Advance Auto Parts
| File:Advance Auto Parts logo.svg Logo used since 2012 | |
| Company type | Public |
|---|---|
| Industry | Automotive aftermarket |
| Founded | April 1932 |
| Founder | Arthur Taubman |
| Headquarters | Raleigh, North Carolina , United States |
Area served | United States, Canada (formerly) |
Key people | Shane O'Kelly (CEO) |
| Products | Automotive replacement components, accessories, batteries, maintenance products |
Number of employees | Not specified |
| Parent | None |
| Website | www |
Advance Auto Parts, Inc. is a leading American supplier in the automotive aftermarket sector, with its corporate headquarters located in Raleigh, North Carolina. The company caters to both professional installers and individual do-it-yourself consumers.
Company History
The origins of the company trace back to April 1932, when founder Arthur Taubman acquired Advance Stores from Pep Boys, initially operating three outlets in Virginia. Advance made its first appearance on the Fortune 500 list in 2003, ranked at No. 466, and was honored as the “Best Managed Company in America” within retail by Forbes in 2005. By 2019, it had climbed to No. 326 on the Fortune 500 and was positioned at No. 415 in 2024. The company offers a wide selection of automotive replacement components, accessories, batteries, and maintenance products under brand-name, OEM, and private label categories for diverse vehicle types. Significant equity stakes are held by institutional investors including The Vanguard Group, BlackRock, and State Street Corporation.
Advance’s substantial expansion began following its 1998 purchase of the remaining Western Auto operations. This was followed by acquisitions such as Carport Auto Parts and Discount Auto Parts in 2001, along with Trak Auto stores in 2002, broadening its market reach across various states. The company entered the public market on the New York Stock Exchange under the ticker AAP after merging with Discount Auto Parts.
In December 2012, Advance acquired BWP Distributors—a Carquest franchise serving New England—adding 124 retail outlets and two distribution centers to its network. The October 2013 purchase of General Parts International (GPI), known for Carquest and WorldPac brands, established Advance as North America’s largest provider in the automotive aftermarket parts industry and significantly increased its workforce at Raleigh headquarters.
In September 2015, activist investor Starboard Value LP acquired a 3.7% stake, prompting leadership transitions including CEO Darren Jackson’s departure in January 2016. He was succeeded by Tom Greco, previously CEO of Frito-Lay North America. Although stock performance declined during 2016-2017, Advance rebounded strongly to become the fifth best-performing stock in the S&P 500 for 2018, surpassing industry peers by more than 30%.
Advance moved its headquarters to Raleigh in November 2018. In December 2019, it purchased the DieHard battery brand from Sears for $200 million and utilized celebrity endorsements to boost marketing efforts.
Starting March 2021, Advance expanded its retail footprint by leasing 109 Pep Boys stores throughout California but later announced plans to close all California locations by March 2025 as part of a strategic restructuring. Shane O'Kelly took over as CEO in September 2023 following Greco’s retirement.
Between late 2023 and early 2024, Advance investigated divesting WorldPac and its Canadian operations. It appointed three new board members aligned with activist shareholders Third Point and Saddle Point Management, who together own five percent of the company’s shares. In August 2024, WorldPac was sold to Carlyle for $1.5 billion; this deal was finalized in November.
Announced in November 2024, a significant restructuring initiative will see the closure of four distribution centers along with shutting down 523 corporate stores and 204 independently owned locations nationwide to counteract weak demand trends. This transformation is expected to incur costs ranging from $350 million to $750 million.
In July 2024, Advance revealed a major data breach impacting nearly three million customers and employees linked to the wider Snowflake Inc. cyberattack campaign. The incident compromised sensitive personal data including social security numbers and birthdates.
Headquarters
Since 2020, the main office of Advance Auto Parts has been situated in a high-rise located in the North Hills district of Raleigh, North Carolina.
Motorsport sponsorships
Between 2009 and 2013, Advance Auto Parts held the position of title sponsor for Monster Jam, supporting the Advance Auto Parts Grinder truck. In 2023, the company took on the role of official sponsor for the checkered flag in the IndyCar series. Additionally, Advance Auto Parts acts as the official retailer and sponsor for NASCAR, including backing the NASCAR Advance Auto Parts Weekly Series since 2020.
The organization also sponsored the 2017 Advance Auto Parts Clash, an exhibition event held at Daytona International Speedway.
Teams
Advance Auto Parts has collaborated with various racing teams such as Cruz Pedregon, Alex Bowman, Tommy Baldwin Racing, and JR Motorsports. In December 2016, it became the principal sponsor for NHRA Funny Car driver Courtney Force during the 2017 and 2018 seasons. Her sister, Brittany Force, received sponsorship from Advance for the 2019 NHRA season. Current partnerships feature Team Penske’s NASCAR driver Ryan Blaney and Josh Hart, who represents Advance’s TechNet Professional brand in NHRA Top Fuel competition.
See also
- AutoZone
- O'Reilly Auto Parts
- National Automotive Parts Association (NAPA)
- SCO v. AutoZone
External links
- Articles with short description
- Pages with broken file links
- Companies listed on the New York Stock Exchange
- American companies established in 1932
- Retail companies established in 1932
- Automotive part retailers of the United States
- Companies based in Raleigh, North Carolina
- 1932 establishments in Virginia
- 2001 initial public offerings
- 5
- Companies of the United States by year of establishment