Advance Auto Parts

Advance Auto Parts

About Advance Auto Parts

Simplify's Rating
Why Advance Auto Parts is rated
D+
Rated D+ on Competitive Edge
Rated C on Growth Potential
Rated D+ on Rating Differentiation

Industries

Automotive & Transportation

Company Size

10,001+

Company Stage

IPO

Total Funding

N/A

Headquarters

Raleigh, North Carolina

Founded

1932

Overview

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Simplify's Take

What believers are saying

  • Increased demand for road trip-related auto parts boosts sales opportunities.
  • New independent directors may improve governance and strategic decision-making.
  • Cost-cutting measures aim to streamline operations and improve financial performance.

What critics are saying

  • Competition from online retailers like Amazon could erode market share.
  • Labor shortages may impact staffing levels and customer service.
  • Shift towards electric vehicles poses a long-term risk to parts demand.

What makes Advance Auto Parts unique

  • Advance Auto Parts offers free curbside services like battery testing and installation.
  • The company partners with sports figures like Baker Mayfield for promotional events.
  • Advance Auto Parts Foundation donates significantly to support military veterans.

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Funding

Total Funding

$0

Below

Industry Average

Funded Over

1 Rounds

Post IPO Equity funding comparison data is currently unavailable. We're working to provide this information soon!
Post IPO Equity Funding Comparison
Coming Soon

Company News

Business Wire
May 21st, 2024
Enough Is Enough! Advance Auto Parts Survey Reveals More Americans Will Hit The Road This Summer Due To Air Travel Stress, Safety Concerns

Advance Auto Parts offers free curbside services including battery testing and installation, wiper blade installation and check engine light scanning, to ensure motorists are ready to roll for their summer road trips. (Photo: Business Wire)Advance Auto Parts offers free curbside services including battery testing and installation, wiper blade installation and check engine light scanning, to ensure motorists are ready to roll for their summer road trips. (Photo: Business Wire)RALEIGH, N.C.--(BUSINESS WIRE)--Americans seem to be hitting a breaking point with air travel, with 67 percent saying they’ve had a trip negatively impacted or ruined because of problems with air travel during the last 12 months,* according to new data from Atomik Research, released today by Advance Auto Parts (NYSE: AAP), a leading automotive aftermarket parts provider.From losing precious time – 44 percent citing that delays and other problems traveling by air has cost them vacation time – to safety concerns – 32 percent feeling less safe flying compared to a year ago, Americans are saying “enough!” This summer they’re trading wings for wheels: An astounding 70 percent say they are more likely compared to a year ago to choose traveling by automobile over flying due to the current state of air travel.The “baggage” that comes with air travel continues to stack up and now outweighs the benefit of faster travel time for many Americans, according to the survey. Sixty-six percent say the number of hours they’re willing to drive before choosing to fly has increased in the past 12 months and 24 percent say they would drive 10 or more hours for summer vacation before choosing to fly.Heeding consumers’ preference for summer vacation by automobile, Advance is encouraging travelers to “Check Your Battery, Not Your Bag” so they can achieve what matters most – enjoying their well-deserved summer vacation.Beginning National Road Trip Day this Friday, May 24 through Monday, May 27, participating Advance stores nationwide will surprise randomly selected customers with free Advance gift cards to purchase DieHard® batteries, wiper blades or other road trip essentials, no previous purchase necessary. Complimentary curbside services are available every day throughout the year to customers at all participating Advance stores, including battery checks and installation, wiper blade installation and check engine light scanning.“With all the concern about air travel and more people planning to travel by automobile – including willing to drive longer for their summer vacations – it’s critical they prepare their vehicles, and we want to make that as easy as possible,” said Junior Word, Advance’s executive vice president, U.S. stores

Business Wire
Mar 11th, 2024
Advance Auto Parts Appoints Three New Independent Directors

RALEIGH, N.C.--(BUSINESS WIRE)--Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, today announced that it has appointed A. Brent Windom, Gregory L. Smith and Thomas W. Seboldt as independent directors to the Advance Auto Parts board, effective immediately. In connection with these appointments, the company has entered into a cooperation agreement with Third Point LLC (together with its affiliates, “Third Point”) and Saddle Point Management, L.P

Business Wire
Feb 14th, 2024
Advance Auto Parts Puts A Charge In American Motorists On National Battery Day With Free Diehard® Auto Batteries Giveaway And Complimentary Battery Testing Nationwide Feb. 18

Customers who visit their local Advance Auto Parts store on National Battery Day, Sunday, February 18, may be randomly selected to receive a free DieHard auto battery. (Photo: Business Wire)Customers who visit their local Advance Auto Parts store on National Battery Day, Sunday, February 18, may be randomly selected to receive a free DieHard auto battery. (Photo: Business Wire)RALEIGH, N.C.--(BUSINESS WIRE)--Advance Auto Parts (NYSE: AAP), a leading automotive aftermarket parts provider, is jump-starting motorists’ attention to the safety and reliability of their automobiles by giving away free DieHard® batteries on National Battery Day, Sunday, Feb. 18.A new national survey by Atomik Research reveals 91 percent of American motorists say they have experienced a dead battery, but nearly two-thirds (65 percent) of motorists admit they don’t think about having their car battery checked until it’s too late.On National Battery Day, Sunday, Feb. 18, Advance will surprise randomly selected customers with a free DieHard® battery, including those getting their current battery tested, at participating stores nationwide. As part of National Battery Day, Advance is partnering with pro football star quarterback Baker Mayfield to encourage motorists to get their car batteries tested.“Our team of automotive experts are committed to customer care and advancing the needs of today’s motorists, such as offering complimentary curbside battery testing and installation every day, including on National Battery Day, Sunday Feb

Business Wire
Feb 5th, 2024
Advance Auto Parts Foundation Announces $1.75 Million In Gifts To Aid Military Veterans

RALEIGH, N.C.--(BUSINESS WIRE)--Nonprofit organizations providing employment support for women veterans, custom designed homes for injured veterans and frontline support for veterans at risk for suicide are among the recent recipients of gifts announced by the Advance Auto Parts Foundation (AAPF). Totaling $1.75 million, the gifts were made possible by donations to the foundation by more than 100 Advance Auto Parts supplier partners. This is the second year AAPF has made gifts to Hire Heroes USA of Alpharetta, Ga., Building Homes for Heroes of Island Park, N.Y. and Stop Soldier Suicide based in Durham, N.C., totaling $3.75 million during that time. “The military veteran community is one of the Advance Auto Parts Foundation’s three focus areas, and we are proud to partner with our suppliers to support critical needs within that community,” said Elisabeth Eisleben, president, Advance Auto Parts Foundation. “Our veterans have earned the opportunity for meaningful employment, appropriate housing and mental health care, all of which are fundamental to their wellbeing.”

WRAL TechWire
Nov 16th, 2023
Advance Auto Parts Laying Off Hundreds As Part Of $150M In Cuts

RALEIGH – Advance Auto Parts disclosed to investors in a conference call on Wednesday that it would be laying off some 400 people as part of $150 million in cost cuts that were announced earlier in the day. The North Raleigh-based company said some of the layoffs would be made at its headquarters. No mention of layoffs were made in the initial public announcement about the reductions in which Advance (NYSE: AAP) reported a big drop in revenue year-over-year. Shares closed at $55.67 on Wednesday, down $2.73 or nearly 5%.“As part of our ongoing strategic and operational review of the business, we have identified opportunities to streamline efforts, improve efficiency and significantly reduce costs within our organization. As a result, we have made the difficult decision to eliminate approximately 400 positions across our organization, including positions based at our Raleigh headquarters, corporate roles based outside of North Carolina, field based positions located outside of Raleigh and positions at our office in Hyderabad, India,” said Darryl Carr in a statement emailed to WRAL News

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