Update! Heathrow, Fla. – The car audio aftermarket continues to consolidate with the announcement that Namsung America will purchase Voxx Electronics’ Jensen-brand aftermarket car audio business.
The acquisition enables Namsung, doing business as Dual Electronics, to complement its Dual- and Axxera-branded car audio products with Jensen multimedia head units, speakers and amplifier products.
The deal also marks Voxx’s withdrawal from the retail car audio aftermarket “to focus its sales, marketing and product development efforts on what have been our core categories for many years,” said Voxx Electronics president Tom Malone. They are rear-seat entertainment, remote start and security, safety and convenience accessories, and telematics initiatives, he said.
Voxx, however, maintains its selection of Advent-branded car audio/navigation head units from its line for car dealer expediters, who also sell add-on Advent GPS devices that add navigation to factory in-dash touchscreen displays.
“We remain committed to the 12-volt market, to our loyal retail and expediter customers, and to the advancement of new and emerging technologies within this space,” Malone said.
The planned sale, expected to be complete Aug. 1, marks Voxx’s continued evolution from 1960 when the company was originally founded by chairman John Shalam to sell car radios to new-car dealers.
For Jim Braun, president/CEO of Dual Electronics and its Axxera brand, the sale will bring Jensen car audio back under his oversight. He headed Jensen car audio when it was owned by Recoton. Jensen was purchased by Voxx predecessor company Audiovox in 2003.
Dual will manage Jensen’s aftermarket car audio business from its headquarters in Heathrow, Fla.
Dual’s Braun called Jensen “one of the most well-known and powerful brands in the 12-volt industry.
He added, “We look forward to advancing Jensen’s long standing and proud heritage for many years to come. We are also looking forward to continuing to work with Jensen’s suppliers and customers for a seamless transition and continued mutual success.”
Dual Electronics offers car electronics under the Dual and Axxera brands as well as Dual-branded marine electronics, portable aviation electronics, home audio loudspeakers and portable GPS products.
“Jensen complements Dual and Axxera very well,” a Dual spokesperson said. “All three brands are known for great feature/value content. Jensen gives us broader reach to more customer segments.”
The Dual brand, the spokeperson explained, “is very strong across the national account segment, whereas Jensen’s strength is clearly in the traditional 12-volt market through specialists, regional dealers, distributors and key 12-volt ecommerce customers.” Dual also is sold through some 12-volt specialists, and Axxera is sold only through the traditional 12-volt channel, not through merchants and national retailers, the spokesperson added.
Voxx has struggled in the struggling car audio aftermarket, with the company’s automotive segment sales (OEM and aftermarket combined) falling $1.9 million in the first fiscal quarter, excluding the impact of the Euro conversion. “The decline was in the aftermarket as the company’s OEM business grew without consideration of the impact of the Euro conversion,” the company said in a financial report.
Net sales for the fiscal first quarter were down 12.1 percent to $164.4 million compared to the year-ago quarter, and the company posted an operating loss of $800,000 compared to a year-ago loss of $400,000. The net loss came to $700,000, up from $500,000.