Advance Auto Parts
From Wikipedia, the free encyclopedia
| Advance Auto Parts, Inc. | |
 |
|
| Type of Company | Public (NASDAQ: AAP) |
|---|---|
| Founded | Roanoke, Virginia (1932) |
| Headquarters | Roanoke, Virginia, USA |
| Key people | Michael N. (Mike) Coppola, President and CEO |
| Industry | Auto Parts Retail |
| Products | Replacement automotive parts & accessories |
| Revenue | $3.77 billion USD (2004) |
| Employees | 41,000 |
| Website | www.advanceautoparts.com |
Advance Auto Parts (NYSE: AAP), headquartered in Roanoke, Virginia, is the second-largest retailer of automotive aftermarket parts, accessories, batteries, and maintenance items in the United States, based on store count and sales. As of July 15, 2006, the Company operated 2,971 stores in 40 states, Puerto Rico, and the Virgin Islands. The Company serves both the do-it-yourself and professional installer markets.
Advance was named the "Best Managed Company in America" in the retail sector in the January 10, 2005, issue of Forbes Magazine. This recognition is part of the annual Forbes Platinum 400 list of top-performing big corporations. The best-managed companies are those businesses that top the rankings in 26 different industries.
Contents |
[edit] History:
In 1932, Arthur Taubman purchased a small chain of home and auto supply stores in Roanoke, Virginia and one in Lynchburg, Virginia. Advance Stores carried a wide variety of merchandise, including appliances, TV sets, toys and bicycles, and operated under Arthur Taubman’s strict four-point philosophy.
During the 1970’s, the company modernized the name of its stores to Advance Auto. The newly renamed chain of stores eliminated home appliances and several other products and concentrated increasingly on its core automotive parts business.
The 1980’s began a rapid, yet carefully planned, expansion. As part of this expansion, Advance Auto began to sharpen its marketing focus on automotive hard parts for “do-it-yourselfers”. In order to meet the needs of these customers, the Company introduced its new PDQ, Parts Delivered Quickly, system in 1982. This innovative service allowed customers access to more than 25,000 automotive components (in excess of 250,000 today), within a 24-hour period.
In 1985, to emphasize the PDQ system and the Company’s dedication to automotive hard parts, Advance Auto’s name evolved into Advance Auto Parts.
In the 1990’s, the company continued its rapid growth, opening stores in several new states and constructing new distribution centers. At the close of 1993, Advance Auto parts had more than doubled in size since it first began its expansion plan, with a year-end total of 352 stores.
In March 1994, Advance Auto Parts founder Arthur Taubman passed away, leaving behind a legacy in a company that had established a presence in eight states and employed more than 5,000 people. Since early 1994, Advance Auto Parts has continued its rapid growth across the eastern United States, spreading into 38 states, and more than quadrupling its total number of stores. 1998 was a year of both change and growth for Advance Auto Parts. First, in April, the Taubman family sold a majority interest in the company to the investment firm of Freeman Spogli. Then, in August, Advance Auto Parts announced that the Western Auto Supply Company/Parts America, would merge with Advance. Western Auto/Parts America, which traces its roots back to 1909, came to the new partnership with an impressive history in its own right. The two companies shared almost a century of experience in the automotive industry, and their combined power continues to drive the Advance Auto Parts team to even further success.
In April 2001, Advance Auto Parts acquired Carport Auto Parts, a regional retail chain with stores in Alabama and Mississippi. The combination of Advance and Carport locations establishes Advance Auto Parts as the market leader in Alabama and Mississippi.
In November 2001, Advance Auto Parts acquired Discount Auto Parts, which marked another important milestone. Discount Auto Parts was a regional auto parts chain with stores in Florida and several other southeastern states. This acquisition has strengthened the company’s position as a market leader in Florida, where the company’s presence has grown from 26 stores to close to 500. Upon completion of this merger, Advance Auto Parts became a publicly traded company, listed as a common stock on the New York Stock Exchange under the symbol “AAP”.
In July 2002, Advance Auto Parts received bankruptcy court approval to acquire up to 55 Trak Auto Parts Stores in northern Virginia, Washington D.C., and eastern Maryland. The acquisition gave Advance Auto Parts opportunity to expand its presence and serve more customers in the metropolitan Washington D.C. area, and surrounding communities.
On May 15th, 2003, Advance Auto Parts announced the acquisition of Kar Parts Auto Stores, Inc. With this new acquisition, Advance Auto Parts solidified its position as the market leader and has more than 30 stores in northern and central New Jersey.
On July 26, 2005, Advance Auto Parts announced the acquisition of 19 stores operated by Lappen Auto Supply Co., Inc. The acquisition of theses stores enhances Advance's presence in the greater Boston market.
On September 15, 2005, Advance Auto Parts acquired 61 stores throughout New England and New York from Autopart International, Inc. Autopart specializes in providing replacement automotive parts to commercial customers and will continue to operate as a wholly owned independent subsidiary of Advance under the Autopart International name.
Today, Advance Auto Parts is the second-largest automotive aftermarket retailer in the United States based on sales and store count, operating in 40 states, Puerto Rico and the Virgin Islands. Listed among the Fortune 500 companies, Advance now operates with more than 2,800 stores and employs more than 41,000 Team Members.
[edit] Management Team:
[edit] Executive Committee
- Michael N. Coppola - President and Chief Executive Officer
- Jeffrey T. Gray - Executive Vice President, Chief Financial Officer and Assistant Secretary
- Paul W. Klasing - Executive Vice President, Stores
- David B. Mueller - Executive Vice President, Merchandising and Marketing
- Elwyn G. Murray, III - Executive Vice President, Administration
- Jim L. Wade - Executive Vice President, Business Development
- Keith A. Oreson - Senior Vice President, Human Resources
[edit] Senior Vice Presidents
- Ralph Castanza - Senior Vice President, Store Operations - Northeast
- Ricardo S. Coro - Senior Vice President, Information Technology and Chief Information Officer
- Donald L. Lockard, Jr. - Senior Vice President, Store Operations - West
- Eric M. Margolin - Senior Vice President, General Counsel and Secretary
- C. Roy Martin - Senior Vice President, Logistics and Replenishment
- Geoffrey R. McCarty - Senior Vice President, Advertising
- Kurt R. Schumacher - Senior Vice President, Store Operations - Florida
- Joe H. Vaughn, Jr. - Senior Vice President, Operations Support
- Kenneth A. Wirth, Jr - Senior Vice President, Store Operations - Southeast
Categories: Companies listed on NASDAQ | Companies listed on the New York Stock Exchange | Companies established in 1932 | Auto parts suppliers | Motor vehicle companies | Automotive companies of the United States | Automotive part retailers of the United States | Companies based in Virginia | Roanoke, Virginia | Fortune 1000
