Motion Segment Outlook
Q: How will Motion's organic growth accelerate over the year?
A: Management expects the Motion segment's sales growth to recover and accelerate through the year due to improving market conditions and their own initiatives. " They anticipate sequential improvement, particularly in the second half, driven by an expected uptick in industrial production and easing interest rates. "

Rebate Program Impact
Q: How does the new rebate program affect U.S. auto sales comps?
A: The new rebate program resulted in a 130 basis point negative impact on total reported U.S. automotive sales growth in Q1. " The reported sales include this adjustment, but comp sales exclude it, as the comp sales calculation excludes revenue adjustments. " Without this drag, reported sales would have been positive. "

Restructuring Costs and Savings
Q: What's the outlook for restructuring costs and associated savings?
A: The restructuring program will cost between $100 million to $200 million, with annualized savings slightly less than half of that. " It is expected to have a two-year payback. " In the first quarter, they incurred $83 million in costs, mainly from personnel and facility optimization. "

Inflation Impact
Q: How is inflation affecting the business, and what's the outlook?
A: The inflation impact for the quarter was less than 1% for the entire company, including both automotive and industrial segments. " The outlook is for inflation to remain at less than 1% going forward. "

Acquisition of Independent Stores
Q: Will the pace of acquiring independent stores continue this year?
A: Management expects to accelerate the pace of acquiring independent stores in 2024. " In the first quarter, they acquired 45 stores from independent owners, up from 33 stores in Q4 and 16 in the prior year. "

Wage Inflation
Q: How is wage inflation affecting expenses?
A: The labor environment has moderated, with wage increases more in line with historical averages. " The intense competition for talent seen a year ago has abated, reducing pressure on wages. "

Own Brand Expansion in Europe
Q: How is the own brand expansion progressing in Europe?
A: The launch of the NAPA brand in Europe has exceeded expectations, with plans to cross the $500 million sales mark this year. " The brand is expanding across Europe, including Spain. "

Regional Performance and Sales Cadence
Q: How did regional performance and monthly sales cadence look?
A: Sales sequentially improved throughout the quarter, with March being very strong. " The East, Mid-Atlantic, and West regions outperformed, while the Midwest and Southern regions were softer. "

AutoCare vs. Major Accounts
Q: Why is AutoCare outperforming, and major accounts underperforming?
A: The company has focused on serving the AutoCare segment with excellence, leading to strong traction and growth. " Major accounts are diverse and have been impacted by a cautious consumer, leading to underperformance. "

Independent Owners' Buying Behaviors
Q: What's driving positive buying behaviors from independent owners?
A: Initiatives and programs are being extended to independent owners, helping them improve operations and inventory, which is positively impacting their buying behaviors. "