Latest news with #FleetPride
Yahoo
09-06-2025
- Automotive
- Yahoo
Parts supplier FleetPride's debt rating cut by Moody's, outlook still negative
Aftermarket truck parts distributor FleetPride's debt rating has been downgraded by Moody's, and the accompanying commentary by the agency is both pessimistic and critical of the company's finances. The downward move Thursday in what Moody's (NYSE: MCO) calls its corporate family rating (CFR) took the company's rating to Caa1 from B3. That B3 rating had been in place since January 2019, when Moody's first rated FleetPride's basis for the downgrade was not all financial. Moody's also took a swipe at FleetPride's governance. In addition to reducing the debt rating, Moody's kept a negative outlook on the company. That outlook was put in place in August 2024.A downgrade in a company's rating often occurs after a previous move to a negative outlook. But the downgrade also more often than not is accompanied by a concurrent lifting of the negative outlook to stable. That did not occur with Moody's action on FleetPride. S&P Global Ratings (NYSE: SPGI) has a B- rating on FleetPride. On a comparative basis, that is considered one notch higher than the new Caa1 rating Moody's has on the parts provider. The S&P outlook on FleetPride is stable, creating a significant difference between the two agencies: S&P's rating is a notch above Moody's and the outlook is stable, contrasting with Moody's lower rating and negative outlook. Both ratings are deep into speculative territory. In the case of Moody's, Caa1 is seven notches less than the cutoff between speculative and investment-grade debt. For S&P, it's six notches. The Moody's downgrade also reduced the rating on a senior secured second-lien term loan to Caa3 from Caa2, further down the scale from the CFR.'The ratings downgrades reflect our expectations that despite efforts to improve operating results, the company will continue to operate with very high leverage, low interest coverage and weak liquidity attributed to ongoing negative free cash flow,' Moody's said in its report. 'Further, the company faces looming debt maturities that if not addressed timely will result in an untenable capital structure.' The governance issue raised by Moody's targets 'aggressive financial strategies and risk management practices' that have 'resulted in high financial leverage and weak liquidity.' That reduced a metric used by Moody's – the credit impact score – being reduced to CIS-5 from CIS-4. The reduction reflects 'these risks and a track record that has failed to adequately address the declining operating results that cannot support the existing capital structure.' FleetPride is owned by private equity company American Securities. A request for comment by FleetPride had not been responded to by publication time. The reports of the ratings agencies on their actions do not generally disclose a large amount of financial data. Moody's did disclose that revenue at FleetPride was $1.8 billion in the 12 months ended March 31. But the most important number in the reports is the ratio of debt to earnings before income, taxes, depreciation and amortization. Moody's described FleetPride's debt-to-EBITDA ratio as reflecting 'very high financial leverage and weak liquidity.' The ratings agency said it expects that ratio to decline from the 9.6X level it stood at following the close of the first quarter but that the decrease would be 'modest.' The ratio is 'unsustainably high,' the Moody's report said. FleetPride has 'ongoing' negative free cash flow and 'continued reliance' on its asset-backed revolving line of credit 'as the company works to improve operating results.'FleetPride is also facing a need to refinance the $225 million second-lien term loan before Nov. 5, 2026. That is the debt issue that received a downgrade to two notches less than the CFR rating. If the company cannot refinance that loan, according to Moody's, it will trigger maturity of a first-term loan and the asset-backed revolving credit line. The weak truck market did not go unremarked in the Moody's commentary. 'FleetPride is exposed to cyclical end markets and results are largely tied to trucking and freight activity in the US,' it said. 'The level of freight volume is a strong indicator of overall fleet usage and thus the need for fleet operators to purchase replacement parts. The extended downturn results in a reduced need for replacement parts and operators pulling back on maintenance spending.' But the Moody's report said FleetPride is performing somewhat better than the trucking market as a whole. 'The company continues to modestly outperform broader industry trends with growth driven by increasing smaller accounts, e-commerce and private label offerings,' it said. Moody's, in a description of the FleetPride business, said it 'distributes brand name heavy-duty vehicle parts and select private label brands through five distribution centers and over 300 branches nationwide.' It also supplies a 'limited range of remanufactured products' and some repair services. More articles by John Kingston BMO's Q2 earnings show no improvement in credit conditions for trucking One-day stock slide at Proficient may be tied to somewhat bearish investor presentation Truck transportation jobs up year over year for first time since 2023: BLS The post Parts supplier FleetPride's debt rating cut by Moody's, outlook still negative appeared first on FreightWaves. Sign in to access your portfolio
Yahoo
22-05-2025
- Business
- Yahoo
Leading Brands Use Coveo AI to Transform their Ecommerce Product Discovery and Accelerate Revenue Growth
Caleres, FleetPride, and Freedom Furniture Leverage Coveo AI-Search to Personalize Product Discovery and Boost Conversions MONTREAL, LONDON and NEW YORK, May 22, 2025 /CNW/ - Coveo, the leader in AI-Relevance, delivering best-in-class AI-search and generative experiences that maximize business outcomes at every point-of-experience, today announced that leading business-to-consumer and business-to-business brands Caleres, FleetPride, and Freedom Furniture are leveraging its AI-RelevanceTM platform to transform online experiences, boost conversions, and unlock new growth opportunities. By delivering relevant, personalized interactions across the entire customer journey, Coveo empowers businesses to delight consumers and drive significant revenue gains. The Coveo 2025 Commerce Relevance report, a survey of 4,000 adults across the US and UK, found that 77% of shoppers research online before buying, even if they buy in-store, and 43% of those surveyed said if they have a goal in mind they head to the search bar. This represents a huge opportunity for companies to win big or lose big as, if search falls short, the report found that 72% of shoppers will leave, with 36% going straight to a competitor. Coveo equips companies with AI-search to enhance engagement through intelligent, tailored experiences that reduce friction and deepen loyalty. "Too often, online experiences are frustrating and unproductive for customers. In today's digital landscape, businesses win or lose based on the precision, speed, and intelligence of their online experience," said Peter Curran, GM of Commerce at Coveo. "Coveo is proud to partner with leading brands who are transforming their digital experiences with AI-search to deliver the relevance and personalization that their customers demand – and who have the impressive business metrics to prove that these efforts drive significant revenue growth." Caleres Steps into the Future of Ecommerce with Advanced Search and Discovery Caleres is one of the most successful shoe retailers you've never heard of. The multi-billion St. Louis-based parent of Famous Footwear, Sam Edelman, Dr-Scholls, Vince and Veronica Beard traces its history to pre-Civil War, navigating more than 140 years of business by staying one step ahead of an ever-changing industry. An early adopter of the web, Caleres witnessed the trends and growth of ecommerce take shape. A few years ago they identified that their search and discovery technology was not optimized to handle a complex catalog of more than 600,000 SKUs organized by color, size, width, and store availability. They were unable to adjust, test, or access data regarding on-site search, product listing pages, and product recommendations. Finally, they relied on thousands of manual rules that were time-consuming and difficult for merchandisers to maintain. For the evolution of their next generation ecommerce experience, they chose Coveo's AI platform to power their search and experience layer. Reported results with Coveo over measured period: 21% increase in revenue YoY 25% increase in conversion rate FleetPride Accelerates Customer Service and Drives Revenue with Enhanced Digital Presence and Data-Driven Insights In trucking, downtime is a liability costing thousands of dollars a day. Founded in 1999, FleetPride is North America's largest distributor of truck and trailer parts and service in the independent heavy duty aftermarket. FleetPride's 4000 experts across 300+ locations, 85+ service centers, and five distribution centers help customers find the products they need — as quickly as possible. But FleetPride needed to catch up with its digital presence. Its website was failing to serve its customers, who needed an exact part number to order an item online. FleetPride's siloed system of tracking inventory offline and online meant that customers often had limited visibility into stock availability or price. Adding to the problem, FleetPride's website included a sprawling inventory of over one million parts and accessories. With Coveo's artificial intelligence technology solutions and a better understanding of their customers, FleetPride was able to boost customer engagement, deflect customer cases, and create more sales opportunities through customized shopper experiences. Reported results with Coveo over measured period: 7% increase in revenue per visit for sessions 9.6% increase in conversion rate 27% increase in search engagement Freedom Furniture Reimagines Retail with Intelligent Search and Product Discovery Freedom Furniture has long been a trusted name in Australian and New Zealand homes, offering stylish, personalized pieces that cater to every taste and lifestyle. With over 60 stores and more than 40 years of excellence, the company has earned its reputation as a leader in furniture and homewares. Today, Freedom is rewriting the rules of retail with a bold digital transformation. By revamping its ecommerce platform, integrating a dropshipping model, and adopting AI-driven search and product discovery, the company has redefined both its in-store and online shopping experiences. These changes combined with innovative omnichannel strategies, ensure Freedom is delivering a customer-centered experience, offering an endless aisle of possibilities and limitless choice. Reported results with Coveo in the first 30 days: 5.5% uplift in average order value (AOV) 15% increase in customer sessions with search 50% decrease in merchandising effort By providing customers with the right information at the right time, Coveo empowers businesses to create exceptional online experiences that drive customer satisfaction, foster long-term loyalty, and directly impact the bottom line. Discover Coveo AI CX solution at About CoveoCoveo brings superior AI-Relevance to every point-of-experience, transforming how enterprises connect with their customers and employees to maximize business outcomes. Relevance is about moving from persona to person, the degree to which the enterprise-wide content, products, recommendations, and advice presented to a person online aligns easily with their context, needs, preferences, behavior and intent, setting the competitive experience gold standard. Every person's journey is unique, and only AI can solve the complexity of tailoring experiences across massive, diverse audiences and large volumes and variety of content and products. Our Coveo AI-Relevance™ Platform enables enterprises to deliver hyper-personalization at every point-of-experience, unifying all their data securely, with the highest level of contextual and prescriptive accuracy while simultaneously optimizing business outcomes. Coveo brings AI-Relevance to the digital experiences of many of the world's premier and most innovative brands, serving millions of people across billions of interactions. What we believe is bold: Digital is everywhere, Relevance is not. It's the only way to win in the digital age. The Coveo AI-Relevance Platform is ISO 27001 and ISO 27018 certified, SOC2 compliant, HIPAA compatible, with a 99.999% SLA available. We are a Salesforce ISV Partner, an SAP EndorsedⓇ App, AWS ISV Accelerate Program member, an Adobe Gold Partner, MACH Alliance member, Optimizely Partner, Shopify Partner, and a Genesys AppFoundryⓇ ISV is a trademark of Coveo Solutions Inc. Stay up to date on the latest Coveo news and content by subscribing to the Coveo blog, and following Coveo on LinkedIn and YouTube. Forward-Looking Information This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"). This forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "might", "will", "achieve", "occur", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", "continue", "target", "opportunity", "strategy", "scheduled", "outlook", "forecast", "projection", or "prospect", the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. In addition, any statements that refer to expectations, intentions, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Case Studies Data Reported metrics estimates in customer stories were formulated after A/B testing and reflect the estimated benefits to the selected customers based on feedback received from such customers and data reported by them for periods selected. These estimates are limited by the scaling factors of extrapolating these results from the specific project scope of each deployment across the customer's business and/or project. Time periods used to formulate the estimates may vary between customers and depend on each customer's own situation, use case and deployment. The definitions of the performance indicators used herein, and how they are calculated and reported, may also vary between customers, and therefore, actual and reported results achieved by customers may vary between customers. View original content to download multimedia: SOURCE Coveo Solutions Inc. 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Cision Canada
22-05-2025
- Business
- Cision Canada
Leading Brands Use Coveo AI to Transform their Ecommerce Product Discovery and Accelerate Revenue Growth
Caleres, FleetPride, and Freedom Furniture Leverage Coveo AI-Search to Personalize Product Discovery and Boost Conversions , May 22, 2025 /CNW/ - Coveo, the leader in AI-Relevance, delivering best-in-class AI-search and generative experiences that maximize business outcomes at every point-of-experience, today announced that leading business-to-consumer and business-to-business brands Caleres, FleetPride, and Freedom Furniture are leveraging its AI-Relevance TM platform to transform online experiences, boost conversions, and unlock new growth opportunities. By delivering relevant, personalized interactions across the entire customer journey, Coveo empowers businesses to delight consumers and drive significant revenue gains. The Coveo 2025 Commerce Relevance report, a survey of 4,000 adults across the US and UK, found that 77% of shoppers research online before buying, even if they buy in-store, and 43% of those surveyed said if they have a goal in mind they head to the search bar. This represents a huge opportunity for companies to win big or lose big as, if search falls short, the report found that 72% of shoppers will leave, with 36% going straight to a competitor. Coveo equips companies with AI-search to enhance engagement through intelligent, tailored experiences that reduce friction and deepen loyalty. "Too often, online experiences are frustrating and unproductive for customers. In today's digital landscape, businesses win or lose based on the precision, speed, and intelligence of their online experience," said Peter Curran, GM of Commerce at Coveo. "Coveo is proud to partner with leading brands who are transforming their digital experiences with AI-search to deliver the relevance and personalization that their customers demand – and who have the impressive business metrics to prove that these efforts drive significant revenue growth." Caleres Steps into the Future of Ecommerce with Advanced Search and Discovery Caleres is one of the most successful shoe retailers you've never heard of. The multi-billion St. Louis-based parent of Famous Footwear, Sam Edelman, Dr-Scholls, Vince and Veronica Beard traces its history to pre-Civil War, navigating more than 140 years of business by staying one step ahead of an ever-changing industry. An early adopter of the web, Caleres witnessed the trends and growth of ecommerce take shape. A few years ago they identified that their search and discovery technology was not optimized to handle a complex catalog of more than 600,000 SKUs organized by color, size, width, and store availability. They were unable to adjust, test, or access data regarding on-site search, product listing pages, and product recommendations. Finally, they relied on thousands of manual rules that were time-consuming and difficult for merchandisers to maintain. For the evolution of their next generation ecommerce experience, they chose Coveo's AI platform to power their search and experience layer. 21% increase in revenue YoY 25% increase in conversion rate FleetPride Accelerates Customer Service and Drives Revenue with Enhanced Digital Presence and Data-Driven Insights In trucking, downtime is a liability costing thousands of dollars a day. Founded in 1999, FleetPride is North America's largest distributor of truck and trailer parts and service in the independent heavy duty aftermarket. FleetPride's 4000 experts across 300+ locations, 85+ service centers, and five distribution centers help customers find the products they need — as quickly as possible. But FleetPride needed to catch up with its digital presence. Its website was failing to serve its customers, who needed an exact part number to order an item online. FleetPride's siloed system of tracking inventory offline and online meant that customers often had limited visibility into stock availability or price. Adding to the problem, FleetPride's website included a sprawling inventory of over one million parts and accessories. With Coveo's artificial intelligence technology solutions and a better understanding of their customers, FleetPride was able to boost customer engagement, deflect customer cases, and create more sales opportunities through customized shopper experiences. Reported results with Coveo over measured period: 7% increase in revenue per visit for sessions 9.6% increase in conversion rate 27% increase in search engagement Freedom Furniture Reimagines Retail with Intelligent Search and Product Discovery Freedom Furniture has long been a trusted name in Australian and New Zealand homes, offering stylish, personalized pieces that cater to every taste and lifestyle. With over 60 stores and more than 40 years of excellence, the company has earned its reputation as a leader in furniture and homewares. Today, Freedom is rewriting the rules of retail with a bold digital transformation. By revamping its ecommerce platform, integrating a dropshipping model, and adopting AI-driven search and product discovery, the company has redefined both its in-store and online shopping experiences. These changes combined with innovative omnichannel strategies, ensure Freedom is delivering a customer-centered experience, offering an endless aisle of possibilities and limitless choice. Reported results with Coveo in the first 30 days: 5.5% uplift in average order value (AOV) 15% increase in customer sessions with search 50% decrease in merchandising effort By providing customers with the right information at the right time, Coveo empowers businesses to create exceptional online experiences that drive customer satisfaction, foster long-term loyalty, and directly impact the bottom line. Discover Coveo AI CX solution at About Coveo Coveo brings superior AI-Relevance to every point-of-experience, transforming how enterprises connect with their customers and employees to maximize business outcomes. Relevance is about moving from persona to person, the degree to which the enterprise-wide content, products, recommendations, and advice presented to a person online aligns easily with their context, needs, preferences, behavior and intent, setting the competitive experience gold standard. Every person's journey is unique, and only AI can solve the complexity of tailoring experiences across massive, diverse audiences and large volumes and variety of content and products. Our Coveo AI-Relevance™ Platform enables enterprises to deliver hyper-personalization at every point-of-experience, unifying all their data securely, with the highest level of contextual and prescriptive accuracy while simultaneously optimizing business outcomes. Coveo brings AI-Relevance to the digital experiences of many of the world's premier and most innovative brands, serving millions of people across billions of interactions. What we believe is bold: Digital is everywhere, Relevance is not. It's the only way to win in the digital age. The Coveo AI-Relevance Platform is ISO 27001 and ISO 27018 certified, SOC2 compliant, HIPAA compatible, with a 99.999% SLA available. We are a Salesforce ISV Partner, an SAP EndorsedⓇ App, AWS ISV Accelerate Program member, an Adobe Gold Partner, MACH Alliance member, Optimizely Partner, Shopify Partner, and a Genesys AppFoundryⓇ ISV is a trademark of Coveo Solutions Inc. Stay up to date on the latest Coveo news and content by subscribing to the Coveo blog, and following Coveo on LinkedIn and YouTube. Forward-Looking Information This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"). This forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "might", "will", "achieve", "occur", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", "continue", "target", "opportunity", "strategy", "scheduled", "outlook", "forecast", "projection", or "prospect", the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. In addition, any statements that refer to expectations, intentions, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates, and projections regarding future events or circumstances. Case Studies Data Reported metrics estimates in customer stories were formulated after A/B testing and reflect the estimated benefits to the selected customers based on feedback received from such customers and data reported by them for periods selected. These estimates are limited by the scaling factors of extrapolating these results from the specific project scope of each deployment across the customer's business and/or project. Time periods used to formulate the estimates may vary between customers and depend on each customer's own situation, use case and deployment. The definitions of the performance indicators used herein, and how they are calculated and reported, may also vary between customers, and therefore, actual and reported results achieved by customers may vary between customers.
Yahoo
04-03-2025
- Automotive
- Yahoo
FleetPride Celebrates 2025 Supplier Award Winners
IRVING, Texas, March 4, 2025 /PRNewswire/ -- FleetPride, Inc., the nation's largest independent distributor of aftermarket heavy duty parts and service, announced its annual supplier awards during its recent Supplier Summit at the Gaylord Texan Hotel and Resort in Grapevine, Texas. These companies were selected for their outstanding support and partnership with FleetPride over the last year. "FleetPride values our strategic supplier partnerships. Our annual supplier awards are an opportunity to recognize those who consistently provide exceptional support to us through field work, supply chain, digital or strategic initiatives," says Michael Keller, FleetPride vice president of category management and strategic sourcing. "Congratulations to all of our award winners. We greatly appreciate your partnership." Several suppliers received awards for consistently driving communication, partnership, innovation, training and growth throughout the year. Atmus Filtration: Focused on collaboration, strategic alignment and program management to deliver strong sales growth. Consistently aligned with FleetPride objectives by focusing on increased brand awareness and customer engagement. Conducted business reviews and provided field support, product expertise, training, hands-on assistance and marketing support. Baldwin: Delivered exceptional customer support as FleetPride's most front-facing supplier in 2024. Worked closely with our Supply Chain team to ensure consistent shipping performance, and with our marketing team to create a strong digital program. Bendix: Provided valuable guidance related to product assortment and effective stocking strategies. Increased field engagement and created customer-specific training sessions with consistent focus on continuous improvement. Continental Battery: Focused on communication across the FleetPride organization to create value-add programs and drive high levels of internal and external customer satisfaction. DA Lubricants: Supported FleetPride's sales team by creating and filming training videos while working closely with our supply chain team to ensure consistent and reliable on-time delivery and high in-stock rates. Dayton: Focused on mutual growth and building product assortment while supporting initiatives tied to providing data, supporting FleetPride's digital platforms, and expanding various product categories. Grote: Launched innovative technology in the warning and visibility spaces, making our roadways safer. Ensured our branches were equipped with new product displays by supporting restock efforts. Helped capture new business with ride-along opportunities. MAT: Supported FleetPride in reducing manual processes at the branch level to improve productivity. Managed a nationwide, dedicated training program, which supported customer-facing certifications and showed commitment to successful partnerships with our sales teams. Focused on effective communication at every level of the organization. Muncie: Prioritized continuous improvement by identifying and overcoming challenges to ensure evolving supply chain and manufacturing processes. Supported our front lines by making numerous branch visits, conducting training and fieldwork, and fielding thousands of calls regarding sales opportunities, application requirements and technical support. Odyssey: Created new programs to gain incremental volume. Built strong partnerships at the strategic account and customer levels. Proactive approach with large customers produced unique, tailored solutions that underscore commitment to innovation and customer success. Ranger Brake: Actively collaborated with our field sales teams to meet special program and customer needs. With a "win-win" mindset, consistently proved their ability to keep pace with FleetPride's sales growth, maintaining overall service levels, on-time delivery rates and first-fill rates. Stoughton Parts: Executed an assortment strategy that added thousands of products specifically for strategic accounts. They also focused on building relationships throughout FleetPride, helping drive year-over-year incremental growth. In addition, FleetPride named Dana Spicer Inc. as its Supplier of the Year, noting their excellence in communication, partnership, innovation, training and growth. This included fielding thousands of customer calls via a real-time call center; driving product innovation while supporting program enhancements, special initiatives and marketing opportunities; and supporting FleetPride's digital efforts using scorecard reporting to drive continuous improvement. "Dana Spicer excelled in all areas of partnership" Keller says. "Their efforts were consistent through their support of our programs, marketing opportunities, field work, and other initiatives such as data management, and they committed to building strong working relationships. FleetPride values their partnership and we are pleased to name them as our supplier of the year." "We are honored to receive the supplier of the year award, recognizing our dedication to our strategic partnership with FleetPride," says Bill Nunnery, senior director, aftermarket sales and marketing for Dana Spicer. "This award underscores our commitment to our customers, product innovation, superior marketing, and progressive digital solutions. It's a testament to the hard work of our entire team. We look forward to continuing our successful collaboration and delivering outstanding results together." About FleetPride, Inc. Headquartered in Irving, TX, FleetPride is the nation's largest distributor of aftermarket heavy duty parts and service. FleetPride's sophisticated network of 300+ locations, which includes 90+ service centers and five distribution centers, provides customers with the parts and services they need, when and where they need them. Customers can click, talk, chat, or visit with FleetPride's team of 4,000 experts empowered and motivated to solve problems and create tailored solutions for each customer's unique needs. To learn more about our acquisition process, find your local FleetPride branch or service center, or to cross-reference, search and shop for parts, visit the new View original content to download multimedia: SOURCE FleetPride, Inc. Sign in to access your portfolio
