Carquest

Last updated
Carquest Corporation
Company type Subsidiary
IndustryAftermarket Auto parts wholesale/retail
Founded1974;50 years ago (1974)
Founders
  • O. Temple Sloan Jr.
  • Dan Bock
  • Joe Hughes [1]
Headquarters Raleigh, North Carolina, U.S.
Area served
United States, Canada
Key people
  • Herman Word, President-NA
  • Steve Gushie, President-CA
ProductsOE auto parts, automotive finishes, tools & equipment, professional training, business management
Parent Advance Auto Parts (2014–present)
Subsidiaries Carquest Canada
Website www.carquest.com United States
www.carquest.ca Canada

Carquest Corporation is an American automotive parts distribution network that was sold and currently owned and operated by Advance Auto Parts via independent retailers associated with the network as "Carquest Auto Parts". As of October 4, 2014 Advance operated 5,305 stores, 109 Worldpac branches. Advance Auto Parts and Carquest Auto Parts employs approximately 75,000 employees. [2]

Contents

History

A Carquest Auto Parts store A Carquest Auto Parts store.jpg
A Carquest Auto Parts store

The Carquest marketing alliance and distribution network was formed in 1974 by O. Temple Sloan of General Parts, Dan Bock of Bobro Products, and Joe Hughes of Indiana Parts Warehouse. [1] [3] [4] In response to competition from high-volume retail stores, Sloan believed "that programmed distribution through a cooperative alliance would be the most effective means to remain competitive." According to a 1994 Bangor Daily News article, the company was "made up of 14 distributing companies operating 64 Carquest Auto Parts Stores throughout the United States" at that time. [1]

General Parts was the largest member with General Parts owning 1,400 out of Carquest’s 3,400 auto parts stores across North America by 2011. [5] O. Temple Sloan Jr. started General Parts in 1961.[ citation needed ]

Founding member Bobro was later sold to White Plains Automotive in 1984 and renamed B.W.P. Distributors.[ citation needed ] BWP was later acquired by Advance Auto in 2012.[ citation needed ] Dan Bock later served as president of Carquest.[ citation needed ]

Founding member Indiana Parts Warehouse was acquired by the third founder General Parts in 1991. [6] Indiana Parts had served 90 locations.[ citation needed ]

Carquest acquired Worldpac in 2004, but kept its operations separate. [7]

General Parts received $258 million in 2011 for selling 33 of the company’s distribution centers and office buildings in a long-term sale-leaseback deal. [5]

In June 2012, Carquest Auto Parts relaunched its Carquest.com website, offering buy online, pick up in store commerce. [8]

In December 2012, Advance Auto Parts acquired warehouse distributor B.W.P. Distributors, which supplied the Northeastern United States. [9] On October 16, 2013 it was announced that Carquest would be acquired by Advance Auto Parts, Inc in an all-cash transaction estimated at approximately $2 billion dollars. [10] The deal was finalized on January 3, 2014. [11] [12] Carquest members now include Advance Auto Parts, Automotive Warehouse of Hawaii, CAP Warehouse of Nevada, and Muffler Warehouse of Idaho.[ citation needed ]

In 2021, Advance Auto Parts announced plans to open retail stores under the Carquest name. [13]

WorldPac

WorldPac was formed in 1995 by the merger of WorldWide Trading Corp. (WWTC) and Imported Parts and Accessories (IMPAC). [14] WORLDPAC, which specializes in providing hard to find aftermarket parts for imported vehicles, was acquired by Carquest in 2004 [7] and by Advance Auto Parts on January 2, 2014 when General Parts International was merged into Advance.

Advance Auto Parts announced in November 2023 it would seek the sale of its WorldPac and Carquest Canada divisions.

Sponsorships

Carquest was the title right sponsor of the Carquest Auto Parts National Hot Rod Association Nationals at Wild Horse Pass Motorsports Park in Maricopa County, Arizona until 2016.. [15] The event took place annually in February and aired on Fox Sports 1. [15]

Carquest was the official auto parts supplier of Hendrick Motorsports until the end of the 2011 season. Kellogg's and Carquest announced on May 26, 2006 a unique three-year agreement with Hendrick Motorsports that made the two companies co-primary sponsors of the No. 5 Chevrolets driven by Kyle Busch in the NASCAR Sprint Cup Series. [16]

On September 9, 2007, the two companies announced Casey Mears will drive the No. 5 Kellogg's/Carquest Chevrolet for Hendrick Motorsports in the 2008 NASCAR Sprint Cup Series.

In 2008, Hendrick Motorsports announced that Mark Martin, a seasoned veteran would be driving the car in 2009. [17] Carquest continued to sponsor Mark Martin in 2010 and 2011. Carquest Auto Parts has primary sponsor placement in eight points races on the No. 5 Chevrolet driven by Mark Martin during the 2011 NASCAR Sprint Cup season. [18]

Carquest Auto Parts joined Hendrick Motorsports in 2002 as an associate sponsor of Chevrolets driven by Ricky Hendrick in the NASCAR Busch Series. The relationship carried over to the following season, resulting in a NASCAR Busch Series championship with driver Brian Vickers, and has since transitioned into the NASCAR Sprint Cup Series.

The company sponsored the Carquest Bowl from 1994 to 1997. [19] The company sponsored three-time IHRA Drag Racing Top Fuel Champion Paul Romine from 1997–2004 and from 2001-2004 was associated with the No. 2 Team ASE NASCAR Craftsman Truck driven by Scott Riggs and Jason Leffler. It also sponsored NHRA drag races from 2003 - 2007.

Most recently the company sponsored the #92 Monster Energy NASCAR Cup Series Ford driven by David Gilliland as part of a one race deal in which Carquest adorned the hood and Black's Tire adorned the side. [20]

In 2022, Advance Auto Parts entered an exclusive partnership with the Los Angeles Dodgers, which made Carquest an official auto parts retailer for the team. [21]

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References

  1. 1 2 3 "Carquest Strives To Help Its Many Jobbers To Be Successful". Bangor Daily News . April 15, 1994. p. W17.
  2. ↑ "Advance Auto Parts". phx.corporate-ir.net. Archived from the original on 2004-08-22.
  3. ↑ McCoy, Gary (May 2007). "Death of the blacksmith, birth of the aftermarket". Supplement, The Aftermarket manual: The past is present. Aftermarket Business. pp. S8–S10, S12, S14, S16. ProQuest   200836237.
  4. ↑ "CARQUEST Corporation History". FundingUniverse.
  5. 1 2 Hoyle, Amanda Jones (January 7, 2011). "General Parts gets $258M in deal". Triangle Business Journals .
  6. ↑ "Two Carquest companies merge; courses set. (Carquest Corp.; General Parts Inc. and Indiana Parts Warehouse Co.)". Aftermarket Business. June 1, 1991. Archived from the original on March 9, 2016.
  7. 1 2 Moore, Bob (December 1, 2004). "Staid CARQUEST makes bold acquisition". Aftermarket Business.
  8. ↑ Brohan |, Mark (2013-10-16). "Advance Auto acquires parent of Carquest retail chain". Digital Commerce 360. Retrieved 2022-04-23.
  9. ↑ "Advance Auto Parts Announces Acquisition Of BWP Distributors". AftermarketNews. December 19, 2012. Archived from the original on January 13, 2014. Retrieved January 13, 2014.
  10. ↑ "Advance Auto Parts to Acquire General Parts International, Inc. in All-Cash Transaction with Enterprise Value of $2.04 Billion" (Press release). October 16, 2013.
  11. ↑ Jaisinghani, Sagarika (October 16, 2013). "Advance Auto expands repair shop business with $2 billion buy". Reuters . Archived from the original on September 24, 2015. Retrieved June 30, 2017.
  12. ↑ Snipes, Cameron (December 16, 2013). "Year in Review: Sloan sells Raleigh's General Parts for $2 billion". Triangle Business Journals .
  13. ↑ "Carquest by Advance Announces Retail Stores". www.ratchetandwrench.com. Retrieved 2022-04-23.
  14. ↑ "WORLDPAC Becomes 1st Supply Partner to Join MyRepairShop's Network". Auto Channel. 30 October 2000.
  15. 1 2 Kummerer, Ed. "CARQUEST Auto Parts NHRA Nationals". Phoenix New Times. Retrieved 2022-04-22.
  16. ↑ Plunkett, Jack W. (June 2007). Plunkett's Sports Industry Almanac 2008. Plunkett Research, Ltd. ISBN   978-1-59392-089-0.
  17. ↑ White, Ben (2010-08-02). NASCAR Then and Now. Motorbooks. p. 137. ISBN   978-1-61060-101-6.
  18. ↑ "Wheels & Deals: Martin Retaining Kellogg's, Carquest Next Year". www.sportsbusinessjournal.com. Retrieved 2022-04-23.
  19. ↑ "UVa Football: Bowl Recaps". Virginia Sports. Archived from the original on 2015-07-25.
  20. ↑ "David Gilliland to attempt Daytona 500 start for Ricky Benton Racing Enterprises". Official Site Of NASCAR. 2018-01-17. Retrieved 2022-04-23.
  21. ↑ "Advance Auto Parts, Los Angeles Dodgers Announce Partnership". aftermarketNews. 2022-04-22. Retrieved 2022-04-23.
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