Audiovox is a company that cut it's teeth behind the wheel of a car and is still a premier supplier to the automotive aftermarket. Everyone knows how we became a mobile electronics company but it is a story worth repeating.
It is 1965...and a young John Shalam, Wharton School graduate, has shucked his job at Continental Grain Company in New York and is in the fourth year in his own small business called Custom Imports. He'll sell anything and everything and as the original 'outsourcer' gets all of his products from Asia. No manufacturing overhead for him...in fact no overhead at all, as he is president, sales manager and secretary all rolled into one. An ordering mix up leaves him the owner of an overstock order of 2,000 car radios, no customers and the loan to pay for them coming due soon.
And that brings us to 2004 when the company took its boldest step and sold the cellular subsidiary. The time had come to exit the cellular business and the money generated by the sale of the cellular company would allow us to grow the Electronics Company both organically and through acquisition. Thirty days after the close of the cellular sale, we made good on our commitment to grow through acquisition and bought Terk Technologies, a well-kno