Advance Auto Parts is a well-known American provider of automotive aftermarket parts.The company offers its customers everything from car batteries, spark plugs and air filters to brake pads, door parts and wiper blades. Its product range goes all the way down from $1,000 power steering pumps to towels and air fresheners costing just a few dollars.
Advance Auto Parts serves do-it-yourself as well as professional installer customers via an extensive network of over 5,200 stores and more than 100 Worldpac branches. In addition, Advance Auto Parts serves about 1,300 Carquest stores in the United States, Canada and Puerto Rico. The company employs a total of approximately 74,000 people.
Tom Greco has been President and Chief Executive Officer of Advance Auto Parts since 2016. Other key figures at the company are: Bob Cushing (Executive Vice President, Professional); Leslie Starr Keating (Executive Vice President, Supply Chain Strategy and Transformation); and Tom Okray (Executive Vice President, Chief Financial Officer). In April 2018, Okray announced his decision to resign and become top finance executive at industrial supply company W. W. Grainger. But he stressed that he remained confident in AAP’s ongoing transformation plan.
The company can trace its roots back to 1932, when Arthur Taubman bought a small variety stores business called Advance Stores Company. The business expanded only modestly over the next four decades, but in 1974 it changed its name to Advance Auto as it decided to transform itself into a speciality auto parts chain.
In 1985 there was another name change to Advance Auto Parts. A period of rapid expansion followed. By 1989 the company had 156 stores; four years later there were 300; and by 1996 it operated almost 650 outlets. In 1998 the Taubman family sold a majority stake in the company to investment firm Freeman Spogli & Co. The subsequent acquisition of Western Auto Supply Company/Parts America doubled the company’s size.
More acquisitions followed in the early 2000s, including Carport Auto Parts and 671 Discount Auto Parts. Advance Auto Parts became a publicly traded company in 2001, and five years later it opened its 3,000thstore. 2011 saw the acquisition of DriverSide and MotoLogic, and in 2014 the acquisition of General Parts International was completed.
In its full year 2017 results, Advance Auto Parts reported net sales of $9.37 billion (down 2.0% on 2016); gross profit of $4.09 billion (down 0.9% on 2016); and adjusted earnings per share of $5.37 (down from $7.15 the previous year).
The Advance Auto Parts share price, which peaked at $198 in November 2015, fell to under $150 in February 2016 and less than $100 in November 2017. Since then there’s been a modest recovery, with the shares trading at around $113 in early April 2018. That gave the company a market capitalisation of some $8.36 billion.
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Advance Auto Parts is headquartered in Roanoke, Virginia, USA. The company has stores right across the United States, from Washington state to Florida and from Minnesota to Texas.
Advance Auto Parts is listed on the New York Stock Exchange (NYSE). Check out Capital.com for the latest AAP chart. We’ll keep you up to date and in the picture.
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