Advance Dicount Auto Parts
| Company type | Public |
|---|---|
| Industry | Automotive aftermarket |
| Founded | April 1, 1932 |
| Founder | Arthur Taubman |
| Headquarters | Raleigh, North Carolina , United States |
Area served | United States, Canada (former) |
Key people | Shane O'Kelly (President and CEO) |
| Products | Automotive replacement parts, accessories, batteries, maintenance supplies |
Number of employees | 62,800 (2024) |
| Website | www |
Advance Auto Parts, Inc. is a leading American supplier in the automotive aftermarket industry, with its headquarters located in Raleigh, North Carolina. The company caters to both professional mechanics and individual car enthusiasts.
Company History
The origins of Advance Auto Parts trace back to April 1932, when Arthur Taubman purchased Advance Stores from Pep Boys, initially operating three outlets in Virginia. The company first appeared on the Fortune 500 list in 2003, ranking at No. 466, and was recognized by Forbes in 2005 as the “Best Managed Company in America” within the retail sector. By 2019, it had climbed to No. 326 on the Fortune 500 and was positioned at No. 415 in 2024. Its product portfolio includes brand name, OEM, and private label automotive replacement parts, accessories, batteries, and maintenance supplies for various vehicle types.
Institutional investors such as The Vanguard Group, BlackRock, and State Street Corporation hold the majority of Advance Auto Parts’ stock. The company’s significant growth phase began in 1998 with the acquisition of Western Auto’s remaining stores. This expansion continued with the purchases of Carport Auto Parts and Discount Auto Parts, Inc., both in 2001, broadening its presence across numerous southern states. Following its merger with Discount Auto Parts, Advance went public on the New York Stock Exchange under the ticker AAP, concluding that year with a total of 2,484 stores across 38 states.
In 2002, Advance expanded into the Washington D.C. market by acquiring 57 Trak Auto locations. Further growth included the acquisition of BWP Distributors in New England in 2012 and General Parts International, Inc. (GPI) in 2013—a $2 billion transaction that established Advance as North America’s largest automotive aftermarket parts distributor. GPI operates under the Carquest and WorldPac brands and maintains its headquarters in Raleigh.
In September 2015, activist investor Starboard Value LP acquired a 3.7% stake in Advance Auto Parts, prompting leadership changes such as CEO Darren Jackson stepping down in January 2016. Tom Greco, formerly CEO of Frito-Lay North America, took over as CEO in April 2016. Although the company experienced stock declines during 2016–17, it rebounded strongly in 2018, ranking among the top five performers within the S&P 500 and outperforming its sector by more than 30%. That same year marked the relocation of its corporate headquarters from Roanoke to Raleigh.
December 2019 saw Advance purchase the DieHard battery brand from Sears for $200 million, utilizing celebrity endorsements to enhance marketing efforts. In March 2021, it further extended its retail footprint by leasing space within Pep Boys stores located in California.
On September 11, 2023, Shane O'Kelly replaced Tom Greco as president and CEO. Later that year, Advance revealed intentions to consider divesting WorldPac and its Canadian operations. In March 2024, following agreements with activist investors Third Point and Saddle Point Management—who together hold a five percent ownership—the company appointed three new directors to its board.
August 2024 brought the sale of WorldPac to Carlyle for $1.5 billion; this transaction was finalized in November. Simultaneously, Advance initiated a comprehensive restructuring plan involving the closure of four distribution centers along with 523 corporate stores and 204 independent locations—including all California outlets by March 2025—with anticipated costs ranging from $350 million to $750 million.
In July 2024, Advance disclosed a cybersecurity incident affecting nearly three million customers and employees amid a broader cyberattack targeting Snowflake Inc., resulting in significant personal data exposure.
By 2024, Advance operates more than 4,500 Advance-branded stores and upwards of 280 Carquest locations while supporting close to 1,000 independent retailers under the Carquest name with an employee base of approximately 62,800 nationwide.
Headquarters
Since 2020, Advance Auto Parts has maintained its corporate offices in a high-rise located in Raleigh, North Carolina’s North Hills district.
Motorsport sponsorships
As part of its marketing strategy to boost brand recognition and expand market presence, Advance Auto Parts has actively engaged in motorsport sponsorships. Between 2009 and 2013, the company served as the title sponsor for Monster Jam and supported the Advance Auto Parts Grinder truck. In 2023, it took on the role of official checkered flag sponsor for the IndyCar Series. Additionally, Advance Auto Parts is recognized as the official auto parts retailer for NASCAR and assumed the title sponsorship of the NASCAR Advance Auto Parts Weekly Series beginning in 2020.
The firm also backed the 2017 Advance Auto Parts Clash exhibition race held at Daytona International Speedway, underscoring its involvement in premier racing events.
Teams
Advance Auto Parts has collaborated with prominent racing teams and drivers to broaden its brand exposure and increase market penetration. Previous alliances include partnerships with Cruz Pedregon, Alex Bowman, Tommy Baldwin Racing, and JR Motorsports. In December 2016, the company became the primary sponsor of NHRA Funny Car competitor Courtney Force, supporting her campaigns throughout the 2017 and 2018 seasons. Her sister, Brittany Force, carried Advance Auto Parts’ sponsorship during the 2019 NHRA season. Presently, the company sponsors Team Penske’s driver Ryan Blaney in NASCAR and backs Josh Hart in NHRA’s Top Fuel category under its TechNet Professional brand.
These collaborations are integral to Advance Auto Parts’ strategic approach aimed at strengthening competitive positioning and fostering growth through focused motorsport marketing efforts.
See also
External 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
- Companies of the United States by year of establishment