Platinum Equity announced that it has acquired a majority interest in Keystone Automotive Holdings Inc., the parent company of Keystone Automotive Operations Inc. ("Keystone"). Platinum reports that it will work with the company's management team on an operational plan to improve Keystone's ability to compete in the automotive specialty-equipment market.

Platinum was previously Keystone's largest bond holder and worked closely with Keystone and the company's other debt holders to develop and execute a recapitalization plan that resulted in Platinum becoming the majority owner of the business.

Platinum achieved its majority ownership position through an exchange offer that closed on March 29, 2011, in which Platinum and other bond holders converted debt to equity and acquired additional common stock through a rights offering.

"Keystone has a strong management team, dedicated employees and an unparalleled distribution network," said Jacob Kotzubei, partner, Platinum Equity, who led the team pursuing the Keystone acquisition. "With a restructured balance sheet, ample liquidity and the added support of Platinum's operations team and M&A resources, Keystone is now well positioned for growth and long-term success."

Ed Orzetti, Keystone CEO since 2006, will continue to lead the company under Platinum Equity's ownership.

"Partnering with Platinum Equity and successfully recapitalizing our business is great news for Keystone's customers, suppliers and employees," said Orzetti. "We will continue to offer the most comprehensive inventory selection in our industry, the highest levels of customer service and the innovative marketing support our partners expect and deserve."

Platinum has already deployed a team to work with Keystone on a plan to improve overall business performance. Kotzubei said that Platinum's M&A resources will actively support Keystone going forward as well.

"We will work closely with Keystone to identify and pursue opportunities to grow the business organically and through additional acquisitions," said Kotzubei.

 

Platinum Equity announced that it has acquired a majority interest in Keystone Automotive Holdings Inc., the parent company of Keystone Automotive Operations Inc. ("Keystone"). Platinum reports that it will work with the company's management team on an operational plan to improve Keystone's ability to compete in the automotive specialty-equipment market.

Platinum was previously Keystone's largest bond holder and worked closely with Keystone and the company's other debt holders to develop and execute a recapitalization plan that resulted in Platinum becoming the majority owner of the business.

Platinum achieved its majority ownership position through an exchange offer that closed on March 29, 2011, in which Platinum and other bond holders converted debt to equity and acquired additional common stock through a rights offering.

"Keystone has a strong management team, dedicated employees and an unparalleled distribution network," said Jacob Kotzubei, partner, Platinum Equity, who led the team pursuing the Keystone acquisition. "With a restructured balance sheet, ample liquidity and the added support of Platinum's operations team and M&A resources, Keystone is now well positioned for growth and long-term success."

Ed Orzetti, Keystone CEO since 2006, will continue to lead the company under Platinum Equity's ownership.

"Partnering with Platinum Equity and successfully recapitalizing our business is great news for Keystone's customers, suppliers and employees," said Orzetti. "We will continue to offer the most comprehensive inventory selection in our industry, the highest levels of customer service and the innovative marketing support our partners expect and deserve."

Platinum has already deployed a team to work with Keystone on a plan to improve overall business performance. Kotzubei said that Platinum's M&A resources will actively support Keystone going forward as well.

"We will work closely with Keystone to identify and pursue opportunities to grow the business organically and through additional acquisitions," said Kotzubei.

The 2011 JE Pistons NMRA/NMCA West Coast Shootout presented by Lucas Oil—July 8–10, at Auto Club Speedway in Fontana, California—will feature the Racers Against Street Racing (RASR) True Street Challenge.

Known as one of the NMRA and NMCA's most popular classes, True Street takes street-legal (registered and insured) musclecars and rods on a 15–20-mile escorted cruise, then sends the vehicles down the strip for three back-to-back passes. A six-foot trophy, cash and prizes will go to the overall quickest winner, and cash and awards will also be presented to seven additional winners for the closest (without going over) three-pass averages to nine, 10, 11, 12, 13, 14 and 15 seconds. There will also be cash awards and bonus manufacturer prizes provided to the number 2 and number 3 racers in each of the eight categories. Magazine editors from more than 20 publications as well as many NMRA and NMCA sponsors will be joining True Street racers at this event in support of RASR. 

TREMEC, Muscle Mustangs & Fast Fords and Nitto Tire have teamed up to present the RASR True Street Challenge and provide extensive class coverage and more than $10,000 in bonus prizes to True Street racers at the West Coast Shootout. The True Street class supports RASR's mission of promoting safe and legal alternatives to illegal street racing on a national level and its message: "If you want to race, go to the racetrack!" 

More information about the NMRA/NMCA West Coast Shootout event and RASR True Street Challenge class are available on NMCA's website, www.nmcadigital.com/CA.

The 2011 JE Pistons NMRA/NMCA West Coast Shootout presented by Lucas Oil—July 8–10, at Auto Club Speedway in Fontana, California—will feature the Racers Against Street Racing (RASR) True Street Challenge.

Known as one of the NMRA and NMCA's most popular classes, True Street takes street-legal (registered and insured) musclecars and rods on a 15–20-mile escorted cruise, then sends the vehicles down the strip for three back-to-back passes. A six-foot trophy, cash and prizes will go to the overall quickest winner, and cash and awards will also be presented to seven additional winners for the closest (without going over) three-pass averages to nine, 10, 11, 12, 13, 14 and 15 seconds. There will also be cash awards and bonus manufacturer prizes provided to the number 2 and number 3 racers in each of the eight categories. Magazine editors from more than 20 publications as well as many NMRA and NMCA sponsors will be joining True Street racers at this event in support of RASR. 

TREMEC, Muscle Mustangs & Fast Fords and Nitto Tire have teamed up to present the RASR True Street Challenge and provide extensive class coverage and more than $10,000 in bonus prizes to True Street racers at the West Coast Shootout. The True Street class supports RASR's mission of promoting safe and legal alternatives to illegal street racing on a national level and its message: "If you want to race, go to the racetrack!" 

More information about the NMRA/NMCA West Coast Shootout event and RASR True Street Challenge class are available on NMCA's website, www.nmcadigital.com/CA.

The 2011 JE Pistons NMRA/NMCA West Coast Shootout presented by Lucas Oil—July 8–10, at Auto Club Speedway in Fontana, California—will feature the Racers Against Street Racing (RASR) True Street Challenge.

Known as one of the NMRA and NMCA's most popular classes, True Street takes street-legal (registered and insured) musclecars and rods on a 15–20-mile escorted cruise, then sends the vehicles down the strip for three back-to-back passes. A six-foot trophy, cash and prizes will go to the overall quickest winner, and cash and awards will also be presented to seven additional winners for the closest (without going over) three-pass averages to nine, 10, 11, 12, 13, 14 and 15 seconds. There will also be cash awards and bonus manufacturer prizes provided to the number 2 and number 3 racers in each of the eight categories. Magazine editors from more than 20 publications as well as many NMRA and NMCA sponsors will be joining True Street racers at this event in support of RASR. 

TREMEC, Muscle Mustangs & Fast Fords and Nitto Tire have teamed up to present the RASR True Street Challenge and provide extensive class coverage and more than $10,000 in bonus prizes to True Street racers at the West Coast Shootout. The True Street class supports RASR's mission of promoting safe and legal alternatives to illegal street racing on a national level and its message: "If you want to race, go to the racetrack!" 

More information about the NMRA/NMCA West Coast Shootout event and RASR True Street Challenge class are available on NMCA's website, www.nmcadigital.com/CA.

 

	There are currently more than 100 GENIVI-member companies.

SEMA’s continual quest to keep its members aware of significant new trends and activities in the automotive world increasingly means delving into new technical areas. As automobiles become more complexly populated with electronic devices, the OEMs and their suppliers have sought to standardize the interfaces among the hosts of products they offer and support. Knowledge of these industry standards can give a SEMA member ready access to a vehicle’s electronic “nerve system” for application of their aftermarket offerings when that vehicle is introduced to the public. If your company offers infotainment or infotainment-related products (including telematics), one initiative you should be aware of is GENIVI.

The GENIVI (pronounced gen-ee-vee) Alliance was officially launched in March 2009, heralding a new era of cooperation among automakers, suppliers and technology providers in the interest of streamlining the development and support of In-Vehicle Infotainment (IVI) products and services.

IVI is a rapidly growing and evolving field that encompasses automotive infotainment products and services, including music, news, Internet and multimedia, navigation and location, and telephony. Automobile manufacturers and their suppliers must develop, test, deploy and support these IVI products and services across multiple automobile models and generations, which is becoming increasingly complex and expensive as the rate of innovation and number of applications continues to expand exponentially.

GENIVI is developing a reusable, open-source IVI platform. Founding members include BMW Group, Wind River, Intel, GM, PSA, Delphi, Magneti-Marelli and Visteon.

“GENIVI allows its members to share the risk of accelerated innovation by providing IVI software that the members improve with each generation of product,” says Joel Hoffmann, GENIVI Board of Directors member and Intel automotive business strategist. “By aligning the industry to a common set of standards, not only can money be saved, but also new applications can be built on top that are appealing to the customer and, thus, increase car sales.”

GENIVI’s mission is to drive the broad adoption of an open-source development platform by aligning automotive OEM requirements and delivering specifications, reference implementations and certification programs that form a consistent basis for further open-source and ISV development.

SEMA believes that GENIVI’s activities are something its members offering IVI products should be keenly aware of. To find out more about GENIVI, visit their website www.genivi.org.

If you are interested in SEMA presenting a webinar about GENIVI and how it could impact your product offerings and new business opportunities, please send an e-mail to editors@sema.org with "SEMA Vehicle Technology" in the subject line.

Strategic Initiatives:

• Accelerate the development and implementation of the fully connected vehicle for infotainment applications.
• Deliver a platform consisting of standardized middleware, application layer interfaces and frameworks.
• Extend open-source community innovations to support the automotive domain.
• Engage developers to deliver compliant implementations.
• Sponsor technical, marketing and compliance programs.

Benefits Delivered by the GENIVI Platform:

• Speeds time-to-market.
• Accelerates the pace at which new and compelling automotive applications are developed.
• Dramatically reduces development costs.
• Provides code transparency.
• Broadens options for integrating and customizing solutions.
• Increases IVI interchangeability across vehicle makes and models.
• Grows the entire IVI ecosystem.

With the introduction of the Camaro ZL1, it's no secret that Ford will have to pack slightly more power with its Mustang GT500. Brenda Priddy and her team of sleuthing shutterbugs recently caught the ’13 GT500 prototype rolling around with many of its design elements in plain view.

According to Priddy, the front clip on this GT500 test car features many new design elements—a new grille, bumper and lower intake are easy to spot. It also appears that new fog lights are in the works, though they are unfinished on this early prototype.

A new hood is also visible, with a pair of heat extractors on either side of the power dome that Priddy has never seen on a production Mustang before. The test car is rolling a set of GT500 wheels with Pirelli PZero tires, and the standard GT500 Brembo brake package can also be seen.

While the current GT500 packs 550 hp, Priddy says that rumors suggest the ’13 model will have somewhere between 600–625 hp. How Ford intends to do that is still a bit of a mystery. She has heard that it could be anything from a twin-turbo version of the 5.0L V8 to a 5.8L V8 with a larger supercharger.

Photo Credit: Chris Doane/Brenda Priddy & Company

With the introduction of the Camaro ZL1, it's no secret that Ford will have to pack slightly more power with its Mustang GT500. Brenda Priddy and her team of sleuthing shutterbugs recently caught the ’13 GT500 prototype rolling around with many of its design elements in plain view.

According to Priddy, the front clip on this GT500 test car features many new design elements—a new grille, bumper and lower intake are easy to spot. It also appears that new fog lights are in the works, though they are unfinished on this early prototype.

A new hood is also visible, with a pair of heat extractors on either side of the power dome that Priddy has never seen on a production Mustang before. The test car is rolling a set of GT500 wheels with Pirelli PZero tires, and the standard GT500 Brembo brake package can also be seen.

While the current GT500 packs 550 hp, Priddy says that rumors suggest the ’13 model will have somewhere between 600–625 hp. How Ford intends to do that is still a bit of a mystery. She has heard that it could be anything from a twin-turbo version of the 5.0L V8 to a 5.8L V8 with a larger supercharger.

Photo Credit: Chris Doane/Brenda Priddy & Company

NEWS NUGGETS

2010 WORLD CHAMPS LOOK FOR FIRST WINS OF SEASON AS NHRA FULL THROTTLE SERIES HEADS TO HOUSTON: As the NHRA Full Throttle Drag Racing season makes its fifth stop on the 22-race season, the O’Reilly Auto Parts NHRA Spring Nationals at Royal Purple Raceway in Houston, many well known drivers, including three of the four 2010 world champions, are still looking for their first wins of the season. Defending Top Fuel world champion Larry Dixon came within inches of taking home his first Wally Trophy of 2011 just two weeks ago at the VisitMyrtleBeach.com NHRA Four-Wide Nationals in Charlotte, but it was Dixon’s teammate Del Worsham who hoisted the trophy in the Winner’s Circle, his second of the season.

“We were five thousandths short of being enough,” said Dixon. “In spite of losing, the only guy I would be OK losing to is my teammate, Del Worsham.”

Another world champion looking for his first win of the season is 15-time Funny Car world champion John Force. In the first four races of the season, Force has yet to make it out of the second round of eliminations, a drastic change from the back-to-back wins he had to end the 2010 season. Though Force has struggled on Eliminations day, his qualifying performance has been right on par with 2010, with two No. 1 qualifiers in the first four races of the season. Force is currently seventh in the point standings, 132 points behind teammate and leader Robert Hight. One world champion ready to get his second start of the season is Pro Stock Motorcycle world champion LE Tonglet. Tonglet got his first taste of action defending his world title at the season-opening Tire Kingdom NHRA Gatornationals in March and made it all the way to the semifinals before losing to eventual race winner Eddie Krawiec. Since then, the Pro Stock Motorcycle category has had nearly a two-month break from racing but will make their second start of the season this weekend in Houston. Tonglet is currently fourth in the point standings, just 50 points behind Krawiec. Tickets are going fast for the O’Reilly Auto Parts NHRA Spring Nationals this weekend; Top Eliminator Club seats and ticket packages, including the special track walk Sunday morning with NHRA Legend Shirley Muldowney, are already sold out! To get your race tickets before they are completely gone, call 281/383-RACE (7223) or go online at ExtremeTix.com.

HAGAN SET TO THROW OUT FIRST PITCH AT HOUSTON ASTROS GAME: NHRA Funny Car driver Matt Hagan will throw out the first pitch at the Houston Astros game Thursday night, April 28, at a very special NHRA Night at Minute Maid Park in Houston.

“I’m excited—ecstatic,” said Hagan, who threw out the first pitch at a San Francisco Giants game last July. “It’s a once-in-a-lifetime opportunity, and I’m getting a second go-around.”

Hagan will also join a list of drivers, including Allen Johnson, Dave Grubnic, Erica Enders, Morgan Lucas, Melanie Troxel, Shawn Langdon and more, for an autograph session on the main concourse of Minute Maid Park an hour prior to the start of the game. For more information, including how to purchase tickets to the game, visit NHRA.com.

COMING ATTRACTIONS

O’REILLY AUTO PARTS NHRA SPRING NATIONALS, ROYAL PURPLE RACEWAY, April 29–May 1: The NHRA Full Throttle Drag Racing Series makes its first of two stops in the Lone Star State as it heads to Houston and Royal Purple Raceway. Defending event winners include Larry Dixon (Top Fuel); Matt Hagan (Funny Car); Jeg Coughlin (Pro Stock); and Andrew Hines (Pro Stock Motorcycle). For tickets, call 281/383-RACE (7223) or go online at ExtremeTix.com. For media credentials, please contact Director of Media Relations, Anthony Vestal, at avestal@nhra.com.

SUMMIT RACING EQUIPMENT NHRA SOUTHERN NATIONALS, ATLANTA DRAGWAY, May 13–15: The NHRA Full Throttle Drag Racing Series returns to the South and the Atlanta area for its sixth stop of 2011. Defending event winners include Larry Dixon (Top Fuel); Robert Hight (Funny Car); Jeg Coughlin (Pro Stock); and Andrew Hines (Pro Stock Motorcycle). For tickets, call 800/884-NHRA (6472) or go online at NHRATIX.com. For media credentials, please contact Media Relations Manager Zak Elcock at zelcock@nhra.com.

NHRA SUMMER NATIONALS, HEARTLAND PARK TOPEKA, May 20–22: The NHRA Full Throttle Drag Racing Series makes its seventh stop of the season during the start of the summer months. Defending event winners include Tony Schumacher (Top Fuel); Robert Hight (Funny Car); and Mike Edwards (Pro Stock). For tickets, call 800/43-RACES or go online at hpt.com. For media credentials, contact Director of Social Media Michael Padian at mpadian@nhra.com.

HE SAID, SHE SAID



HOT RACE TRACKS: Funny Car driver Jack Beckman on testing in Las Vegas before racing to his first win of the season at the recently completed VisitMyrtleBeach.com NHRA Four-Wide Nationals: “We are now getting into that part of the year with few cool tracks and a whole lot of hot ones, so it is more important to have a solid hot-weather setup. We made big strides during testing in Vegas, and it paid off in Charlotte. The jury is still out about when it is REALLY hot, but I think we’ve got it.”

60 YEARS IN NHRA HISTORY

1977, MULDOWNEY BECOMES FIRST FEMALE WORLD CHAMPION: In her first full season as a points contender, Top Fuel pilot and NHRA Legend Shirley Muldowney became the first female to win a world championship when she claimed the 1977 Top Fuel world title. Muldowney will be the NHRA Legend honored this weekend at the O’Reilly Auto Parts NHRA Spring Nationals.

INSIDE THE NUMBERS

7: That’s the number of Pro Stock Motorcycle riders in NHRA history that have won the first two races to start off a season. Eddie Krawiec will look to join that list this weekend as the Pro Stock Motorcycle category makes its second stop of 2011 at the O’Reilly Auto Parts NHRA Spring Nationals.

DID YOU KNOW…

…that as a preview to the 24th annual O’Reilly Auto Parts NHRA Spring Nationals, John Force Entertainment has posted the first installment of Nitro Rewind on the NHRA YouTube channel? The show, an Internet-based broadcast, is hosted by Bill Stephens and will feature interviews from Top Fuel and Funny Car NHRA competitors throughout the season. For more information, visit NHRA.com.

For more information, contact NHRA Media Relations at 626/914-4761 or visit the NHRA Media Center online.

NEWS NUGGETS

2010 WORLD CHAMPS LOOK FOR FIRST WINS OF SEASON AS NHRA FULL THROTTLE SERIES HEADS TO HOUSTON: As the NHRA Full Throttle Drag Racing season makes its fifth stop on the 22-race season, the O’Reilly Auto Parts NHRA Spring Nationals at Royal Purple Raceway in Houston, many well known drivers, including three of the four 2010 world champions, are still looking for their first wins of the season. Defending Top Fuel world champion Larry Dixon came within inches of taking home his first Wally Trophy of 2011 just two weeks ago at the VisitMyrtleBeach.com NHRA Four-Wide Nationals in Charlotte, but it was Dixon’s teammate Del Worsham who hoisted the trophy in the Winner’s Circle, his second of the season.

“We were five thousandths short of being enough,” said Dixon. “In spite of losing, the only guy I would be OK losing to is my teammate, Del Worsham.”

Another world champion looking for his first win of the season is 15-time Funny Car world champion John Force. In the first four races of the season, Force has yet to make it out of the second round of eliminations, a drastic change from the back-to-back wins he had to end the 2010 season. Though Force has struggled on Eliminations day, his qualifying performance has been right on par with 2010, with two No. 1 qualifiers in the first four races of the season. Force is currently seventh in the point standings, 132 points behind teammate and leader Robert Hight. One world champion ready to get his second start of the season is Pro Stock Motorcycle world champion LE Tonglet. Tonglet got his first taste of action defending his world title at the season-opening Tire Kingdom NHRA Gatornationals in March and made it all the way to the semifinals before losing to eventual race winner Eddie Krawiec. Since then, the Pro Stock Motorcycle category has had nearly a two-month break from racing but will make their second start of the season this weekend in Houston. Tonglet is currently fourth in the point standings, just 50 points behind Krawiec. Tickets are going fast for the O’Reilly Auto Parts NHRA Spring Nationals this weekend; Top Eliminator Club seats and ticket packages, including the special track walk Sunday morning with NHRA Legend Shirley Muldowney, are already sold out! To get your race tickets before they are completely gone, call 281/383-RACE (7223) or go online at ExtremeTix.com.

HAGAN SET TO THROW OUT FIRST PITCH AT HOUSTON ASTROS GAME: NHRA Funny Car driver Matt Hagan will throw out the first pitch at the Houston Astros game Thursday night, April 28, at a very special NHRA Night at Minute Maid Park in Houston.

“I’m excited—ecstatic,” said Hagan, who threw out the first pitch at a San Francisco Giants game last July. “It’s a once-in-a-lifetime opportunity, and I’m getting a second go-around.”

Hagan will also join a list of drivers, including Allen Johnson, Dave Grubnic, Erica Enders, Morgan Lucas, Melanie Troxel, Shawn Langdon and more, for an autograph session on the main concourse of Minute Maid Park an hour prior to the start of the game. For more information, including how to purchase tickets to the game, visit NHRA.com.

COMING ATTRACTIONS

O’REILLY AUTO PARTS NHRA SPRING NATIONALS, ROYAL PURPLE RACEWAY, April 29–May 1: The NHRA Full Throttle Drag Racing Series makes its first of two stops in the Lone Star State as it heads to Houston and Royal Purple Raceway. Defending event winners include Larry Dixon (Top Fuel); Matt Hagan (Funny Car); Jeg Coughlin (Pro Stock); and Andrew Hines (Pro Stock Motorcycle). For tickets, call 281/383-RACE (7223) or go online at ExtremeTix.com. For media credentials, please contact Director of Media Relations, Anthony Vestal, at avestal@nhra.com.

SUMMIT RACING EQUIPMENT NHRA SOUTHERN NATIONALS, ATLANTA DRAGWAY, May 13–15: The NHRA Full Throttle Drag Racing Series returns to the South and the Atlanta area for its sixth stop of 2011. Defending event winners include Larry Dixon (Top Fuel); Robert Hight (Funny Car); Jeg Coughlin (Pro Stock); and Andrew Hines (Pro Stock Motorcycle). For tickets, call 800/884-NHRA (6472) or go online at NHRATIX.com. For media credentials, please contact Media Relations Manager Zak Elcock at zelcock@nhra.com.

NHRA SUMMER NATIONALS, HEARTLAND PARK TOPEKA, May 20–22: The NHRA Full Throttle Drag Racing Series makes its seventh stop of the season during the start of the summer months. Defending event winners include Tony Schumacher (Top Fuel); Robert Hight (Funny Car); and Mike Edwards (Pro Stock). For tickets, call 800/43-RACES or go online at hpt.com. For media credentials, contact Director of Social Media Michael Padian at mpadian@nhra.com.

HE SAID, SHE SAID



HOT RACE TRACKS: Funny Car driver Jack Beckman on testing in Las Vegas before racing to his first win of the season at the recently completed VisitMyrtleBeach.com NHRA Four-Wide Nationals: “We are now getting into that part of the year with few cool tracks and a whole lot of hot ones, so it is more important to have a solid hot-weather setup. We made big strides during testing in Vegas, and it paid off in Charlotte. The jury is still out about when it is REALLY hot, but I think we’ve got it.”

60 YEARS IN NHRA HISTORY

1977, MULDOWNEY BECOMES FIRST FEMALE WORLD CHAMPION: In her first full season as a points contender, Top Fuel pilot and NHRA Legend Shirley Muldowney became the first female to win a world championship when she claimed the 1977 Top Fuel world title. Muldowney will be the NHRA Legend honored this weekend at the O’Reilly Auto Parts NHRA Spring Nationals.

INSIDE THE NUMBERS

7: That’s the number of Pro Stock Motorcycle riders in NHRA history that have won the first two races to start off a season. Eddie Krawiec will look to join that list this weekend as the Pro Stock Motorcycle category makes its second stop of 2011 at the O’Reilly Auto Parts NHRA Spring Nationals.

DID YOU KNOW…

…that as a preview to the 24th annual O’Reilly Auto Parts NHRA Spring Nationals, John Force Entertainment has posted the first installment of Nitro Rewind on the NHRA YouTube channel? The show, an Internet-based broadcast, is hosted by Bill Stephens and will feature interviews from Top Fuel and Funny Car NHRA competitors throughout the season. For more information, visit NHRA.com.

For more information, contact NHRA Media Relations at 626/914-4761 or visit the NHRA Media Center online.