Advance Auto Parts, a leading retailer of car parts, had its best quarter in a decade. Sales jumped 7.5 percent year-over-year despite the coronavirus-induced economic downturn.
"We're an essential business and it's very important for us to keep people on the road in a time like this," CEO Tom Greco told Cheddar. "We were very successful in the quarter doing that, making sure that people have what they need to repair their vehicle."
While extra unemployment benefits and stimulus checks contributed to the sales bump, Greco says broader economic trends related to the pandemic played a bigger role.
"First of all, when you have a challenging macroeconomic environment, people tend to postpone new vehicle purchases," he said.
As the existing stock of cars ages, he added, the demand for repairs and maintenance increases.
Another factor is changing transportation habits during the pandemic, such as avoiding mass transit in favor of personal vehicles due to fears of getting infected.
"People don't want to go on a subway," Greco said. "They don't want to go on a bus. Your personal vehicle is even more important at times like this."
In addition, people are using the extra time afforded by coronavirus to work on DIY or home improvement projects. This explains record sales at Home Depot and Lowe's, but it also impacts the auto part industry as consumers explore upgrades to their vehicles.
"You can't just sit in your house all day and look at a computer screen and watch Netflix," Greco said. "That's why you're seeing more people turn to things like home improvement and also car repair."
Advance Auto Parts also introduced new services at the onset of the pandemic that helped it take advantage of the changing consumer trends.
This included same-day delivery of car parts and curbside installations of simple components such as car batteries.
The company was set to market these offerings prior to the coronavirus outbreak, but it was forced to pull the commercial because it showed customers and employees interacting without masks or social distancing. Regardless, they proved beneficial in the COVID-19 era.
"That suite of services was very timely and relevant and really helped us," Greco said.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
