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https://www.bizjournals.com/southfl...fl&ana=e_fl_BN&j=32372379&senddate=2023-08-11
Garmin Ltd. appears to be revving up its foothold in the automotive market with the planned acquisition of Miramar-based JL Audio.
Olathe, Kansas-based Garmin signed a definitive agreement to buy the 600-person-plus company and expects to finalize the deal by year’s end.
Founded in 1975, JL Audio designs and manufactures audio products — including speakers, amplifiers and subwoofers — for marine, aftermarket automotive, powersports, home and RV customers. Financial details were not disclosed.
“JL Audio's extensive audio experience will create new opportunities to provide premium audio features across a broad range of our markets and products,” Garmin CEO Cliff Pemble said in a release. “The JL Audio brand is known around the world for offering a premium audio experience, which is made possible by their talented and dedicated associates.”
The South Florida-based company's products are sold in all 50 states and about 80 countries, the Business Journal reported in 2019. JL Audio is especially well known as a popular choice in the marine world, and has topped the SFBJ's Marine Industry Businesses by Employees list over the past several years.
“Almost any great brand you know will use JL Audio,” JL Audio President Andy Oxenhorn told the SFBJ in a 2019 interview. “We’re installed in some of the biggest and most beautiful yachts in the world.”
Earlier this year, Garmin debuted its Garmin Unified Cabin for vehicles, which is packed with tech features such as monitoring driver alertness and using ultra-wideband positioning technology to automatically connect wireless devices, such as Bluetooth headphones, smartphones and game controllers, to the appropriate screen based on where a person is sitting.
Occupants need to register their face only once with the system, and the cabin monitoring camera will remember them and automatically unlock personal preferences wherever they’re sitting, from favorite radio stations to a personalized home screen to where they left off on their Xbox game at home. It also can automatically adjust their seat to their liking. (And that’s only a fraction of what the system can do.)
“In the last probably three to five years, we’ve made a distinct move away from wanting to be the navigation company. Now, it’s more about these compelling technology solutions and the integration aspect of it. We don’t use navigation to open the door anymore (with automakers),” Craig Puder, vice president of Garmin’s Automotive OEM Engineering, said during a previous interview.
Garmin already has existing relationships with automakers such as BMW, Toyota, Geely and Daimler, and in the powersports category with Honda, Yamaha and Kawasaki.
The planned acquisition also complements Garmin’s other focus areas, including in marine and avionics.
In 2022, Garmin reported $558.9 million in net sales in the automotive category, which includes the consumer auto and automotive original equipment manufacturer business segments. The previous year, net sales were $579.4 million. Garmin primarily attributed the decrease to a drop in sales in the consumer auto products category, which includes Garmin’s personal navigation devices and dash cams.
Last year, Garmin reported a $61.8 million operating income loss in the automotive category. During the second quarter of 2023, the automotive category carried a loss of $17.5 million.
Garmin Ltd. appears to be revving up its foothold in the automotive market with the planned acquisition of Miramar-based JL Audio.
Olathe, Kansas-based Garmin signed a definitive agreement to buy the 600-person-plus company and expects to finalize the deal by year’s end.
Founded in 1975, JL Audio designs and manufactures audio products — including speakers, amplifiers and subwoofers — for marine, aftermarket automotive, powersports, home and RV customers. Financial details were not disclosed.
“JL Audio's extensive audio experience will create new opportunities to provide premium audio features across a broad range of our markets and products,” Garmin CEO Cliff Pemble said in a release. “The JL Audio brand is known around the world for offering a premium audio experience, which is made possible by their talented and dedicated associates.”
The South Florida-based company's products are sold in all 50 states and about 80 countries, the Business Journal reported in 2019. JL Audio is especially well known as a popular choice in the marine world, and has topped the SFBJ's Marine Industry Businesses by Employees list over the past several years.
“Almost any great brand you know will use JL Audio,” JL Audio President Andy Oxenhorn told the SFBJ in a 2019 interview. “We’re installed in some of the biggest and most beautiful yachts in the world.”
Earlier this year, Garmin debuted its Garmin Unified Cabin for vehicles, which is packed with tech features such as monitoring driver alertness and using ultra-wideband positioning technology to automatically connect wireless devices, such as Bluetooth headphones, smartphones and game controllers, to the appropriate screen based on where a person is sitting.
Occupants need to register their face only once with the system, and the cabin monitoring camera will remember them and automatically unlock personal preferences wherever they’re sitting, from favorite radio stations to a personalized home screen to where they left off on their Xbox game at home. It also can automatically adjust their seat to their liking. (And that’s only a fraction of what the system can do.)
“In the last probably three to five years, we’ve made a distinct move away from wanting to be the navigation company. Now, it’s more about these compelling technology solutions and the integration aspect of it. We don’t use navigation to open the door anymore (with automakers),” Craig Puder, vice president of Garmin’s Automotive OEM Engineering, said during a previous interview.
Garmin already has existing relationships with automakers such as BMW, Toyota, Geely and Daimler, and in the powersports category with Honda, Yamaha and Kawasaki.
The planned acquisition also complements Garmin’s other focus areas, including in marine and avionics.
In 2022, Garmin reported $558.9 million in net sales in the automotive category, which includes the consumer auto and automotive original equipment manufacturer business segments. The previous year, net sales were $579.4 million. Garmin primarily attributed the decrease to a drop in sales in the consumer auto products category, which includes Garmin’s personal navigation devices and dash cams.
Last year, Garmin reported a $61.8 million operating income loss in the automotive category. During the second quarter of 2023, the automotive category carried a loss of $17.5 million.
