LKQ Adds Limited Lifetime Warranty to its Recycled Parts Replacement Promise
LKQ Corporation has announced a new addition to its Parts Replacement Promise warranty program for recycled products. Beginning this month, LKQ customers will have the option to select a Limited Lifetime Warranty in addition to LKQs current 6, 12, and 24 month coverage options on recycled auto parts.
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LKQ says the new warranty option for recycled parts is similar to the Limited Lifetime Warranty the company offers for Keystone Platinum Plus aftermarket products.
Both warranties guarantee parts to be free of defects in material and workmanship for as long as the original purchaser owns the vehicle, says Laurie Garcia, vice president of OEM Services and Marketing for LKQ. Our customers now have the option to purchase recycled or aftermarket parts that are guaranteed to last through the duration of ownership.
LKQs nationwide network of locations provides coverage under these warranties. For those who need remanufactured parts, LKQ says it offers high-quality remanufactured engines and transmissions that carry 3-year/,mile parts and labor coverage.
LKQ recently acquired Greenleaf Auto Recyclers LLC from Schnitzer Steel Industries Inc.
LKQ and GreenLeaf are already working together to bring our customers more auto parts and more choices," said Garcia. "Offering a Limited Lifetime Warranty to all customers is in part a result of this teamwork, and we look forward to more collaboration like this in the future.
LKQ says the warranty is also a reflection of quality control processes at LKQ and its subsidiaries: higher quality parts translate into longer warranty term options.
According to a recent study by R. L. Polk & Co., the average length of vehicle ownership has risen steadily over the past six years. As people drive their cars and trucks longer, recycled and remanufactured auto parts provide an economical and environmental solution for repairs, LKQ says.
LKQ Corporation - Company Profile, Information, Business Description, History, Background Information on LKQ Corporation
We are expanding our markets by educating the collision and mechanical repair industries, insurance providers and consumers on the quality and value of recycled auto parts, and by raising standards for customer service, warranty support and environmental compliance.
History of LKQ Corporation
LKQ Corporation is the largest supplier of used auto parts in the United States. The firm operates a network of more than 40 salvage yards where wrecked vehicles are dismantled and usable parts sold to repair shops or parts reconditioning companies. The remainder of each vehicle, including scrap metals, batteries, fluids, and tires, is sold to recycling firms. LKQ also owns a growing number of self-service facilities at which customers remove parts themselves, and sells aftermarket parts via subsidiaries Global Trade Alliance and Bodymaster.
LKQ Corporation was founded in February by former Waste Management executive Donald Flynn, who had left that firm when it was acquired by USA Waste Services, Inc. Seeking a fragmented industry to consolidate in much the same way that his former employer had done with garbage hauling, Flynn looked at several possibilities, including scrap metal, before settling on used auto parts.
This $8 billion industry consisted of an estimated 11,plus junkyards across the United States, which served more than , collision and mechanical repair shops by recycling parts from 11 million junked autos per year. Many were old, family-owned businesses, fewer than a third of which had computer inventory systems. A large number still fit the stereotypical image of a desolate place where "shade-tree mechanics" were eyed by a menacing dog while removing a part from a rusting wreck.
With financial backing from Waste Management founder H. Wayne Huizenga's new AutoNation car dealership chain (which would be one of the firm's first customers), and Waste Management cofounder and former CEO Dean L. Buntrock, Flynn began looking at acquisition targets around the United States. He sought out the best-run companies in each region, not simply the largest, as he wanted the firm to gain a reputation for the consistency and quality of used parts it offered. With this in mind, his new company took the name LKQ, which was auto industry shorthand for "like, kind, and quality," a standard designation for used parts that were considered as good as new.
Late s Acquisitions
LKQ's first purchase, in July , was Triplett Automotive Recycling of Akron, Ohio, a year old, family-owned firm. Triplett was run by Stuart P. Willen, who in over three decades in the business had developed sophisticated methods of salvaging and recycling parts, resulting in revenue growth of 20 percent-plus for seven years running. Willen was especially concerned about quality, and bought only late-model cars that had been declared "totaled" by insurance companies but still had many reusable interior, exterior, and engine parts.
Triplett's buyers would typically attend 15 wrecked vehicle auctions per week, bringing their purchases to a facility with six service bays where approximately 20 cars per day could be dismantled. All reusable parts were removed down to the bare frame, then inspected for remaining service life, reconditioned if necessary, bar-coded, entered into a computer database, and stored systematically. Other recyclers bought batteries, fluids, and tires, while the stripped hulks were flattened by an outside contractor and sold as scrap.
A team of some 20 sales representatives worked with repair shops and auto insurers in northwestern and central Ohio to sell the parts, which generally cost half as much as new ones. Popular items included engines, transmissions, fenders, front-end assemblies, doors, trunk lids, bumpers, wheels, tail and headlamp assemblies, mirrors, and axles. Key to Triplett's success was its reputation for quality, established over the years through personal relationships with customers.
Stuart Willen, like others who would sell their businesses to LKQ, received stock in the new company to help give him incentive to work hard for his firm's new owners. He took the title of vice-president of the Midwest region, and began working with Floyd to select other companies to acquire. In November the firm also hired former Waste Management COO Joseph M. Holsten to serve as CEO. The company was now busy striking deals in markets all over the United States.
In September LKQ bought its 35th parts recycling firm. Hunts Point Auto parts of the Bronx, New York, became LKQ Hunts Point, and as with most of the firm's acquisitions, existing management remained in charge of its operations. The aggregate earnings of LKQ's network now gave the firm total revenues of more than $ million. The company's facilities served three-fourths of the top 50 markets in the country, and it was in the process of setting up a number of parts distribution centers around the United States.
Some in the industry doubted that a new national conglomerate could successfully, and cost-effectively, win the hard-earned reputation for quality that the best salvage yards had built up. Though the size and national reach of a junkyard network would offer the advantages of a deeper stock of parts for a wider range of vehicles, it was as yet unclear whether customers in one part of the country would have faith that parts shipped from a supplier they did not personally know would be good.
Despite such concerns, LKQ's rapid growth began inspiring competition from several clusters of regional salvage operators, as well as, beginning in April , from a unit of Ford Motor Company called Greenleaf Acquisitions, which began assembling a similar network. In the fall of the used-parts industry got a boost when a court fined State Farm Insurance $ billion for using aftermarket parts (ones similar to original equipment but manufactured by outside companies) to repair vehicles it insured, rather than original equipment manufacturer (OEM) sourced ones.
In December LKQ announced it was offering a six month free-replacement guarantee for most parts, the longest in the industry, as well as free parts and labor for any repairs needed on many engines and transmissions. Other parts were guaranteed against rust for life. With only about 10 percent of parts purchased by repair shops coming from salvage sources, LKQ was seeking to improve this percentage with methods including the warranty upgrade and by educating the consumer and the repair industry on the value of used parts. The company was now pulling back from acquisitions to focus on integrating its network of businesses into a cohesive whole.
In early the firm signed an agreement with parts distributor Keystone Automotive Industries, Inc., to serve as its exclusive supplier of damaged alloy wheels for remanufacturing, while Keystone was named LKQ's exclusive source of remanufactured wheels for resale. The firm was also moving to form relationships with insurance companies, who were the most influential players in the auto-repair industry. LKQ was named the preferred supplier of used parts for both Allstate and Nationwide Insurance companies.
In the company's annual sales reached an estimated $ million, and though revenues ticked upward to $ million for , LKQ recorded a loss of nearly $39 million during the year. In the summer of the company, which now had 38 recycling facilities and 12 distribution centers, announced it would make an initial public offering of stock on the NASDAQ to fund further expansion and pay down debt. At this time Donald Flynn held 15 percent of the firm's stock, while Dean Buntrock had percent, and several directors owned more than 10 percent. AutoNation, Inc. held just under 10 percent, having sold half of its original 20 percent stake back to LKQ earlier in the year.
The IPO took place in October, and raised $91 million. A short time afterwards, AutoNation disposed of its remaining stake in the company. For , revenues increased to $ million, with earnings jumping to $ million.
Move into Aftermarket Parts in
In January LKQ acquired Metro East Salvage, Inc. of Caseyville, Illinois, which was located near St. Louis, Missouri, and in February the company opened a new salvage yard in Pennsylvania and bought four self-service used parts outlets in Tampa, Florida. The firm also paid $30 million to buy Global Trade Alliance, Inc. (GTA), a supplier of aftermarket replacement parts to 15 states in the Midwest. The GTA purchase marked LKQ's first move into aftermarket parts, which cost less than OEM parts, but were considered by some to be of inferior quality. The advantage to LKQ was that it could generally sell aftermarket parts in place of used ones it did not have in stock, and GTA carried many of the frequently damaged body parts it had a short supply of. The replacement parts market at this time was made up of 75 percent OEM, 13 percent aftermarket, and 12 percent recycled OEM.
Early saw the firm secure a new $75 million line of credit, and in the spring LKQ bought two self-service used parts facilities in Guatemala and one in Costa Rica, as well as Albert Lea Auto Salvage, Inc. of Minnesota. By now several GTA operations had been merged into LKQ facilities, and the company was preparing to expand sales of aftermarket parts to the East and West Coasts. Newly built "greenfield" salvage yard facilities were also in the planning stages for Texas and Louisiana.
Sales of used parts dropped during the summer when hurricanes in Florida and along the Eastern seaboard impacted the car repair business. One bright spot for the firm at this time was the increasing number of parts being sold via eBay and other online vendors.
In October the company paid $19 million for Foster Auto Parts, Inc. of Portland, Oregon, which operated seven self-service used auto parts facilities in Oregon and Washington. This segment of the market, in which customers removed their own parts from wrecked vehicles, was a new growth area for the industry. The cars involved were typically older models, which were not generally worth the time it took to fully disassemble. A rival firm called Pick-n-Pull had already built a chain of nearly 30 such operations. For , LKQ's revenues topped out at just under $ million, while earnings hit $ million.
In early the company bought East Coast aftermarket auto parts supplier Bodymaster Auto Parts, Inc. for $ million. Bodymaster served customers in New Jersey, Delaware, Philadelphia, Baltimore, and Washington, D.C. The firm also boosted its credit facility to $ million, with options for further increases. In April LKQ acquired A&R Auto Parts, Inc., operator of a salvage yard near Duncan, South Carolina, and a few weeks later bought a self-service auto parts operation near Memphis, Tennessee.
In seven short years LKQ Corporation had built up the largest network of automotive salvage yards in the United States, one that gave it a presence in the majority of the country's top markets. In addition to selling used parts, the company was expanding the amount of aftermarket parts it offered, as well as boosting the number of "remove-it-yourself" used parts facilities.
Principal Subsidiaries: Bodymaster Auto Parts, Inc.; Global Trade Alliance, Inc.; LKQ Holding Co.; Damron Holding Company LLC.
Principal Competitors: Greenleaf Auto Recyclers; Quality Replacement Parts (QRP); Schnitzer Steel Industries, Inc.
- Key Dates:
- Donald Flynn founds LKQ Corporation to buy auto salvage yards.
- Acquisitions reach
- Company completes its initial public offering (IPO) on the NASDAQ.
- Sales of aftermarket parts begin with acquisition of Global Trade Alliance.
- Public Company
- Employees: 2,
- Sales: $ million ()
- Stock Exchanges: NASDAQ
- Ticker Symbol: LKQX
- NAIC: Automotive Parts and Accessories Stores
- "Auto Parts Recycler Files to Make $75 Mln IPO," AFX International Focus, July 29,
- Blumberg, George P., "Junkyards Discard an Image, and the Scary Dogs, Too," New York Times, October 23, , p. 9.
- Bowen, Bill, and Bill Hornaday, "Texas Auto Salvage Yards Merge to Compete with Large National Chains," Fort Worth Star-Telegram, March 3,
- Daniels, Steve, "Waste Alums Aiming to Clean Up," Crain's Chicago Business, October 18, , p. 1.
- Danner, Patrick, "AutoNation Quietly Unloads Shares in Chicago-Based Salvage Firm," Miami Herald, October 31,
- Goodrich, Melissa, "Dismantling a Way of Life?," Recycling Today, October,
- Griggs, Ted, "Livingston Facility No Junkyard; LKQ Corp. Tries to Keep Pace As Its Revenue Grows," Baton Rouge Advocate, February 10, , p. 1D.
- Jordan, Gregory, "Guy Here Needs a Part. Guy Over There Has It," New York Times, October 27, , p.
- "LKQ Corporation Acquires East Coast Aftermarket Business, Increases Credit Facility," Reuters Significant Developments, February 1,
- "LKQ Corporation Acquires Global Trade Alliance, Inc., Enters New Credit Facility," Reuters Significant Developments, February 23,
- McMorris, Frances, "Auto Parts Recycler Aims for NASDAQ," Daily Deal, July 29,
- Price, Dudley, "Salvage Business Growing Up," News & Observer, Raleigh NC, May 8, , p. D1.
- Taylor, Brian, "On the Fast Track," Recycling Today, September, , p.
- , "Road Worthy," Recycling Today, September,
- Whiteman, Lou, "LKQ Makes Strong Debut," Daily Deal, October 6,
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Used Auto Parts Store
LKQ Parts Quality N' Warranty
By shopping at Automotix, you guarantee yourself the finest in LKQ quality used parts. Every auto part you order from us comes with our standard LKQ one-year warranty. The benefits of our unbeatable one-year warranty are vast, and our promise of quality doesn't stop there. Automotix also treats our customers with quality, and offer free shipping and handling on all LKQ parts ordered. This is an industry taboo, but something we consider to be standard practice
Save money on your LKQ Used Parts
When ordering from Automotix, there's always money to be saved. Not only do we offer the best prices in the industry, but if you order multiple auto parts from us, you'll receive some great savings via our accumulative discount: The more you buy, the more you save.
We're positive that you'll find the best prices at Automotix. In fact, we're so confident that we run a day price-match guarantee on all parts sold by Automotix. There's no hidden agenda or read-between-the-lines rhetoric to contend with - if you can find the part anywhere for less than what Automotix is charging - with our quality and warranty features - we'll make up the difference.
Shopping here and receiving an OEM used part guarantees that you'll save both time and money.
Help The Environment - Buy LKQ PartsThe United States is one of the largest producers of non-degradable scraps. As citizens, we owe it to ourselves to do our part to reverse this trend - by purchasing LKQ recycled parts you are helping to repair the environment. We want to educate you, the consumer, about the importance of buying LKQ recycled parts. By helping the automobile dismantling industry to increase utilization of recycled used parts, you are helping your own cause. So next time you break a taillight, headlight, bumper, wheel, or an engine, think LKQ first.
LKQ Used Parts Catalog
We offer top-of-the-line LKQ auto and truck parts including original Motors, Transmissions, Front/Rear Bumper Assemblies, Headlamps, Manual/Power Door Mirrors, Air Bags, OEM Wheel Rims, Trunk Lids/Tailgates, Steering Columns, Quarter Windows, Front/Rear Axle Beams, and numerous other car and truck parts that you can easily find by browsing our online catalog. All in all, we're offering over two hundreds different LKQ part categories and components. From Domestic, Import, German to Japanese models, we have any and everything you're looking for. And if you can't find it in our online catalog, simply give us a call or fill out our part locating form we'll search the part for you!
Shipping LKQ Parts (US and Internationally)
We ship our LKQ parts for cars and trucks to anyplace in the US, Canada and various international locations. We offer FREE Shipping within the continental 48 US States. With Automotix, there are no third party fees, shipping fees or mark ups -- We do not profit on delivery charges. These savings are passed on to you, the consumer. Now you can buy directly from the source of the LKQ auto parts.
Shopping Online for LKQ Parts
Buying LKQ used parts online has just become easier and safer. At Automotix.net simply use our drop down menus to select your vehicle make, model, year and the part name or category. There is no easier way to find the LKQ parts that you want than with Automotix. Not only is the searching fast and effortless so is the rest, with fast shipping and low price guarantee your search is over and the fun can begin. You will not only find the best deal but also have it at your doorstep in record time. After finding the part you desire, checking out will make your day. We want your online shopping to be worry-free, so we use the most advanced online ordering security system available. All of your personal information, including your credit card number, is encrypted by SSL. We accept all major credit cards, checks and money orders.
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