Auto Parts Retailer Love Triangle Reaches $1B With Icahn Once Again Topping Bridgestone In Bid For Pep Boys
Pep Boys Concedes That Icahn’s Offer May Be “Superior” To Bridgestone, Will Explore The Deal Further
When Dollar General entered an unsolicited billion dollar bid for Family Dollar last year, the smaller company said thanks but no thanks. The latest merger-love triangle appears to be taking a different path: auto parts retailer Pep Boys seems to be mulling the idea of ditching its already agreed upon deal with Bridgestone in favor of more money from Auto Plus owner Icahn Enterprises. [More]
Love triangles are generally a plot device used in movies and television shows to keep viewers’ eyes glued to the screen, screaming for their preferred suitor to win out. Recently, though, the messy affairs have infiltrated the mergers and acquisitions realm with the months-long dollar store war – Dollar General and Dollar Tree fighting over Family Dollar. Today, that trend continued with the company behind Auto Plus offering to buy the already betrothed Pep Boys retail operations out from under Bridgestone. [More]
Just as federal regulators caution that it could take years before the nearly 34 million recalled vehicles equipped with Takata airbags that can spew shrapnel upon deployment are replaced, the Japanese auto parts maker says it expects to speed up its output of replacement parts by year’s end. [More]
The largest criminal antitrust investigation in the history of the Justice Department just got larger. It has nothing to do with telecommunications or giant mergers or any exotic items, though; it’s all about auto parts. A worldwide price-fixing and bid-rigging conspiracy related to those auto parts has resulted in 27 guilty pleas and over $2.3 billion in fines — and the investigation is still underway.
Ever heard of price-fixing chocolate? How about fish or rubber shoes? Those are just a few of the price-fixing schemes found by competition authorities in a record-breaking year of anti-trust abuse. [More]
While the House Committee on Oversight & Government Reform was busy raking Toyota’s chief executives over the coals in Washington, D.C., on Wednesday, Federal agents in Detroit were going all Untouchables-like at the offices of three auto parts suppliers, including one company owned in part by Toyota.
AutoZone is recalling 140,000 faulty Valucraft booster cables because the clamps were assembled incorrectly, “resulting in reverse polarity and causing an electrical shock and explosion hazard,” according to the CPSC. The official statement says that “AutoZone has received reports of four incidents of reverse polarity that resulted in minor property damage.”
“They always get you on the floormats.” Pricing out a car online before visiting a dealership, and seeing the range of options available, is a no-brainer. But before you drop the coin on options like floormats, mudflaps, trunk nets, or whatever other easy-installation options strike your fancy, check eBay. Auto dealerships’ parts departments are actually selling the same items on eBay, at a discount to the marked-up rates they charge new-car buyers.