AutoZone

From Wikipedia, the free encyclopedia

AutoZone NYSE: AZO is a Fortune 500 corporation based in Memphis, Tennessee which is engaged primarily in the business of the retail sale of automotive parts and accessories. It was originally a division of Memphis-based wholesale grocer Malone & Hyde, and went under the name Auto Shack, which was changed after the Radio Shack company objected. After the sale of the grocery operation to the Fleming Companies of Oklahoma City, the name of the company was changed to AutoZone to reflect the new focus. AutoZone holds the naming rights to the downtown Memphis baseball stadium that is the home of the Memphis Redbirds of the Pacific Coast League. The company also sponsors the AutoZone Liberty Bowl.

Duralast is AutoZone's private label brand of automotive batteries (manufactured by Johnson Controls), as well as other parts and accessories.

AutoZone is incorporated in the state of Nevada. Its major competitors include Pep Boys, Advance Auto Parts, O'Reilly Auto Parts, and CSK Auto doing business as Schucks, Kragen, and Checker Auto Parts, as well as CARQUEST and NAPA.

[edit] History

The first AutoZone store was opened at Forrest City, Arkansas, in 1979, under the name of Auto Shack. Doc Crain was the store's first manager.

By 1986, expansion had made the company grow into a large store chain across the South and the Midwest. That year, Darren Reltherford, manager of Auto Shack's Memphis branch, received the first Extra Miler award, which has since been given to whom the company considers its best employee each year.

In 1987, Auto Shack officially changed its name to AutoZone. This would mark the beginning of an era of large expansion for the company, as it would soon after open stores in other areas across the United States. That year also, the company introduced an electronic catalog.

In 1989, the company began using a computerized store management system SMS system, and in 1991, its stock began trading on the New York Stock Exchange.

In 1994, AutoZone began using satellites to facilitate communication between stores and the corporate office.

In 1995, their 1,000th store was opened in Louisville, Kentucky. Also, the Duralast trademark made its debut.

1996 was the year when the Internet era arrived at the company, when AutoZone opened its company website.

In 1998, AutoZone acquired 366 Chief Auto Store locations in California, Nevada, Tennessee, and Texas. 363 were converted or relocated, and 3 were shut down completely (this could possibly have been because there was already an AutoZone nearby)

In 1998, the company began a process of internationalization with their first store abroad, which opened in Nuevo Laredo, Mexico. AutoZone closed the 1990s by debuting at the Fortune 500 list in 1999.

Steve Odland became AutoZone's third CEO in 2001. In March 2005, Odland left to become the Chairman and CEO of Office Depot. In 2003, the Duralast tool line was introduced.

2003 was also a year of important negotiations for AutoZone, as the company partnered with other important auto part industry companies, such as CarMax and Midas.

In 2004, AutoZone announced a corporate sponsorship agreement with auto racing association NASCAR. In addition, founder Pitt Hyde was inducted into the Automotive Hall of Fame. Pitt Hyde set a precedent as the first aftermarket retailer in the Automotive Hall of Fame.

In 2005, William C. Rhodes III was named President and CEO.