Axalta Coating Systems Ltd. (NYSE:AXTA) announced that two of its wholly owned subsidiaries, Axalta Coating Systems, LLC and Axalta Coating Systems Dutch Holding B B.V. intend to offer $500.0 million in aggregate principal amount of senior unsecured notes, subject to market and other conditions, to qualified institutional buyers pursuant to Rule 144A under the Securities […]
SCA Distributes Over $30,000 of PPE Appraiser Safety Kits
In a period of 10 days, SCA Appraisal has delivered 550 Appraiser Safety Kits at no cost to members of the industry including independent appraisal suppliers, SCA franchise owners and even competitors. “The COVID-19 pandemic has impacted our entire industry and we wanted to do something to give back to those folks who make it […]
CarParts.com Opening Texas Distribution Center
U.S. Auto Parts Network, Inc. (NASDAQ: PRTS) announced it would open a new 210,000 square foot distribution center in Grand Prairie, Texas. The distribution center, slated to begin operations in late 2020, will create a minimum of 150 new jobs and $10 million in economic impact in its first 18 months alone. When operational, the […]
May Auto Sales Projected to Jump Over 50% Higher than April
Generous incentives and Memorial Day weekend sales expected to boost new vehicle sales in Edmunds Forecast. The car shopping experts at Edmunds say that generous financing offers and incentives during Memorial Day weekend helped give the auto industry a much-needed boost in May, forecasting that 1,074,542 new cars and trucks will be sold in the […]
Uni-Select Completes Refinancing with New $565 Million Credit Facilities
Uni-Select Inc. (TSE:UNS), the parent of FinishMaster, today announced that it has successfully secured new credit facilities providing access to additional liquidity on more flexible financial terms and conditions. The new $565 million secured credit facilities, which will mature on June 30, 2023, consist of a $350 million revolving credit facility and $215 million term […]
Consumer Confidence Up Slightly in May After Record Decline in April
Consumers expect the economy to improve but remain distressed. Following April’s record one-month decline, consumer confidence inched upward in May by an insignificant amount, according to the University of Michigan Surveys of Consumers. The Sentiment Index fell 27.7% below last May’s level, with the falloff in evaluations of current conditions and future prospects posting declines […]
NHTSA Issues Warning on Recalled Harbor Freight Jack Stands
Harbor Freight Tools is recalling more than 1.7 million Pittsburgh Automotive 3 Ton and 6 Ton Heavy Duty Steel Jack Stands. The jack stands may collapse under load, which can increase the risk of injury to people near or under a lifted vehicle. Owners of these jack stands are asked to immediately discontinue use due […]
Toyota and Lexus Employees Team Up for Virtual Food Drive
As the world grapples with the coronavirus pandemic, Toyota and Lexus employees didn’t let the stay-at-home orders stop them from giving back to the communities in which they serve. Employees unleashed their creativity and tapped other colleagues to execute an unprecedented initiative: a virtual food drive. How, though, to get around the basic fact that […]
Doug Middleton, Longtime I-CAR Staff Member and Volunteer, Passes Away Aged 97
World War II Navy vet, who had long career in the auto insurance industry, supported industry training activities into his 90s. Lemuel Douglas “Doug” Middleton, a long-time staff member and volunteer at the Inter-Industry Conference on Auto Collision Repair (I-CAR), passed away May 19 at the age of 97. Middleton was born January 27, 1923 […]
Universal Technical Institute Students Receive Higher Education Emergency Relief Fund CARES Act Grants
Funding will help more than 10,000 students impacted by the COVID-19 crisis. Universal Technical Institute (NYSE:UTI) announced it started distributing $17.6 million in Higher Education Emergency Relief Fund (HEERF) CARES Act stimulus grants to more than 10,000 students training for careers as technicians, welders and computer numerical control (CNC) machinists. The cash grants help students […]
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