USA : 2024 in a brief

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In 2024, almost 2.24 million fully electric vehicles were registered in the United States, representing less than 1% of all registered vehicles (0.86% to be precise). The leading state remains California, which accounts for 33% of sales of these American EVs (but only 2.5% of total sales). The other early adopters are Hawaii, the District of Columbia, Washington and Nevada. At the other end of the scale, the states where EVs are making no progress are North Dakota, Mississippi and Wyoming.
Twenty-seven brands offer a total of 117 electric models, but Tesla dominates sales with the Model Y (296,059 units sold in 2023), representing 56.5% penetration. However, growing propositions from other manufacturers are gradually eating into Tesla's market share: Chevrolet registered 49,500 Bolts (5.7%), Ford 46,700 (Mustang Mach-E, F-150 Lightning and E-Transit), Hyundai 41,300 (Ioniq 5 and Kona Electric), and Mercedes-Benz 29,700 (EQS).

“M&A activity in 2024 has been steady, with longer deal timelines, even for smaller deals,” reported Brian Cruickshank, Partner of Schwartz Advisors on AftermarketNews. Among the sectors announcing transactions in 2024, parts distributors, drive-through oil change outfits, tyre dealers and general repair and mobile workshops. The partner also pointed to the spinning-off of Worldpac by Advance Auto Parts (see below), the acquisition of the Meineke repair facilities by Kian Capital and the acquisition of Dobbs Tire & Auto Centers (43 outlets in Missouri and Illinois) by the Audax Private Equity fund. 

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Advance Auto Parts completed the sale of Worldpac to the Carlyle investment fund for 1.5 billion dollars. “A pivotal moment in the simplification of our business model. This sale enables us to focus on actions to strengthen our activity, which will elevate the performance of our core operations and support our goal of delivering consistent profitable operating results,” said Shane O'Kelly, president and CEO of AAP.

In the wake of Donald Trump's re-election, the Auto Care Association (3,000 members, 150,000 companies) set out the limits and impact of the tariffs brandished by the next President towards Mexico and Canada. The United States' two biggest trading partners accounted for 58% of imports and 76% of exports of parts in 2023. The association predicted soaring repair bills for end customers, postponed maintenance and servicing, and the associated risks to vehicle safety. This will put a heavy financial burden on companies, tying up the resources and capital they need to invest elsewhere... and especially on small businesses with tight cash flow, which will see payment overruns accumulate, and their inventories dwindle.

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Genuine Parts Company (GPC) acquired Motor Parts & Equipment Corporation (MPEC) in the first half of 2024. MPEC is based in Rockford, Illinois. 

The company with nearly 100 years of history possesses 181 stores flying the colours of the GPC private label in Illinois, Indiana Iowa, Michigan, Minnesota and Wisconsin.

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The specialist truck repair distributor (and member of NEXUS Automotive International) announced the acquisition of M&D and its 41 sites. It joins VIPAR's 1,000 other distribution and repair outlets in the United States. M&D is a manufacturer, reconditioner and distributor of diesel engine components based in Humble, Texas. VIPAR Heavy Duty is riding a wave of growth and has announced other acquisitions, as well as its intention to expand in Latin America (Colombia, Central America and Mexico, where it already has 100 facilities).

OPmobility (formerly Plastic Ominium) announced plans to double its sales in the United States between 2024 and 2028. The country currently accounts for 16% of the group's consolidated sales of €2.75 billion. OPmobility has thirteen original equipment plants in the US, employing 3,500 people in the production of fuel tanks, interior and exterior components and lighting equipment. It plans to add two or three new plants over the next five years.

In the first half of the year, the Group launched its digital platform for its bproautoparts brand. The website for this alternative range (tier 2), launched in North America in 2023, includes a catalogue, search functions, cross-referencing, equipment, automatic alerts, etc., with the geolocation of American, Canadian and Mexican dealers, and a direct link to Nexpart (parts ordering network).

Sources : Aftermarketnews.com, Automotive Aftermarket.org, Aftermarket Online
 

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