As the auto industry languishes, more and more people are repairing cars they might normally have traded in for new ones. Whether they do it themselves or rely on a mechanic, their old cars need new parts. Or, as Larry L. Prince might say, they need Genuine Parts.
As chairman and CEO of the nation’s largest auto parts supply company, Prince heads an organization that distributes 125,000 items through almost 6,000
“The market is so large,” says Prince, “yet it’s highly fragmented. We are the largest, yet we still have only about 5 percent of the market available to us.”
Steady but unspectacular growth has been the rule for Genuine Parts Company since it was founded in
Stockholders, however, have been pleased by Genuine Parts’ 35 consecutive years of dividend increases. In 1990, the corporation had a net income of $206.6 million, up 4 percent from 1989. That was also a 21 percent return on net worth. Genuine Parts’ largest earner (64 percent) is the Automotive Parts Group that serves 6,000
Larry Prince has been with the company since he started in the stock room of the
Though his company is doing relatively well in the recession, Prince wants to see the auto industry on its feet again. “We would rather that new cars just steadily sell. Our market begins about three years after purchase, so we want to keep the car population up.”