{
  "docId": "019dd923-622b-71dc-a6d9-cbb60c6d54dd",
  "docSlug": "02937c7c09c0",
  "documentTitle": "Advance Auto Parts (AAP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-09-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 21,
  "pageCount": 23,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "market_sizing",
  "function": "size_opportunity",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide uses a pie chart to show total industry fragmentation and a bar chart to contrast DIY vs DIFM market fragmentation.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "pie_chart",
    "bar_chart_grouped",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-cbb60c6d54dd/21",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-cbb60c6d54dd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-cbb60c6d54dd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-cbb60c6d54dd#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.92,
        "x": 0.04,
        "y": 0.79
      },
      "kind": "callout",
      "text": "Given substantial market fragmentation, further consolidation represents a significant value creation opportunity; however, it will require financial discipline and a proven ability to execute in order to take advantage of these opportunities",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da740201-a58e-4218-9488-ea80fbf1dc85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.33,
        "w": 0.48,
        "x": 0.48,
        "y": 0.28
      },
      "kind": "chart",
      "text": "...And the Commercial Market is Even More Fragmented",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23821d2c-3e44-4c7e-9dfe-f26bb507c154",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.33,
        "w": 0.42,
        "x": 0.04,
        "y": 0.28
      },
      "kind": "chart",
      "text": "Big 4 Account for Just 30% of Industry Sales...",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de9ef24b-0c4b-415e-a97d-135e486db078",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "list",
      "text": "Although AAP, AutoZone, O'Reilly, and NAPA have grown tremendously, they still represent just 30% of the total aftermarket auto parts industry.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93fe60c2-8711-4df3-bf22-646dba1d7cfa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.72
      },
      "kind": "list",
      "text": "In DIFM in particular, which is essentially a logistics business, economies of scale and density of routes is critical, making further consolidation highly strategic.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af5b0ae7-6be7-4ebd-9989-d400a3389603",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.92,
        "x": 0.04,
        "y": 0.67
      },
      "kind": "list",
      "text": "Numerous mom-and-pops and mid-sized regional chains across the country represent potential roll-up opportunities.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1c6f128-633c-4ed3-8fd2-97e4c23b7074",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "market share: 30%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba85-fa338e8a3008",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.75,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "There are substantial consolidation opportunities, particularly in the key DIFM market.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e585b141-6071-4916-a200-bbe4ed02bd26",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "Consolidation Opportunities",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fbeb3472-622e-44f7-a6dd-2fd14d895983",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "market-segmentation-pyramid",
      "slug": null,
      "matchId": "f16b6cd7-ffc1-4652-b9c5-f1eaf5d4a25a",
      "evidence": "Analysis of market fragmentation across DIY and DIFM segments",
      "confidence": 0.7
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}