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, Bloomberg Law reports.
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.
