As rightfully optimistic as we all are about the incoming Trump Economy, don't forget that the Biden-Harris Economy is still, alas, in full swing:
Advance Auto Parts said Thursday it will close about 500 stores by mid-2025 and cut some jobs under a restructuring effort, as demand for vehicle parts takes a hit from fewer consumers opting to repair their cars.
The automotive industry has had a difficult second half of the year, burdened by inflationary headwinds and stiff competition from Chinese automakers putting out affordable yet feature-packed vehicles.
Come to think of it, even I haven't been out in the driveway banging around in my car as much as I used to...
I suppose all of us have been feeling the pinch from Joe Biden's Greatest Economy in the World long enough that it makes financial sense to just let the car shake, rattle and roll for as long as possible before getting it repaired. Lighter on the wallet, though not great for our cars.
Unfortunately, that's not great for businesses that rely on us repairing our own cars to make their money.
[T]he company in a regulatory filing said it was planning to close 523 corporate stores, exit 204 independent locations and shutter four distribution centers by mid-2025.
The company also "flagged headcount reductions," and said it "expects 2024 earnings from continuing operations of between a loss of 60 cents per share and breakeven."
Okay, maybe I should get out there and do a little work on the old Cutlass.
For the auto supply industry's sake.
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