Please provide an overview of the Valvoline company.
Established in 1866, Valvoline is world-famous for producing automotive chemicals and lubricants and providing vehicle maintenance and repair services. The company's headquarters is located in Lexington, Kentucky and Valvoline products are sold through 1,127 franchises and company-owned stores throughout the US, with DIY products available in more than 30,000 retail stores nationwide. Below, we have compiled information on various aspects of Valvoline's operations including an overview and the brand's reputation, including what Valvoline is known for, the company's history, headquarters and store locations, as well as the key services and products Valvoline provides.
Overview & Brand Reputation
Valvoline is world-famous within the automotive industry for producing and distributing products, including chemicals and lubricants and automotive services. In the US, Valvoline is ranked #3 in the DIY market for its passenger car motor oil, based on the volume of sales. Additionally, the company is ranked #2 for quick-lube services, according to the number of store locations throughout the US. Valvoline is led by President Sam Mitchell and reported an annual revenue of $2.08 billion for the 2017 fiscal year.
Valvoline has a long and rich history dating back to 1866 when Dr. John Ellis first developed a petroleum lubricant for use with steam engines. This product, the first of its kind, led to growth with the US vehicle industry. In 1939, Valvoline developed a single-grade motor oil, X-18, that could be used in place of 18 previously required lubricants. By 1945 as World War II came to an end, Valvoline oil was widely used in both army vehicles and passenger cars. Valvoline (or Freedom-Valvoline Oil Company as it was then known) was acquired by oil drilling company Ashland Inc. in 1948 but continued in the public domain as its own brand. In 1954, the company developed an all-season, all-climate oil, as a response to the hot rod and V8 engine boom in the US. Attention turned to professional racing vehicles in 1965, with Valvoline's release of VR1 motor oil. In 1978, Valvoline products began to include DIY instructions on their labels, to give home mechanics practical advice on adding oil and caring for their vehicles. Valvoline first entered the automotive services market in 1985, buying the chain Rapid Oil Change and renaming it in 1987 as Valvoline Instant Oil Change. The next product development occurred in 1996 with the release of a synthetic blend motor oil, the first of its kind, to withstand increasing hotter engine temperatures.
In 2000, Valvoline addressed the aging vehicle market by producing an oil called MaxLife, aimed at restoring engine power in cars that had exceeded 75,000 driving miles. A milestone was reached in 2007, with Valvoline Instant Oil Change celebrating their 500th location opening. Environmental concerns were taken into consideration with Valvoline's launch of NextGen oil in 2011, which contains 50% re-refined oil. In 2014, Valvoline began sponsoring the Hendrick Motorsports team which was followed by the release of the Pro-V racing lubricants and oils in 2015. In September 2015, an announcement was made regarding the division of Valvoline from its parent company, Ashland Inc.
Location: Headquarters & Stores
Valvoline's headquarters is located at 100 Valvoline Way, Lexington, Kentucky. Its products are sold throughout 1,127 stores including 743 Valvoline-branded franchises and 384 company-owned stores in the US. Valvoline's largest franchise is Henley Enterprises, operating 218 stores throughout the US.
Valvoline products for DIY customers are also available in more than 30,000 retail outlets nationwide. Additionally, the company serves automotive repair shops, car dealers and third-party quick lube service shops. It operates in more than 140 countries worldwide including in North America, Latin America, Europe and the Asia Pacific region.
In September 2017, Valvoline announced plans to establish 160 new Valvoline Instant Oil Change stores by 2023. Furthermore, the company will acquire 56 stores owned by franchisee Henley Bluewater LLC, located throughout northern Ohio and Michigan.
Products & Services
Valvoline has a presence within a variety of automotive sectors including products and services for passenger cars, light-duty and heavy-duty vehicles, as well as original equipment manufacturers (OEM). Products include vehicle lubricants, antifreeze and coolants for OEMs and maintenance and functional chemicals, including power steering and brake fluids. Valvoline also manufacture specialty coatings for industrial and automotive applications which include sound absorption and rust prevention qualities. Additionally, the company manufactures air filters and motor oil for light-duty vehicles, heavy-duty oil and grease, racing oils and lubricants for professional racing vehicles and other parts including light bulbs, windshield wiper blades, drain plugs and serpentine belts. Many of the products produced by Valvoline are made for DIY consumers, facilitating home vehicle maintenance and supporting sales of products through a wider retail market.
The automotive services provided by Valvoline are extensive, including both seasonal and more frequently required checks and maintenance. Services relating to fluid replenishment and replacement include oil change, brake fluid service and differential fluid service. Mechanical and parts services include radiator and cooling service, transmission system service, wiper blades, filters including oil, air and cabin, tire rotation, serpentine belt service, fuel and air services for both gas and diesel vehicles, power steering service, engine cleaning service, battery service and air conditioning service.
Valvoline is best known for their automotive repair and maintenance services and products, including oils and lubricants. Their long history dates back to 1866 and the company has continued to thrive and grow throughout both the US and the world.