotive industry had called for the chancellor to use the recently concluded budget to put the UK’s shift to electric vehicles back in the fast lane, with fair taxes for a fairer transition, according to a press release by UK automotive industry body Society of Motor Manufacturers and Traders dated March 1. Significance: New research commissioned by SMMT from market research services firm Savanta has revealed that rising numbers of would-be EV drivers are now lik...

The Schaeffler Group announced that its Automotive Aftermarket division reported revenue of €2.253 billion in 2023, up 11.8% from €2.040 billion in 2022, according to a press release dated March 5. Significance: The company said the revenue growth was due to the favorable impact of volumes and sales prices, adding that increased procurement costs were passed on to the market. In the Europe region, which generates the highest revenue, the Automotive Aftermarket division reported constan...

Bproauto, the new aftermarket parts brand of Stellantis, has announced the launch of its newly expanded website bproautoparts.com, according to a press release dated Feb. 14. The revised website offers a wide array of expanded functionality, including full parts catalog, search functions, automatic alerts for error parts that will not fit an indicated vehicle, aftermarket catalog exchange standard (ACES) and product information exchange standard (PIES)-compliant images for application-specifi...

US-based distributor of replacement parts, components and systems, LKQ Corp., has announced that its revenue for the fourth quarter of 2023 was $3.5 billion, up 16.6% compared to $3.0 billion for the fourth quarter of 2022, according to a press release dated Feb. 22. Revenue for the full year of 2023 was $13.9 billion, up 8.4% compared to $12.8 billion for 2022. Significance: For the fourth quarter of 2023, total parts and services revenue increased 18.7%. Other revenue for the fourth quarter...

German automotive supplier Hella, which operates under the umbrella brand Forvia, announced that in the preliminary results for the fiscal year 2023 (Jan. 1 to Dec. 31, 2023), the Lifecycle Solutions Business Group sales grew by 7.9% year over year to €1.1 billion (calendar year 2022: €1.0 billion), according to a press release dated Feb. 16. Significance: The main drivers were the strong Spare Parts business, particularly in Europe and the Americas, the further rollout of the newly launc...