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CSK Auto

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CSK Auto, Inc.
Founded1992; 32 years ago (1992)
DefunctApril 1, 2008; 16 years ago (2008-04-01) (brands phased out and eliminated within 3 years of purchase)
FateAcquired by O'Reilly Auto Parts
HeadquartersPhoenix, Arizona, United States
WebsiteArchive of CSK Auto corporate site at the Wayback Machine (archived July 27, 2008)

CSK Auto, Inc. was a specialty retailer of automotive parts and accessories in the western United States. CSK Auto became a publicly traded company in March 1998, headquartered in Phoenix, Arizona, and grew through a combination of acquisitions and organic growth. It was acquired in 2008 by O'Reilly Automotive.[1]

The company took its name from the initials of its three auto parts chains, Checker Auto Parts, Kragen Auto Parts, and Schuck's Auto Supply.[2]

Operations

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As of January 29, 2006, CSK operated 1,273 stores in 22 states spanning from Hawaii to Ohio, with principal concentration of stores in the Western United States. CSK operated its stores under four brand names:

  • Checker Auto Parts, founded in 1969 in Phoenix, Arizona by Jacob Edward Henegar, with 442 stores in the Southwestern, Rocky Mountain, and Northern Plains states and Hawaii.
  • Schucks Auto Supply, founded in 1917, with 226 stores in the Pacific Northwest and Alaska.
  • Kragen Auto Parts, founded in 1947 by Al Kragen. Kragen Auto Parts had 493 stores, primarily in California.
  • Murray's Discount Auto Stores, founded in 1972, with 112 stores in the Upper Midwest.

In the mid-2000s, CSK operated five value concept retail stores under the Pay N Save brand name in and around Phoenix, Arizona. These stores sold primarily tools, hardware, sporting goods, housewares and other household goods, and seasonal items. To try and increase the tool business CSK built six stores that combined both auto parts and tools in Michigan, Colorado, Washington, and Arizona. The company ceased operations of the Pay N Save stores on August 26, 2007.

CSK sponsored major league baseball in major markets throughout its trade areas,[3] the 2Xtreme Racing monster truck team and the funny car driven by Del Worsham in the National Hot Rod Association. CSK was designated the Official Auto Parts Store of the NHRA.[4][5]

CSK served both the do-it-yourself ("DIY") and the commercial installer, or do-it-for-me ("DIFM"), customer. The DIY market, which comprises customers who typically repair and maintain vehicles themselves, was the foundation of the business. The DIFM market comprised auto repair professionals, fleet owners, governments and municipalities.

History

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CSK Auto was formed after a series of acquisitions in the auto parts space. In December 1983, the Pay 'n Save discount retail chain acquired Schuck's Auto Supply.[6] The merger was finalized on January 1, 1984.[7]

In December 1986, Lucky Stores announced it had sold its Checker Auto Parts and Kragen Auto Parts subsidiaries to the Northern Pacific Corporation, which also operated Schuck's. The combined entity operated 95 Schuck's stores in Oregon, Washington and Idaho, 175 Kragen stores in California and Nevada, and 202 Checker stores across 12 Western states.[8]

In 1996, Investcorp acquired a controlling interest in CSK Auto.[9] CSK announced in December 1997 that it had filed with the SEC to go public through an initial public offering.[10] The stock debuted in March 1998.[11]

CSK Auto experienced growth through a combination of acquisitions and a program of store construction and expansion.[12] In 1997, CSK acquired 81 Trak Auto stores in Southern California, converting them to the Kragen name and product mix.[13][14] This led to an extremely productive year in 1998, as annual sales broke the $1 (~$2.00 in 2023)-billion barrier for the first time, and the company opened, expanded, or relocated a total of 130 more stores.

In June 1999, CSK acquired 86 Big Wheel/Rossi Auto Parts stores in Minnesota, North Dakota, and Wisconsin.[15] By August, CSK Auto operated 926 stores in 17 states under the Checker, Schuck's, Kragen and Big Wheel/Rossi names.[16] In October, CSK completed its acquisition of 194 Al's and Grand Auto Supply stores in Washington, California, Idaho, Oregon, Nevada, and Alaska.[17][18][19]

In January 2000, and Advance Auto Parts announced a partnership to launch PartsAmerica.com, an automotive parts and accessories e-commerce platform that served all 50 states.[20] To strengthen its position in the Northern Plains states, in April, CSK purchased All-Car Distributors, operators of 21 stores in Wisconsin and one in Michigan.[21][22] These stores operated under the Checker banner.

In December 2005, CSK acquired Murray's, Inc. and its subsidiary, Murray's Discount Auto Stores. The 110 Murray's automotive-part and accessory retail stores in Michigan, Illinois, Ohio, and Indiana retained the Murray's name and operating model.[23]

On April 1, 2008, O’Reilly Automotive, Inc. signed a deal to acquire all of CSK's common stock for approximately one billion dollars, including $500 million (~$695 million in 2023) of debt.[1] Starting in 2009, O'Reilly gradually rebranded Checker Auto Parts, Schucks Auto Supply, and Kragen Auto Parts stores as O'Reilly Auto Parts stores during a multi-year process that was finally completed in 2011.[24]

On March 5, 2009 the SEC filed a civil injunction against four former members of CSK Auto. The former members were charged with accounting fraud for the years of 2002, 2003, and 2004.[25][26]

References

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  1. ^ a b Fineman, Josh (April 1, 2008). "O'Reilly Automotive to Buy CSK Auto for $528 Million". Bloomberg. Archived from the original on November 26, 2014.
  2. ^ "CSK Auto expects $100M from IPO - ProQuest". www.proquest.com (Vol. 35, Iss. 15 ed.). New York: Discount Store News. August 5, 1996. Retrieved 2024-09-11.
  3. ^ "CSK Auto Offers 'Ultimate Baseball Road Trip'". Business Wire (Press release). June 25, 2007 – via The Free Library.
  4. ^ "NHRA sponsors". Archived from the original on 1999-08-24. Retrieved 2012-01-28.
  5. ^ "NHRA sponsors". Archived from the original on 2008-05-15. Retrieved 2012-01-28.
  6. ^ "Pay'n Save Bid". The New York Times. December 8, 1983. Retrieved September 11, 2024.
  7. ^ "Schuck's Head Bullish On Pay 'n Save Merger". The New York Times. December 27, 1983. Retrieved September 11, 2024.
  8. ^ "Lucky to Sell Car Parts Unit". The New York Times. December 2, 1986. Retrieved September 11, 2024.
  9. ^ "INVESTCORP AGREES TO BUY 51% OF CSK AUTO". The New York Times. October 9, 1996. Retrieved September 10, 2024.
  10. ^ Archives, L. A. Times (1997-12-31). "Auto Parts Seller CSK Plans Stock Offering". Los Angeles Times. Retrieved 2024-09-11.
  11. ^ Chervitz, Darren (March 12, 1998). "IPO Daily Report: CSK Auto rises 18% in debut". Market Watch. Retrieved September 11, 2024.
  12. ^ "Checker Auto to be bought by Schuck's". Spokane Chronicle. (Washington). Associated Press. December 2, 1986. p. A13.
  13. ^ "Trak Auto to Sell 80 California Stores". Los Angeles Times. October 8, 1997.
  14. ^ "CSK buys Trak Auto's So. Calif. stores". Phoenix Business Journal. December 10, 1997.
  15. ^ "CSK Auto Corporation Completes Acquisition of Big Wheel/Rossi Auto Parts Stores". www.theautochannel.com. July 1, 1999. Retrieved 2024-09-11.
  16. ^ "COMPANY NEWS; CSK AUTO TO BUY PACCAR'S PARTS SUBSIDIARY". The New York Times. August 24, 1999. Retrieved September 10, 2024.
  17. ^ "CSK Auto To Buy Paccar's Parts Subsidiary". The New York Times. August 24, 1999.
  18. ^ "CSK Auto Corporation to Acquire Grand Auto Supply and Al's Auto Supply". The Auto Channel. August 23, 1999.
  19. ^ Lane, Polly (August 23, 1999). "Eastside Business -- Paccar To Sell Auto-Parts Unit, Focus On Trucks". The Seattle Times. Archived from the original on November 4, 2013.
  20. ^ "CSK Auto and Advance Auto Parts Partner With Sequoia Capital". Tech Monitor. 2000-01-09. Retrieved 2024-09-11.
  21. ^ "CSK Auto Corporation to Acquire All-Car Distributors, Inc". The Auto Channel. March 13, 2000.
  22. ^ "CSK Auto Corporation to Acquire All-Car - ProQuest". www.proquest.com. March 13, 2000. Retrieved 2024-09-11.
  23. ^ "CSK Auto Corp. Completes Purchase of Murray's Discount Auto Stores". AftermarketNews. December 20, 2005. Retrieved September 11, 2024.
  24. ^ Bond, Andrew (April 29, 2011). "Can O'Reilly Keep Its Growth Up?". The Motley Fool.
  25. ^ "Martin G. Fraser, Don W. Watson, Edward W. O'Brien, and Gary M. Opper: Lit. Rel. No. 20933A / March 6, 2009". Securities and Exchange Commission. March 6, 2009. Retrieved 2012-01-28.
  26. ^ "Complaint for Violations for of Section 304 of the Sarbanes-Oxley Act of 2002 - Case 2:09-cv-01510-JWS / July 22, 2009" (PDF). Securities and Exchange Commission. July 22, 2009. Retrieved 2012-01-28.
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