The Greensheet Q2 2021 Financial Reports Chart
Each quarter, Auto Care Week/The Greensheet tracks key financial data from a number of companies publicly traded in the United States and Canada, and doing business in the North American auto care industry. We compile those top-line and bottom-line results for you to see at a glance how these companies fared. The listing is organized by increase/decrease in net sales. Click here to view The Greensheet Q2 2021 Financial Reports Chart.
Expect Masks Indoors At SEMA Show
2021 SEMA Show attendees can expect that face masks will be required while indoors during the event, based on current COVID-19 indicators and trends in Clark County, Nevada. However, masks would not be required at SEMA Show features located in more than 1 million square feet of outdoor space.
Currently, there is no requirement to show proof of vaccination or a negative COVID-19 test for trade shows, according to a Sept. 30 SEMA advisory, and there is no indication these measures would be in place in November.
The 2021 SEMA Show will take place Nov. 2-5. Event organizers will adhere to the safety measures that are required by state and local health authorities. Click here for more information about the show’s health and safety measures.
MAPA Presents Lifetime Achievement Award To Wayne Foote Of B & W Auto Supply
The Michigan Automotive Parts Association (MAPA) has honored Wayne Foote, CEO of B & W Auto Supply in Portland, MI, with its Lifetime Achievement Award for his accomplishments in Michigan’s automotive aftermarket over the last 60 years.
In 1961, Foote and his uncle, Bob Cook, partnered in the purchase of Curtis Auto Supply in Portland. They renamed the store B & W Auto Supply and operated from that location until they moved into a larger building in 1963. Foote and Cook continued to grow the business until Cook decided to go on to other ventures and Foote purchased Cook’s half of the business in 1970.
Over the years, the company expanded, including the acquisitions of Grand Ledge Auto Parts, Grand Ledge Auto Parts, H & H Automotive, Clinton Automotive, Perry Automotive and Durand Auto Parts.
Foote has been a member of MAPA for more than 45 years and served on the MAPA board from 2012-’17. Among the awards Foote and his business have achieved are Carquest Jobber of the Year 1987 and City of Portland Business of the Year in 2015.
Christian Brothers Founder Mark Carr Retires; Donnie Carr Named CEO
Christian Brothers Automotive (CBA) Founder and CEO Mark Carr has retired after nearly 40 years leading the company, which has expanded from a single location in Houston to more than 240 shops across 30 states.
His son and longtime CBA executive, Donnie Carr, is now the company’s president and CEO. Donnie has served CBA in leadership roles for more than a decade, most recently as president.
CBA also has announced the launch of an employee stock ownership plan (ESOP), which gives employees the chance to take ownership of a portion of the company.
“As we continue to expand our footprint and grow in profitability, I’m so thankful for the unrelenting effort of our team, many of whom have been with the company for years. Their loyalty and commitment to CBA’s values are a true source of pride for me and the entire organization,” Donnie said in an announcement dated Sept. 30. “It’s because of their dedication that we’ve launched the ESOP. It’s a way of showing our thanks and allegiance to them. Plus, it’s an incredible legacy for my father, whose generosity and passion inspire me every day.”
This all comes as the company celebrates two and a half decades of franchising and prepares for its 40th anniversary in 2022.
Advance Auto Parts Appoints Senior VP Of Inventory, DC Operations
Craig Barnes is now senior vice president of inventory and DC operations at Advance Auto Parts. Barnes, who joined the company in 2018, was vice president of merchandising.
“Our Advance team is pleased to have an individual of Craig’s caliber for this newly created role within our organization,” said Reuben Slone, Advance’s executive vice president of supply chain. “Craig has a history of excellence leading high-performing supply chain teams in the automotive and retail industries. He will be a valuable leader as we innovate our supply chain model and deliver on our commitment to providing the right part at the right time for our DIY and professional customers.”
Prior to Advance, Barnes worked for Fred’s Inc. — a Southeastern chain of general merchandise and pharmacy stores — in supply chain, merchandising, sourcing and other roles. Additionally, he has worked for Delphi Product & Service Solutions as vice president – global independent aftermarket.
Barnes’ background also includes time in executive merchandising management roles with Carquest and AutoZone.
First Brands Group Appoints Senior Sales Directors
As part of an independent aftermarket/WD channel sales team restructure, the First Brands Group has hired Nathan Giles in the capacity of senior sales director – west. He joins the recently promoted Drew Stahl, who serves as senior sales director – east.
Giles was a regional sales manager with NTN Bearing Corp. His background includes time as a regional sales manager for Valeo, ATP Automotive and the Affinia Group.
Stahl is a Cardone Industries veteran, who served in a variety of capacities over nearly 20 years with the company, including director of program distribution and special market sales as well as divisional sales manager.
“We are extremely excited to have Nathan join the First Brands Group team and congratulate Drew on his recent promotion,” said Jason Best, senior vice president of sales – independent aftermarket, North America.”
Arnott Adds Aftermarket Suspension Sales Director
Chris Gramelspacher has joined Arnott LLC as its director of sales, aftermarket suspension. In this role, Gramelspacher will focus exclusively on introducing the AccuAir Suspension brand to new market segments, working with dealers both in the United States and internationally to grow sales to consumers.
This is a new position at the company, stemming from the launch of the AccuAir Suspension brand by Arnott LLC, after the company purchased the brand out of a private foreclosure sale in late 2020.
Gramelspacher brings nearly two decades of aftermarket experience to his new role, including a focus on sales and management in both the supplier and distribution segments. Most recently, he was a director of sales with the First Brands Group, a position Gramelspacher held for three years. His background also includes two stints as a regional manager at Transtar Industries as well as time as national sales manager for UMC ReTech.
P&E Distributors Names VP Of Sales
P&E Distributors Inc. has announced Don Dolan as its vice president of sales, responsible for managing overall sales functions in all areas of sales, including wholesale B2B, retail B2C marketplace platforms and the company’s Tennessee Speed Sport retail store.
Before joining P&E, Dolan worked for Driver Industrial and The Covert Track Group, where he was responsible for developing and implementing all sales and marketing in domestic and international channels.
P&E Distributors and Tennessee Speed Sport have been family-owned distributors and retailers of aftermarket performance, truck, Jeep, 4WD and mobile electronics products since the early 1960s.
Cloyes Appoints Director Of Category Management
Cloyes Gear and Products has promoted Ryan Smith to director of category management. Smith joined Cloyes in 2013 as a sales and marketing coordinator, where he played a key role in the management of several regional export accounts and was project manager lead on the production of aftermarket tech videos, among other things.
In 2019, Cloyes promoted Smith to manager of special markets and category management, where he worked directly with internal teams and customers on developing selling strategies based on automotive trends, conducted line reviews, assisted in pricing strategies and managed specific sales accounts.
In his new role, Smith will continue to develop and grow the Cloyes category management department with additional resources, enhance the customer line review process and expand the category management footprint to more customers. He reports directly to Richard Crotzer, senior vice president of global sales.
Driven Lighting Group Sale Complete
Kian Capital Partners, a middle-market-focused private investment firm, has completed the sale of the Driven Lighting Group to Wheel Pros, a designer, manufacturer and distributor of proprietary-branded aftermarket enhancements for light trucks, SUVs, passenger cars, ATVs and UTVs.
Headquartered in Atlanta, Driven is a designer, marketer, influencer and online retailer of automotive aftermarket lighting products with such established brands as Morimoto, GTR Lighting and Profile Performance.
Kian invested in Driven (then known as The Retrofit Source) in 2018.
Wheel Pros is a Clearlake Capital Group portfolio company.
RelaDyne Announces Key Acquisitions
Cincinnati-based RelaDyne, owner of the DuraMAX automotive brand, has acquired Drydene Performance Products, which offers a complete line of automotive, commercial and industrial lubricants, including engine oil, diesel exhaust fluid (DEF), transmission fluids, grease, hydraulic and gear oils, racing oil, and metalworking fluids.
Notably, Drydene is the Official Motor Oil and DEF of the World of Outlaws racing series, as well as numerous drivers and race teams, in addition to being the presenting sponsorship of DirtVision and the entitlement sponsor of NASCAR’s Drydene 400 Cup race at Dover International Speedway.
“The combination of the DuraMAX and Drydene brands into our product offering, distribution network and strategic partners is a very powerful value proposition for the marketplace. RelaDyne values the heritage, trust and proven product performance of the Drydene brand,” stated Dan Oehler, executive vice president of marketing and e-commerce for RelaDyne. “We look forward to a significant national presence for both RelaDyne brands.”
RelaDyne — one of the nation’s largest providers of lubricants, fuel, DEF and more — also has acquired PPC Lubricants, a lubricant distributor headquartered in Jonestown, PA. PPC serves automotive, heavy-duty commercial and industrial customers across Pennsylvania, New Jersey, Maryland, Delaware, Virginia, West Virginia, Ohio and New York. Among its automotive offerings are transmission fluid, motor oil, brake fluid and grease.
The addition of PPC Lubricants adds density to RelaDyne’s footprint along the East Coast, especially in Pennsylvania and Maryland.
Wade Kawasaki Departing Legendary Companies; Doug Evans Named Interim CEO
Legendary Companies on Oct. 1 announced that Wade Kawasaki will “transition from his role of CEO while remaining a partner in the business, a decision by Kawasaki who took on the CEO role with Legendary Companies three years ago” after the sale in 2018 of Coker Tire and Wheel Vintiques to Irving Place Capital (IPC). Since then, Kawasaki has helped the organization identify and complete multiple acquisitions and expand the company’s management team.
Kawasaki will retain an ownership stake in the company and will work with IPC to execute a transition plan, according to the announcement. Additionally, the senior management team that Kawasaki assembled during his tenure will continue to help guide the company, along with IPC leadership and a new CEO.
“After guiding Coker Tire through the acquisition process, I agreed to stay on as CEO for a three-year term to build the management team and add more companies to the portfolio. As that term draws to a close, I am excited to take some personal time and pursue new interests,” Kawasaki stated. “It’s been a tremendous honor serving as CEO, and I know the company has a bright future.
“I’m also pleased to announce that we have asked my close friend and colleague Doug Evans to join the team as an interim CEO while we begin a search process for a new leader.”
Kawasaki has spent more than 40 years in the automotive aftermarket, 25 of which were in various leadership positions with SEMA, including a multi-term stint as chairman of the board.
Chattanooga, TN-based Legendary Companies includes Coker Tire, Wheel Vintiques, Universal Vintage Tire, Phoenix Race Tires, Specialty Wheel, MOR, Vintage Wheel Works, PS Engineering, Roadster Wire Wheel and Paragon Corvette Reproductions.
Driven Brands Closes $450-Million Securitization Issuance
Driven Brands Holdings has closed an offering for $450 million in Series 2021-1 fixed-rate senior secured notes, Class A-2. The transaction was structured as a whole business securitization through Driven Brands Funding and Driven Brands Canada Funding Corp. and represents Driven Brands’ ninth whole business securitization issuance.
Proceeds from the issuance will be used to pay transaction-related fees and expenses and for general corporate purposes, including the repayment of revolving credit facilities or future acquisitions.
The offered notes received ratings of “BBB” from the Kroll Bond Rating Agency and “BBB-” from S&P Global Ratings, which the company stated is consistent with the Series 2020-2 fixed-rate senior secured notes, Class A-2, that closed in December 2020.
Charlotte-based Driven Brands is a large automotive services company operating in the paint, collision, glass, vehicle repair, oil change, maintenance and car wash sectors of the auto care industry. It is the parent company to Take 5 Oil Change, Meineke Car Care Centers, Maaco, 1-800-Radiator & A/C and Carstar. Driven Brands has more than 4,300 locations across 15 countries.
Garrett Amends Terms Of Series B Preferred Stock
Garrett Motion has amended and restated the certificate of designations on its Series B preferred stock, which the company contends will result in de-leveraging and improved balance sheet flexibility.
Upon completion of its financial restructuring on April 30, Garrett issued the Series B to an affiliate of Honeywell International. The present value of the Series B reflects a 7.25% discount rate on the remaining scheduled payments. The present value on the Series B was $585 million on June 30, 2021 and will be roughly $613 million on Jan. 1, 2022. Honeywell remains the only holder of the Series B shares.
Series B holders currently have the right to require Garrett to repurchase all of the Series B shares if Garrett’s consolidated trailing 12-month adjusted EBITDA exceeds $600 million for two consecutive fiscal quarters. Under the terms of the amendment, the Series B holders have agreed to defer their right to require Garrett to repurchase all of the Series B shares until Dec. 31, 2022.
In connection with the amendment, Garrett will partially redeem the Series B shares prior to the end of the first quarter of 2022, resulting in a cash payment of approximately $213 million as of Jan. 1, 2022. Following this payment, the present value of the remaining scheduled redemption payments on the Series B shares will be roughly $400 million. All other material terms and conditions of the Series B remain unchanged, including the scheduled redemption payment by Garrett of $34.80 million due April 30, 2022.
Garrett President and CEO Olivier Rabiller called the de-leveraging a first step in working toward normalizing and improving Garrett’s capital structure post-emergence.
“Postponing the Series B put option until the end of 2022, at the earliest, provides us with additional flexibility to optimize our capital deployment strategy,” Rabiller stated in an announcement dated Sept. 30. “We remain focused on utilizing our financial position to pursue organic and inorganic growth opportunities that we believe will drive long-term shareholder value.”
In related news, pursuant to the terms of the Series B, Darius Adamczyk has been replaced as Honeywell’s designee on Garrett’s board of directors now that the company has successfully completed its Ch.-11 restructuring and implemented its new capital structure.
Tina Pierce, vice president and CFO of Honeywell’s Performance Materials & Technologies segment, has replaced Adamczyk.
Aftermarket Analytics Teams Up With Gurobi Optimization
Aftermarket Analytics has announced Gurobi Optimization as its exclusive mathematical optimization solver, making Gurobi Optimizer a key component of Aftermarket Analytics’ Supply Chain Optimization (SCO) platform. According to the companies, the partnership allows data scientists, business analysts and operations research professionals to access essential SCO capabilities at scale, including the ability to:
• Conduct mixed-integer programming pre-configured for supply chain network design and multi-echelon inventory optimization.
• Implement a cap usage and pricing tiers to manage users’ time on the SCO platform.
• Build analytical applications in addition to solving.
Automotive Service Association Announces New Membership Model
The Automotive Service Association (ASA) announced last week that it’s transitioning to a new association model that involves dissolving existing state affiliate agreements in favor of a 50-state regional structure. ASA has 10 affiliated associations throughout the United States, according to its website.
According to ASA, this re-envisioned regional structure will allow the organization to expand its reach and improve member benefits, including advocacy, education, events and training for independent repair shops across the country.
The change also includes a new fee schedule for members, as membership dues will transition to a single monthly subscription that ASA says effectively solves “the disjointed and complicated national and affiliate dues structure of the past.”
ASA, in its Sept. 27 announcement, stated: “Insights from industry innovation, technology transformations and public policy continue to impact the businesses of ASA members, making it imperative for the association to refine its membership offering to better meet members’ needs. Implementing a new model not only simplifies and expands member benefits around advocacy, education and communication, but will also help drive the association’s impact and influence.”
“Our board of directors is taking the necessary steps to ensure the future of ASA and its members,” said ASA Chairman Fred Hules II. “With the changes occurring in automotive innovation and public policy, it’s critical that the automotive repair industry speaks with one voice. ASA is the voice for automotive repair.”
Large ASA Affiliate Joins Forces With Midwest Auto Care Alliance
In response to all affiliates having their affiliation agreements revoked by the Automotive Service Association (ASA), the Automotive Service Association of the Northwest (ASA Northwest) is joining forces with the Midwest Auto Care Alliance (MWACA) and becoming the Northwest Auto Care Alliance (NWACA).
ASA Northwest is billed as the largest ASA affiliate. The changeover is expected to be complete no later than Jan. 1.
NWACA will continue to serve members in Washington, Oregon and Idaho, representing the independent mechanical, transmission and collision industry as it has for over 50 years.
In announcing the move, the association stated that ASA Northwest members deserve to have an association located in the region whose activities are directed and managed by their local board and staff.
“I look forward to the opportunity to serve our members and create value at a much higher level than previously imagined,” stated Chairman Bryan Kelley, adding that “great things are on the horizon for our members.”
“As we all know, the last 18 months have been a challenge, to say the least, for all of us,” said Jeff Lovell, president and executive director. “ASA Northwest has been on the cutting-edge journey, exploring new avenues to offer our members proven paths for success in our member-focused association. We are excited about this new journey we are on with NWACA.”
Sheri Hamilton, executive director of MWACA, said the association has always worked closely with ASA Northwest. “We look forward to collaborating and partnering with NWACA on programs and benefits for our members,” Hamilton stated. “As a member-focused and member-driven organization, MWACA has achieved much growth and success over the three years. NWACA will be able to take the same path with great satisfaction from their members, vendors and partners.”
As you may recall, MWACA’s predecessor organization was ASA-Midwest. It parted ways with ASA in 2018 and formed MWACA as an independent organization. At the time of its exit, ASA-Midwest was ASA’s second-largest affiliate.
University Of The Aftermarket Foundation To Host Coffee Club Networking Event At AAPEX
The University of the Aftermarket Foundation (UAF) will host an exclusive UAF Coffee Club event at AAPEX on the morning of Nov. 3 to celebrate the new recurring donor program.
“Hosting the first UAF Coffee Club event at AAPEX is ideal to both thank UAF Coffee Club founding members for their generosity, but also to provide a networking opportunity for those new to the industry, as well as aftermarket veterans, who have joined forces to ‘pour it forward’ to help students pursuing careers in our industry,” said Mike Buzzard, UAF trustee and chairman of the UAF Coffee Club sub-committee.
For as little as $5 a month — the cost of a cup of coffee, UAF notes — people can join the UAF Coffee Club. Funds raised through this initiative allow for ongoing support to help provide scholarships and educational opportunities for the industry’s next generation.
In addition to the $5 per-month Americano level, which works out as $60 per year, the program also offers the following levels of recurring support …
• Cappuccino: $5 per week, which works out as $240 per year.
• Latte: $10 per week, which works out as $480 per year.
• Frappuccino: $5 per day, which works out as $1,800 per year.
To join the club, visit UofA-Foundation.org/CoffeeClub, choose a level of support and complete the form. All contributions are tax deductible to the extent provided by law.
AutoZone EVP To Address Upcoming AASA Technology Conference
Mark Finestone, executive vice president of strategy and innovation for AutoZone Inc., will be the featured “Customer Spotlight” speaker at the AASA Technology Council (ATC) Technology Conference on Tuesday, Oct. 12, at The Holloran Center in Memphis. He will address the current state of the aftermarket in addition to AutoZone’s strategies in the face of the industry’s challenges and opportunities.
The event will be AASA’s first in-person event since the COVID-19 pandemic began. For more information about the conference and its on-site health and safety measures, click here.
CAR Coalition Launches National ‘Right To Repair’ Campaign
The CAR Coalition on Sept. 30 announced the launch of a multimillion-dollar campaign in support of the “Right to Repair” movement and various legislative measures, including the Save Money on Auto Repair Transportation (SMART) Act. According to the group, its national education and mobilization effort will feature a microsite, display and video paid advertising, a “write your member of Congress” feature, and an integrated government relations push. Visit carrepairchoice.org for more information.
The CAR Coalition is a group of independent auto parts, management and repair companies, as well as associations and insurers, including the Automotive Body Parts Association (ABPA), AutoZone Inc., LKQ Corp., the Certified Automotive Parts Association (CAPA), KSI Auto Parts and CarParts.com.
HDA Truck Pride Lobbies For ‘Right to Repair’
HDA Truck Pride staff and distributor members visited Washington, D.C. last week to meet with Congressional members and staffers during the 2021 Congressional Baseball Game for Charity. HDA Truck Pride sponsored the Auto Care Association’s “Auto Care On Deck” tailgate event prior to the game and greeted Capitol Hill staffers and game spectators as they entered the ballpark on Sept. 29. The event was designed to inform legislators about “Right to Repair” issues.
FleetPride Expands In Missouri
FleetPride Inc. has acquired the assets of the Bolin Auto & Truck Parts Company of St. Joseph, MO, which services customers in northwest Missouri, northeast Kansas and southeast Nebraska.
The company got its start in 1951 as one of 17 independently owned parts stores in St. Joseph. In 1982, it expanded into service, focusing on leaf springs and suspension work. In later years, the company added a driveline department and a laser alignment rack.
The new FleetPride branch and service center in St. Joseph will be the company’s fifth location in Missouri, joining branches in Joplin, Kansas City, Springfield and St. Louis.
Nelson Global Products Buys Tru-Flex
Nelson Global Products, a Wind Point Partners company, has acquired Tru-Flex LLC of West Lebanon, IN, which supplies exhaust bellows, metal hoses and aftermarket products for on- and off-road commercial vehicle applications. Tru-Flex has manufacturing locations in Indiana and in Poland. Financial terms of the transaction were not disclosed.
The acquisition allows Nelson to provide integrated thermal, fluid and NVH solutions, and it expands Nelson’s global footprint by adding manufacturing operations in Europe.
HBM Holdings, a holding company owned by a family trust established by founder Harry Mathews Jr., was the parent company of Tru-Flex. HBM will retain an ownership position through an investment in Nelson.
Wind Point Partners is a Chicago-based private equity investment firm with roughly $4 billion in assets under management.
California Vehicle Safety Inspection Bill Signed Into Law
California Gov. Gavin Newsom on Sept. 28 signed AB 471 into law, a measure that expands the inspection of vehicle safety components and systems in the state. It combines the current brake and lamp inspection program required for salvage vehicles to be registered by the state Department of Motor Vehicles (DMV), renames it the California Vehicle Safety Inspection Program, and includes additional safety inspection criteria and systems as developed by the California Bureau of Automotive Repair (BAR).
“Many of the revived total loss salvage vehicles could have additional safety concerns beyond lamps and brakes, including cracked windshields, illuminated or damaged air bags, faulty seat belts, etc., yet they still pass inspection and are sold to unsuspecting consumers who think they are purchasing a safe vehicle,” said Rodney Pierini, president and CEO of CAWA. “The signing into law of AB 471 will ensure consumers who purchase a salvage vehicle are purchasing a safe vehicle.”
AB 471 also allows BAR to collect additional information from automotive repair dealer applications, including educational and training certifications that are nationally recognized and generally accepted by the automotive repair industry.
“Automotive repair professionals spend a considerable amount of time and money training automotive service technicians to properly and safely repair vehicles. Under AB 471, these training certifications would be included on the BAR public website to assist consumers to easily identify auto repair shops that have proper training and certification credentials,” stated Dave Kusa, chair of the Automotive Service Councils of California governmental affairs committee. “I think it’s a win-win for both consumers and automotive repair shops.”
New Vehicle Sales Expected To Drop In Q3
Edmunds is forecasting that nearly 3.42 million new cars and trucks will be sold in the United States in the third quarter of 2021 — a 13% decrease from the third quarter of 2020 and a 22.7% decrease compared to the second quarter of 2021. Jessica Caldwell, executive director of insights, called the decreases a direct reflection of the worsening chipset and inventory situation.
“Although consumer demand continues to run high, sales have continued to slide downward each month because there simply aren’t enough of the vehicles that shoppers want,” Caldwell said. “The entire U.S. auto industry — including the Asian manufacturers, which were doing a bit better than their domestic counterparts until recently — is in an incredibly volatile position right now, and we are seeing inflated retail prices across the board. It’s growing extraordinarily hard to predict who will come out on top heading into the rest of the year, as every automaker is at the mercy of its suppliers and challenged logistics around the globe.”
Edmunds analysts expect the volatility to continue through the rest of 2021. Click here to see the company’s specific sales volume and market share forecasts.
TRC Launches Mobility Business
The Johnstown, OH-based Technical Rubber Company (TRC) has launched Advanced Mobility Solutions (AMS), a wholly owned business unit that joins its businesses TECH Tire & Wheel, Pang Industrial and Salvadori Recycling to create opportunities in the connected, autonomous, shared and electrified vehicles market.
Management has initially tasked AMS with bringing to market autonomous tire health monitoring and data analytics technology, called Smart-Tread, to provide fleet operators with a range of tire performance data. To learn more about AMS, visit advancedmobility.ai.
Faurecia Launches Public Takeover Offer For Hella
Faurecia has launched a public takeover offer for the lighting and electronics company Hella, bidding approximately $70 per share in cash for all outstanding shares of Hella. This represents a premium of 33% compared to the shares’ closing price prior to the announcement.
Completion of the offer is subject to customary closing conditions, and Faurecia’s offer is not subject to reaching a minimum acceptance threshold.
A combination of Faurecia and Hella is projected to be the seventh-largest global automotive supplier. The company will focus on electronics, lighting, seating, interiors and clean mobility.
Modine Creates EV Business Unit
The Modine Manufacturing Company is establishing a separate business unit to focus exclusively on thermal management systems for electric vehicles (EVs). “We plan to name a dedicated leader to this group and will invest in the people and technology to support this dynamic and rapidly developing market,” said President and CEO Neil Brinker. “The future of transportation is EV, and we are gaining momentum with multiple program wins. This is the right time to stand up this organization as the transition is happening quickly.”
Modine currently produces complete EV heat exchange systems to regulate powertrain temperatures. According to the company, its products are suited for transit and school buses, specialty vehicles, and trucks, including those used for last-mile delivery.
Executive-Level Changes Announced At TI Fluid Systems
TI Fluid Systems has announced three executive-level appointments following Hans Dieltjens’ elevation to president and CEO, succeeding the retiring Bill Kozyra, who also has stepped down from the board of directors. Kozyra will remain with the company in an advisory capacity until the end of 2021. Dieltjens, who joined TI Fluid Systems in 1996, was COO.
The company has expanded its executive committee with the appointment of Stephanie Jett as chief commercial officer, Johannes Helmich as chief technology officer and Mark Sullivan as COO.
Jett brings 20 years of automotive industry experience to the position, having worked in senior-level commercial roles at Valeo, Visteon, Metaldyne and, most recently, Autoliv. She is now responsible for sales and commercial activities, which include an increased focus on TI Fluid Systems’ electric vehicle product portfolio.
Helmich will play a role in the design and development of TI Fluid Systems’ product portfolio, with a specific focus on accelerating the company’s electric vehicle product development. Helmich brings more than 25 years of engineering experience, including time with Magna, Brose, Bosch and Valeo.
Sullivan joined the company earlier this year from the Plastic Omnium Group, where he held various positions including global president of the fuel tank business (Inergy) and the plastics exteriors business.
CEO Change In The Works At Joyson Safety Systems
Joyson Safety Systems President and CEO Guido Durrer will retire from his current position on Dec. 31. Immediately following this, Durrer will assume an advisory role in the chairman’s office, and he will continue to serve as a board member of JSS.
Tao Liu has joined JSS as deputy CEO, with plans to name him president and CEO on Jan. 1, 2022, following a four-month leadership transition. Liu comes to JSS from Nexteer, where he was its president and global COO, responsible for growth, value chain management, and profit and loss performance across all divisions. Prior to Nexteer, he held senior operations positions with Delphi Steering and Metaldyne.
Auburn Hills, MI-based JSS is a global mobility safety company, providing safety-critical components, systems and technology to automotive and non-automotive markets.
Dynabrade Power Tools Purchases Strategic Supplier
Dynabrade Power Tools has acquired one of its strategic suppliers, Tonawanda, NY-based Manth Manufacturing, which will continue to operate as a wholly owned subsidiary.
Dynabrade President Michael Buffamonti called the move an opportunity to expand the scope of management’s vertical integration strategy. “Manth has been a legacy business partner of ours for over 45 years, and we are excited to enhance our operational and financial flexibility that will allow us to continue to grow as a company,” Buffamonti said. “This acquisition will strategically position us to build out the manufacturing team and further scale our production.”
Manth started as a tool and die shop in 1962 and has evolved into a high-tech production machine shop with more than 40 CNC turning, milling and grinding machines providing high-precision machined components and value-added services.
Babcox Media Adds Senior Director Of Client Activation
Babcox Media has hired Sam Zelasko as its senior director of client activation. According to his company bio, Zelasko is responsible for sponsorship sales, activation and management across all brands in the Babcox portfolio.
He joins the Akron, OH-based company from Skyview Networks, where he was senior director of business development. Prior to Skyview, Zelasko spent 15 years with the Cleveland Indians in a variety of capacities, including senior service manager for corporate partnerships and premium hospitality in addition to manager of corporate partnership services.
People Watching 10/4/21
• Sean Ruitenberg of Premium Guard Inc. has joined CAWA’s Manufacturers Advisory Council.
• Clayton Lindgren is now senior analyst – federal regulatory affairs at Bosch, responsible for managing the federal regulatory portfolio for Bosch in the United States.
• Tim Laganke Jr. has joined the board at Costa Oils. Laganke is the president of QuickChange Oil, an oil change chain in Northeast Ohio.
• High Bar Brands, the parent company of Minimizer and Premier Manufacturing, has added the following territory managers: Jaime De La Pazfor the South Central region, Dave Walker for the Northeast region, Ryan Olander for the Northern region and Angela Ocampo for the Latin American region. To see the full High Bar Brands sales team, visit highbarbrands.com/sales.
• Bob Lee will take over as the CEO of Automotive Technologies Continental North America on Jan. 1, 2022, succeeding the retiring Samir Salman. Lee will remain president of Continental North America, with responsibility for leading customer, governmental and other external relationships across the region. Salman has been CEO, North America since 2008.
• Keith Andreasen has rejoined Innova Electronics Corp. as product development supervisor, where he will oversee proof-of-concept development, user interface modeling, and test and validation for the company’s U.S. and global engineering teams. He originally joined Innova in 1996, serving in technical support and product development, managerial and director roles until 2012.
• Six students have been awarded Federated Car Care scholarships for the 2021-‘22 academic year.
News Briefs 10/4/21
• Jefferies LLC has lowered its third-quarter sales estimate for Tenneco Inc. from $4.408 billion down to $4.102 billion in light on decreased global light-vehicle production estimates from IHS Markit.
• UAP Inc. has selected Fusion Xcelerate from Karmak Inc. as its point-of-sale system.
• NAPA Auto Parts is supporting Aligned in Hope, a partnership TBC Corp. created with Ronald McDonald House Charities (RMHC) in 2020, by making a donation to RMHC.
• BBB Industries is adding Remy permanent on-product test stickers for all its starters and alternators. Paper test results previously included in the box with every Remy rotating electric product are being replaced by a permanent test result label attached to every unit, made from an oil-resistant plastic-coated label stock. The test result label will clearly show that the unit passed final testing, along with meaningful test result data and a date code of manufacture, according to BBB.
• Repairify Inc., a portfolio company of Kinderhook Industries, has announced that asTech’s remote scanning and diagnostic service will provide comprehensive diagnostic scan reports along with official OEM tool reports, which the company claims is a first for the industry.
• Ivy Lane Corp., a Valvoline Instant Oil Change (VIOC) franchisee, has acquired three VIOC shops in Lincoln, NE, expanding its footprint to four states (Iowa, Illinois, Wisconsin and now Nebraska) and bringing its shop count up to 47 locations.
• The latest release of Mitchell 1’s Manager SE shop management software includes new automotive fleet management and communication features. According to the company, repair facilities using Manager SE to track shop productivity can now integrate with their fleet customer’s management system, allowing them to share estimates, service records and other information.
• SEMA Cares’ 2021 fundraising has generated nearly $115,000 for three charities that help children in need: the Austin Hatcher Foundation for Pediatric Cancer, Childhelp and Victory Junction. To learn more, click here.
• Performance Racing Industry (PRI) has signed on as title sponsor of the Magic 8 race Oct. 15 at South Georgia Motorsports Park in Valdosta, GA, part of the four-day No Mercy 12 drag racing event produced by Duck X Productions. As presenter of the Friday evening program, PRI will be on-site to help promote the sport of racing and raise awareness of the threats currently facing the motorsports industry, including the Save Our Racecars initiative.
Event & Trade Show Briefs 10/4/21
• The official 2021 SEMA Show mobile app is now available for download.
• Last month, after an 18-month delay related to the COVID-19 pandemic, the “Leadership 2.0” class of 2019-‘20 completed the second half of the program and graduated. The class had not seen one another since Session I, which was held in August 2019 on Northwood University’s campus in Midland, MI. Session II was to take place in March 2020 but was cancelled amid COVID-related shutdowns.
• According to event organizers, more than 700 people attended the 2021 Automotive Service & Technology Expo (ASTE) held Sept. 24-25 in Cary, NC.
• The Alliance of Automotive Service Providers of Pennsylvania (AASP-PA) will host its Tools 2021 trade show for automotive professionals Oct. 15-17 at the Kalahari Convention Center in Pocono Manor, PA. Click here for information about the event.
• The Automotive Content Professionals Network (ACPN) is seeking breakout session proposals for its 2022 Knowledge Exchange Conference, which will take place May 15-18 in Orlando. Submissions are due Oct. 22. Click here for more information.
• ACPN also is seeking volunteers to judge the 2022 web-based Content Excellence Awards. Content is judged by a panel of ACPN committee members and volunteer automotive content professionals, using pre-defined guidelines. The deadline to apply to be a judge is Oct. 30, 2021. Click here to apply. The awards will be presented at the 2022 Knowledge Exchange conference.
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