Advance Auto Parts is an American automotive parts retailer that sells both original equipment manufacturer (OEM) and aftermarket parts. It is headquartered in Roanoke, Virginia, and as of 2019, operated 5,229 stores in the United States, Puerto Rico, and the U.S. Virgin Islands.
The company was founded in 1932 by Richard F. Jacobs and Charles J. Dittman as Advance Stores. In 1955, it was renamed Advance Auto Supply Company after acquiring General Auto Supply Company (founded in 1925).
In September 2001, Advance Auto Parts became a publicly traded company on the New York Stock Exchange under the ticker symbol AAP. In 2013, it acquired General Parts International, Inc., a leading distributor and marketer of original equipment and aftermarket replacement parts in North America, Puerto Rico, the Caribbean and Central America for $2 billion.
Advance Auto Parts has a wide range of customers including do-it-yourselfers, professional installers and fleet customers. The company’s product offering includes batteries, electrical supplies, engine parts, maintenance items and accessories for both cars and trucks. Advance Auto Parts also offers a variety of services including battery testing and installation, wiper blade installation and engine diagnostics.
The company has been named to Fortune magazine’s list of the “World’s Most Admired Companies” for 12 consecutive years from 2009 to 2020. Advance Auto Parts is also a member of the S&P 500 Index and trades on the New York Stock Exchange under the ticker symbol AAP.
Is Advance Auto Parts a good stock to buy?
Based on its strong financial performance, history of growth, and position as a market leader, Advance Auto Parts is a good stock to buy. The company has a proven track record of delivering shareholder value through its disciplined execution of its growth strategy.