LAKE SUCCESS, New York – Parts Authority announced that it has entered into a definitive agreement to purchase Interamerican Motor Corp. (IMC) from AutoZone.
IMC operates 26 locations across nine states and is the second-largest distributor of OE-quality import replacement parts in the United States.
“For over fifty years IMC has been committed to offering its customers a robust parts catalog sourced from hundreds of foreign-focused suppliers, including original equipment brands,” Parts Authority said in a news release.
Lake Success, N.Y.-based Parts Authority is one of the largest distributors of aftermarket automotive and truck parts in the United States.
“We are excited to add IMC to the Parts Authority platform,” said Randy Buller, president and CEO of Parts Authority. “This acquisition is an expansion of our product offerings, customer touch points and geographies. The company’s leadership in European replacement parts is a logical fit with Parts Authority’s current catalog.
“We believe the expanded inventory depth of the combined organization will significantly benefit both IMC’s existing customer base as well as Parts Authority’s customers. In addition, the IMC footprint expands Parts Authority into key new geographies of Florida, Texas, Northern California and the Pacific Northwest. As with any acquisition, we are most excited about bringing on great people. IMC’s management team and team members will add tremendous value to our organization and we are excited to welcome them into the Parts Authority family.”
AutoZone Divesting Two Businesses
IMC is one of two business segments that AutoZone is divesting. During its second-quarter earnings call, AutoZone said it also is selling AutoAnything to Kingswood Capital Management.
“Based on the results of a strategic review of our business priorities, we have determined IMC and AutoAnything serve niche markets that are not core to our strategic priorities going forward and those two businesses are being sold,” AutoZone CEO Bill Rhodes said. “We thank all the employees of IMC and AutoAnything for their contributions to our success and wish them well in the future. Exiting these two businesses will allow us to intensify our focus on our core DIY and DIFM operations both domestically and internationally, which we continue to believe are very attractive markets. As we continue to invest capital in our business, we will remain committed to our disciplined approach of increasing operating earnings and utilizing our capital effectively.”
