Factory Motor Parts Acquires Some Auto Plus Stores

Factory Motor Parts Acquires Auto Plus Stores

FMP’s new locations will have inventories for all makes and all models combined with aftermarket brands as a result of the transaction.

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.

You May Also Like

Transtar Forms NexaMotion Group

Transtar Holding Co. President and CEO Neil Sethi will lead NexaMotion Group.

Transtar Holding Co. announced the formation of NexaMotion Group.

“NexaMotion Group will include the automotive aftermarket businesses that serve automotive professionals with best-in-class parts through distribution excellence and e-commerce solutions,” according to Cleveland-based Transtar.

The new group will include Transtar Industries, Transend, C&M Auto Parts, King-O-Matic, TransMart, RECON and Pro-King Automotive Products.

Monro, The Group Announce National Supply Agreement

The national supply program will begin in several pilot areas and will expand throughout the country in future weeks.

Advance to Spin Off Worldpac as Company Reports Operating Loss

Advance also will divest its Canadian business and announced a $150 million cost-reduction program.

Fenix Parts Completes Acquisition of Brothers Auto Parts

Brothers is a full-service automotive recycler servicing the Indianapolis market.

Carquest by Advance Opens New Store in Virginia

It’s the fourth Carquest store owned by Magee Auto Parts LLC.

Other Posts

Fisher Auto Parts Acquires Berrodin Parts Warehouse

Berrodin Parts Warehouse has nine warehouse locations throughout Southeastern Pennsylvania and Northern Delaware.

Advance Shakes Up Executive Team, Launches Strategic Review

Former Home Depot exec Shane O’Kelly will take over as president and CEO effective Sept. 11.

Arnold Motor Supply Acquires Barron Motor Supply

Both century-old companies will combine to expand services for the Eastern Iowa market.

Mergers and Acquisitions Automotive Aftermarket
DealerShop Acquires Jobbers Automotive

Jobbers Automotive offers automotive paint, janitorial supplies, body shop equipment, bulk oil and WeatherTech products.