Company Summary
Advance Auto Parts, Inc. operates in the U.S. automotive aftermarket industry and is primarily engaged in selling replacement parts (excluding tires), accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles, light and heavy-duty trucks. It is a leading automotive parts provider in North America, serving the “do-it-yourself” or “DIY” and “do-it-for-me” or “DIFM” (or Commercial) customers.
Advance Auto operates through a single reportable segment comprising stores and distribution branch operations.
The company was founded in 1929 as Advance Stores Company. In the 1980s, it started selling automotive parts and accessories to DIY customers. The Professional delivery program was initiated in 1996. The company significantly increased sales to Professional customers since 2000.
The company operates under four store names:
Advance Auto Parts– These stores focus on both Commercial and DIY customers. As of Dec 31, 2023, 4786 stores, which are located in freestanding buildings, concentrate on Professional and DIY customers.
Carquest– These stores also aims at Commercial and DIY customers. As of Dec 31, 2023, the company served 1,245 independently owned Carquest branded stores.
Worldpac – These branches principally serve Commercial customers by utilizing an efficient and sophisticated delivery process. As of Dec 31, 2023, 321 branches principally served Professional customers.
Autopart International– These stores primarily operate in the Northeastern, Mid-Atlantic and Southeastern regions of the United States. The stores specialize in imported aftermarket and private-label branded auto parts and eyes on Commercial customers.