U.S. automotive aftermarket retailer Advance Auto Parts has selected PrimeRevenue’s Supply Chain Finance (SCF) Platform to bolster its working capital management initiatives. Supply Chain Finance is an important component of the company’s action plan to reduce working capital, increase cash flow and improve supply chain efficiency. Through PrimeRevenue’s multi-bank SCF platform suppliers will gain online visibility into their Advance Auto Parts receivables well ahead of their due date. In addition, suppliers gain access to on-demand financing and can choose to receive early payment on their invoices, a critical capability in today’s credit-constrained environment. “Supply Chain Finance is a key element of working capital management for both Advance Auto Parts and our suppliers,” said Kevin Quinn, vice president, treasurer of Advance Auto Parts. “PrimeRevenue’s SCF platform provides us with the control and flexibility we need to meet our working capital efficiency objectives and strengthen our supplier relationships.” PrimeRevenue, which operates the world’s largest SCF programs, worked with Advance Auto Parts’ Treasury and Sourcing leadership to deliver a solution that meets the needs of both Advance Auto Parts and their suppliers. “PrimeRevenue’s open, multi-bank SCF platform gives our clients like Advance Auto Parts the ability to maximize the impact Supply Chain Finance has on improving cash flow, working capital efficiency and the financial health of suppliers,” said P.J. Bain, PrimeRevenue CEO. “Advance Auto Parts is an industry leader that recognizes the benefits and competitive advantage that SCF will bring by reducing cost, capital and risk throughout their supply chain.”
Advance Auto Parts, with more than US$5 Billion in annual sales, serves both the do-it-yourself and professional installer markets, offering parts, accessories, batteries and maintenance items in over 3,400 stores.
PrimeRevenue is a provider of multi-bank platform Supply Chain Finance (SCF) technology and services. Its open SCF platform and working capital advisory services provides organizations with the control and flexibility required to drive SCF results. Headquartered in Atlanta, Georgia, PrimeRevenue has offices and customers throughout the world. For more information, visit www.primerevenue.com.