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By Counterman
MEMA Aftermarket Suppliers has elevated its commitment to the University of the Aftermarket Foundation (UAF) by achieving the status of a Gold Lifetime Trustee.
“The Gold Lifetime Trustee designation from the UAF is a recognition given to outstanding donors who significantly support the UAF’s mission of providing scholarships and educational opportunities to the next generation of aftermarket professionals,” UAF said in a news release.
Paul McCarthy, president and CEO, MEMA Aftermarket Suppliers, and Chris Gardner, senior vice president, MEMA Aftermarket Suppliers, both serve on the UAF board of trustees to further this collaboration and the mission of the foundation, UAF noted.
“MEMA Aftermarket Suppliers is deeply committed to fostering growth and excellence in the automotive aftermarket. Our engagement with the UAF is an essential step towards enriching the talent pool in our industry,” McCarthy said. “By investing in scholarships and educational programs, we aim to nurture a skilled workforce that can drive innovation and excellence. Our partnership with UAF is not just a contribution, but a commitment to the future of the automotive aftermarket.”
Roger McCollum, chairman of the UAF, added: “The involvement of MEMA Aftermarket Suppliers with the University of the Aftermarket Foundation is a significant boost to our efforts. Their commitment as a Gold Lifetime Trustee brings valuable resources and insights that will greatly benefit our scholarship and education initiatives. This partnership is a testament to MEMA Aftermarket Suppliers’ dedication to the advancement of our industry.”
The University of the Aftermarket Foundation is a 501(c)(3) not-for-profit organization. All contributions are tax-deductible to the extent provided by law. To learn more about the foundation, apply for a scholarship or grant, or make a donation, visit www.uofa-foundation.org.
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By Counterman
Northwood University recently announced its 2024 Class of 20 Under 40 honorees.
Established last year, the 20 Under 40 program recognizes NU alumni who are ambitious professionals doing great things in their careers, organizations or communities.
“Last year’s inaugural 20 Under 40 event was a phenomenal success in terms of alumni engagement and participation, and most importantly, in recognizing the impact NU alumni are making locally and around the world,” stated Julie Adamczyk, senior alumni and engagement officer. “This year, we received more than 230 nominations. This is a testament of how many alumni are deserving of this recognition — narrowing it down to 20 was a difficult job.”
The 2024 Class of 20 Under 40 includes the following individuals along with their town of residence (located within Michigan unless otherwise noted); graduation year; and current professional roles:
Nick Andres of Atlanta, 2019, MBA 2020, strategic planning senior analyst – electric vehicles, Cox Automotive Yan Bowers, of Okemos, 2012, senior manager, Plante Moran Ethan Bregger, of New Boston, 2011, MBA 2017, sales manager – retail, Tenneco Inc. Jackie Brooks, of Denver, 2006, CEO, Loudr Corey Ferris, of Midland, 2006, director of asset management, Hantz Financial Services Inc. Lane Fortinberry, of Clarkston,2008, founder/owner, Formatic Digital Lauren Griewski, of Cornwall, New York, 2007, senior vice president of strategic partnerships and global agencies, Rokt Andrew Hanagan, of Oak Park, 2015, realtor, Good Company Realty Tony Johnson, of Valrico, Florida, 2015, MBA 2016, director of operations, Domino’s Nathan Lindstrom, of Odenton, Maryland, 2008, director – dealer policy, Toyota Motor North America Paul Mersino, of Canton, 2005, president/CEO, Butzel Jake Riepma, of Dallas, 2015, on-air host, Chat Sports Bryce Rucker, of Ferndale, 2009, attorney and business advisor Nathan Schick, of Birmingham, 2023, general sales manager and marketing manager, Auto Europe Inc. Autumn Schwalbe, of Ypsilanti, 2020, performance parts product specialist and planner, Ford Motor Company Ann Marie Taepke, of Apex, North Carolina, 2007, chief marketing officer, Holderness Family Productions DeAnte Thompkins, of Troy, 2010, market director, Thrivent Tray Thompson, of Arlington, Texas, 2016, manager – corporate social responsibility, Dallas Mavericks Kristi Wagner, of Brooklyn, New York, 2006, director – partnership activation, Major League Baseball David Wilson, of Preston, Maryland, 2008, president/CEO Preston Automotive Group “From the automotive industry to professional sports organizations, this year’s class features an incredible community of entrepreneurial leaders who are driving economic and social progress in their local communities and around the U.S. and world,” Adamczyk said.
This year’s class will be honored during a reception at 7 p.m. April 5 at the Atheneum Suites Hotel International Banquet and Conference Center in Detroit. To register, get hotel reservation codes and explore sponsorship opportunities, visit
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By Counterman
Effective June 12, select Auto Plus locations became Factory Motor Parts (FMP) stores, FMP announced on its website.
The sale comes after Auto Plus won bankruptcy-court approval to sell most of its locations to FMP after the company disqualified a different bid under suspicion of impropriety,
link hidden, please login to view Earlier this year, Icahn Enterprises announced that Auto Plus was filing for Chapter 11 bankruptcy protection. In a news release, Icahn Enterprises (IEP) blamed ”lessened demand, supply chain disruptions, an inflationary environment and the effects of COVID-19” on the parts distributor’s struggles.”
“Since acquiring Auto Plus, IEP has invested significantly in transformation and restructuring initiatives and has loaned significant amounts to Auto Plus but has obviously been disappointed in the results of these investments and the continued losses that Auto Plus has experienced,” the company said in January. “As a result, IEP has determined that it would no longer be prudent to continue to loan money to Auto Plus at this juncture unless done in connection with a restructuring process.”
FMP’s new locations will have inventories for all makes and all models combined with aftermarket brands as a result of the transaction, according to Factory Motor Parts.
Founded in 1945 as Elliott Auto Supply Co., FMP has grown from a small, single location in Minneapolis to more than 300 locations in 19 states. The name was acquired from its participation in the former Chrysler Mopar Distribution network of the 1960s.
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By APF
Icahn Enterprises L.P. Issues Statement Regarding Auto Plus
NEWS PROVIDED BY
link hidden, please login to view Jan 31, 2023, 23:15 ET
SUNNY ISLES BEACH, Fla., Jan. 31, 2023/PRNewswire/ -- Icahn Enterprises L.P. (Nasdaq:
link hidden, please login to view) owns or controls a number of companies that have been quite successful over the years. However, in the case of IEH Auto Parts Holding LLC and its subsidiaries (collectively, "Auto Plus"), an aftermarket parts distributor held within the Automotive segment of IEP, various factors have negatively impacted this business as well as the industry in general, including lessened demand, supply chain disruptions, an inflationary environment and the effects of COVID-19. Therefore, on January 31, 2023, Auto Plus determined to file a voluntary chapter 11 case. This proceeding is limited to Auto Plus and will not have a significant impact on IEP. Since acquiring Auto Plus, IEP has invested significantly in transformation and restructuring initiatives and has loaned significant amounts to Auto Plus but has obviously been disappointed in the results of these investments and the continued losses that Auto Plus has experienced. As a result, IEP has determined that it would no longer be prudent to continue to loan money to Auto Plus at this juncture unless done in connection with a restructuring process.
Auto Plus expects to continue to operate its business in the ordinary course and also plans to run a sale process for substantially all of its assets during the chapter 11 case.
Icahn Enterprises L.P., a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.
Caution Concerning Forward-Looking Statements
This release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to the Chapter 11 cases, including, but not limited to, obtaining bankruptcy court approval with respect to the motions in the Chapter 11 cases, the effects of the Chapter 11 cases on Auto Plus and IEP, and on the interests of various constituents, bankruptcy court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general, the length of time Auto Plus will operate under the Chapter 11 cases, risks associated with third-party motions in the Chapter 11 cases, the potential adverse effects of the Chapter 11 cases on Auto Plus's and IEP's liquidity or results of operations; Auto Plus's ability to obtain debtor-in possession financing and the amount, terms, and conditions of any such financing; the effects of disruption from the Chapter 11 cases making it more difficult to maintain business and operational relationships, to retain key executives, and to maintain various licenses and approvals necessary for Auto Plusto conduct its business; the consequences of the acceleration of Auto Plus's debt obligations, as well as economic downturns, substantial competition and rising operating costs; risks related to the severity, magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial markets and industries in which our subsidiaries operate; the impacts from the Russia/Ukraine conflict, including economic volatility and the impacts of export controls and other economic sanctions,; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, declines in the fair value of our investments as a result of the COVID-19 pandemic, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels as a result of the COVID-19 pandemic, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the COVID-19 pandemic; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping, including as a result of the Russia/Ukraine conflict; interest rate increases; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, and changes in transportation costs and delivery times; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
Investor Contact:
Ted Papapostolou, Chief Financial Officer
(305) 422-4100
SOURCE Icahn Enterprises L.P.
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