VOXX-Directed Aftermarket Sales Slow For Quarter

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VOXX Aftermarket Sales Fall

VOXX said its sales of aftermarket car audio fell more than expected for the recent quarter ending November 30, 2022, but sales of OEM automotive products rose slightly.

Aftermarket car security sales (VOXX, Directed) fell by $11.8 million and satellite radio sales fell $1.2 million compared to the quarter a year ago.

OEM sales rose by $600K and would have climbed higher but for chip shortages which stalled production on new cars, said VOXX.

In all, VOXX automotive sales for the quarter fell by $13 million to $48.6 million.

Pat Lavelle, VOXX Director, Presdident & CEO VOXX Reports on Earnings
VOXX President and CEO Pat Lavelle

VOXX CEO Pat Lavelle told analysts in a conference call, “…automotive aftermarket declines were primarily driven by softness in the economy, higher interest rates,” and a slowdown in discretionary spending.

He also said, “As for the aftermarket, we expected some softness, but not at the levels we experienced.”  A key cause was that “a good portion of our distribution base had inventory left over from last year.  The volume of ordering has also been slower as they know they can get supply when they need it. Additionally, approximately 50 percent of our aftermarket remote start and security business is with new car dealers and there simply aren’t enough cars on the lots.”

Despite the challenges, VOXX said its OEM sales should continue to grow and pointed to new contracts with OEM suppliers. Overall, the automotive segment saw a pre-tax profit of $3.1 million compared to $4.8 million for the quarter a year ago.

The company implemented many cost cutting measures recently, including starting production in a facility in Mexico.  Operating  expenses were down over 20 percent for the quarter compared to last year.

In all, for all categories, VOXX net income swung to a profit of $7.4 million, compared to a net loss of $28.1 million for the year ago quarter.

Net sales were $143.1 million compared to net sales of $191.9 million a year ago.

The above report was for VOXX’s fiscal third quarter ending in November.  For the full nine months of the fiscal year, VOXX net sales were $397.5 million compared to net sales of $472.0 million the year earlier.  The company narrowed its net loss for the 9 months to $9.3 million, compared to $25.1 million a year ago.

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  1. It’s been hard to recommend Directed since the 4X10 came out, and the DS4, while better, just doesn’t do it when compared to the offerings from Idata/Firstech. Not sure how much % remote start sales are for DEI/Voxx, but I can only assume there has been a market share loss in the last few years, especially since Best Buy started carrying Compustar/Idatastart. I’m not going to soapbox all day, but I think the DS4 need a big re-think to regain popularity for DEI.

  2. I would say inventory issues some dealers may be experiencing would be distributor specific. In our area, we have had pretty good availability between direct ordering with VOXX and through a couple of distributors in our area. Between the three options we have always been able to get what we need over the last 8-10 months since inventory levels have come back. Product availability is night and day better than it was 4th quarter 2021 for certain and it would not surprise me if there are dealers and distributors sitting heavy on product now since so many got into the habit of buying deep when product was available during the peak of the shortages.

  3. Hello “A Guy”…
    This is Joe Dentamaro, VP of Vehicle Security / ADAS and Telematics for Voxx.
    I am not sure what issue you have had with us since we acquired DEI. But we (like most other suppliers) have had difficulty with the supply chain on certain components if by chance your comment is / was related to inventory availability during the pandemic. I appreciate your comments and would love to discuss your specific issue(s). I don’t know who you are, so it’s kind of hard to address this comment – but I would like to. You, or any other interested party can always call me directly on my personal cell phone – (248) 719-2633 to discuss anything.

  4. VOXX has definitely fumbled the football with Directed since they bought them. Definitely not working will with their distributors. It’s VOXX not the economy that’s hurting their sales.

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