Jasper, Indiana-based Meyer Distributing has announced the addition of its Waterbury, Connecticut cross-dock. The facility will have a direct feed from Meyer’s Pennsylvania distribution hubs.

“We are focused on improving service in the Northeast this year,” said Meyer Distributing CEO Jeff Braun. “We will be adding several locations, adding more truck routes, and hiring more drivers to better service increasing demand. Our recent Albany, New York expansion has helped improve delivery times and consistency as well as frequency. The same will be the case for our CT customers with this expansion.”

For more information, visit meyerdistributing.com.

K&N Engineering—the Riverside, California-based manufacturer of air filters, cold air intake systems, oil filters, and more performance parts—has announced a new agreement to strengthen its financial position and reduce debt by approximately $250 million. 

K&N Engineering has entered into a Restructuring Support Agreement (RSA) with 100% of its lenders. Upon consummation of the transaction, K&N’s debt will be reduced by approximately $250 million and participating lenders will inject $60 million of cash into the business. K&N expects to complete the transaction in the first quarter of 2023.

The recapitalization will provide K&N with increased financial flexibility to execute its growth strategies and continue investing in the industry-leading automotive, industrial, and residential HVAC filtration technology that it provides to its customers worldwide, a company release stated. 

“Upon consummation of the transaction, we believe that K&N will be positioned to capitalize on tremendous growth opportunities both in the automotive aftermarket as well as industrial and residential HVAC markets worldwide,” said Randy Bays, who has been appointed as the interim chief executive officer (CEO). He succeeds Richard Bisson, who is stepping down to manage his family office. 

In related news, K&N is mourning the passing of its co-founder Ken Johnson, who passed away in December at the age of 91.

For more information, visit knfilters.com.

PRI’s DC-based advocacy team has announced an important update for businesses that make research and development (R&D) investments.

When the “The Tax Cuts and Jobs Act of 2017” was enacted, it allowed companies to amortize (or write off) certain tax deductions over one year, but the benefit was only temporary. The business community urged Congress to extend the provisions in 2022; however, despite widespread support in Congress, lawmakers did not enact the extensions.

Of particular interest: 

• Until 2021, companies could take a 100% tax deduction for R&D spending in the year it occurred. Starting with the 2022 tax returns, companies have to deduct their R&D expenses over a five-year period.   
• Under the 2017 law, a company could expense 100% of the cost of any Section 179 property (including equipment, vehicles, and software) and deduct it in the year the property was placed in service between September 28, 2017, and December 31, 2022. The law increased the maximum deduction to $1 million and increased the phase-out threshold to $2.5 million, adjusted for inflation. The Section 179 deduction now phases out over the next four years: 80% in 2023, 60% in 2024, 40% in 2025, and 20% in 2026. 
• Unless the law is changed by 2027, the bonus deduction will disappear, and companies will have to return to spreading out the depreciation over many years. 
   

For more information, contact Eric Snyder at erics@sema.org. 

Former and current NASCAR drivers Dale Earnhardt Jr., Jeff Burton, Kevin Harvick, and Justin Marks have announced their acquisition of the Solid Rock Carriers CARS Tour.

Founded in 2014 as a continuation of the former Pro Cup Series, the CARS Tour enters its ninth season in 2023. The North Carolina-based asphalt late model series features both Pro Late Models and Late Model Stock Cars competing at the same track on the same night.

“These regional series are vital to the quality of racing you see at the top level,” said Earnhardt Jr. “Jack (McNelly, CARS Tour founder) has done a tremendous job establishing the CARS Tour as a preeminent series, and I’m thrilled to be part of its future.”

Aside from the ownership transition from McNelly, the CARS Tour will remain unchanged. The 2023 schedule includes 19 race weekends, and McNelly and his staff will continue to oversee operations and track events. 

In addition, the current owners’ respective business units—DEJ Management, Jeff Burton Autosports, Inc., Kevin Harvick, Inc., and Trackhouse Racing—will be charged with providing proficiencies in brand management, business strategy, and partnership acquisition and retention, among other responsibilities, according to a company release.

For more information, visit carsracingtour.com.

Cody Pollage has been named the International Hot Rod Association’s (IHRA) new Southern Divisions director of tracks.

Prior to the appointment, Pollage served as assistant manager at State Capitol Raceway (Port Allen, Louisianna) for a year. Before, he worked 10 years at No Problem Raceway (Belle Rose, Louisianna), the final two as track manager.

Pollage has over a decade of experience racing in the No Box class and a background as an event organizer through his CP Racing Promotions.

“I love the direction that IHRA is going and we are working hard to take care of the weekly racer,” said Pollage. 

In related IHRA news, several tracks have signed new agreements with the drag racing sanctioning body, including Bunker Hill Dragstrip (Bunker Hill, Indiana), Custom T’s Motorsports Park (Colonia Beach, Virginia), I-22 Motorsports Park (Eldridge, Alabama), and Holiday Raceway (Woodstock, Alabama). 

For more information, visit ihra.com.

Yokohama Tire Corporation recently announced a trio of organizational changes. The following executives have been promoted to new positions:  

• Fardad Niknam has been promoted from senior director of consumer product planning and product marketing to vice president of OE Sales. Niknam joined YTC in 2014 and has had responsibility for product marketing, including product planning and motorsports for the past five years. 
• Ray Polentz has been promoted from senior director of supply chain and logistics to vice president of supply chain and logistics.  
• And Pavan Desaneni has been promoted from vice president of information technology (IT) to chief information officer (CIO). 
   

For more information, visit yokohamatire.com.

Track Enterprises and Champion Racing Association Powered by JEGS (CRA) have announced that Scott Menlen will take over as series director for CRA and its four series, including the ASA/CRA Super Series Powered by JEGS, JEGS/CRA All-Stars Tour Presented by Chevrolet Performance, Vore’s Welding CRA Late Model Sportsman Powered by JEGS, and the CRA Street Stocks Powered by JEGS. 
  
Menlen, who has been an official with CRA for 13 years, both in a full-time and most recently a part-time capacity, has been the general manager at Nashville Fairgrounds Speedway in Nashville, Tennessee, for the past three years for Track Enterprises. Menlen will continue to work with Nashville Fairgrounds Speedway during the 2023 season, helping develop staff members into a larger management role. 
  
Former CRA managing partner and most recently series director Glenn Luckett will remain with CRA in a consulting position and help with the transition of Menlen to series director throughout the 2023 season. Luckett was recently hired as the GM at Salem Speedway in Salem, Indiana, for new owner Nick Bohanon. Joe Balash, director of race operations for Track Enterprises, and Greg Wood, operations director for CRA, also will work with Menlen on his transition during the season. 

For more information, visit cra-racing.com.

Lubrication Specialties (LSI)—the manufacturer of Hot Shot’s Secret brand of additives, oils, and fluids—has announced the promotion of Josh Steinmetz to Hot Shot’s Secret brand manager. 

In his new position, Steinmetz will help develop and define the brand vision and strategy. He will also oversee all brand messaging, packaging, and media buys, and provide input on new product development for diverse markets.

Steinmetz first joined LSI in 2019 as a digital marketing manager before being promoted to e-commerce and digital marketing manager. 

For more information, visit lsichemical.com.

The AAM Group—the automotive aftermarket program distribution group and specialty marketing firm based in Piney Flats, Tennessee—has finalized an agreement with Engine Parts Group (EPGI), the engine parts distributor and parent company of Wheat Ridge, Colorado-based Engine Pro.

As part of the agreement, AAM may now assume operations and management responsibilities for the Engine Pro marketing program, along with operational oversight for the Engine Parts Group corporation. 

AAM Group’s Tim Odom and EPGI’s Jesse Jones signed the contract in the EPGI booth at the 2022 PRI Trade Show. 

For more information, visit theaamgroup.com and enginepro.com.

Image courtesy of Jimco Racing

Robbie Pierce, the off-road racing pioneer, has passed away after an accident while scuba diving on Tuesday. He was 63.

Pierce was inducted into the Off-Road Motorsports Hall of Fame in 2018. He owned Jimco Racing, the provider of off-road racing Trophy Trucks, parts, equipment, and fabrication services based in Santee, California. 

“It is with great sadness that we announce the passing of our great leader, racer, builder, entrepreneur, and Off-Road Motorsports Hall of Fame Inductee, Robbie Pierce,” said a Jimco Racing statement. “His dedication to the safety and advancement of off-road racing and motorsports will continue to save lives and thrill racers and fans alike for years to come.”

Pierce began racing in his 40s after working as a longtime employee of Indianapolis, Indiana-based MasterCraft Safety, which he eventually purchased. He later bought Indianapolis-based Impact Racing, initially founded by Bill Simpson.

Pierce competed in several off-road racing events, most recently finishing fourth in the SCORE TT Legends class in the 2022 BFGoodrich SCORE Baja 1000 presented by 4 Wheel Parts. He raced a Jimco AWD Trophy Truck with a Dougans engine and an Xtrac transmission.