Quest Resource Adds the Two Largest Automotive Aftermarket Retailers to Its Portfolio of Clients
Quest Continues to Increase Its Market Share in the Automotive Sector
THE COLONY, TX -- (Marketwired) -- 04/06/16 -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest") announced today that it now serves the two largest retailers of aftermarket automotive parts and accessories in the United States in recycling the used motor oil brought in by their customers. Used oil disposal, depending on how it is managed, can become a serious problem or a valuable resource for the do-it-yourself (DIY) car owner. This is why many states require retailers that sell motor oil to provide a service to collect and recycle used motor oil brought in by customers. Quest has developed a solution that allows retailers to secure top-of-the-line collection equipment while minimizing the cost to recycle the collected used motor oil.
"Our focused approach to helping automotive aftermarket retailers is being well received," commented Ray Hatch, Quest CEO. "Last year, we added over 3,500 new automotive customer locations, and today we are adding an additional 1,000 locations. This allows us to manage the recycling of approximately 40 million gallons of used motor oil annually, or approximately a 10% market share. Our buying power allows us to leverage local market dynamics and to secure fair market prices for our customers."
Quest's holistic service offering from evaluation to implementation and measurement has made it a leading provider of recycling solutions. Quest currently serves over 90,000 user service locations (user service locations = number of customers x locations per customer x services per location).
About Quest Resource Holding Corporation
Quest provides businesses with one-stop management programs to reuse, recycle, and dispose of a wide variety of waste streams and recyclables generated by their businesses. Quest's comprehensive reuse, recycling, and proper disposal management programs are designed to enable regional and national customers to have a single point of contact for managing a variety of waste streams and recyclables. Quest also operates environmentally based social media and online data platforms that contain information and instructions necessary to empower consumers and consumer product companies to recycle or properly dispose of household products and materials. Quest's directory of local recycling and proper disposal options empowers consumers directly and enables consumer product companies to empower their customers by giving them the guidance necessary for the proper recycling or disposal of a wide range of household products and materials, including the "why, where, and how" of recycling.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements include statements or expectations regarding Quest's beliefs that it has developed a solution that allows retailers to secure top-of-the-line equipment while minimizing the cost to recycle the collected used motor oil; that its focused approach to helping automotive aftermarket retailers is being well received; and that its buying power allows it to leverage local market dynamics and to secure fair market prices for its customers. These statements are based on Quest's current expectations, estimates, projections, beliefs, and assumptions. Such statements involve significant risks and uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including competition in the environmental services industry, the impact of the current economic environment, and other factors discussed in greater detail in Quest's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2015. You are cautioned not to place undue reliance on such statements and to consult Quest's SEC filings for additional risks and uncertainties that may apply to Quest's business and the ownership of its securities. Quest's forward-looking statements are presented as of the date made, and Quest disclaims any duty to update such statements unless required by law to do so.
Quest Resource Management Group
Source: Quest Resource Holding Corporation