The auction for Advance Auto Parts is sputtering.
While a handful of private-equity firms kicked the tires, only KKR remains in the running, a source told The Post.
Advance was looking to fetch upward of $6 billion, which would make it one of the larger leveraged buyouts in recent years.
“The auction has fizzled out,” a source close to the process said, adding that the auction is now in its second round.
Advance quietly hired Blackstone to gauge interest last month. But potential buyers that have seen the books are quickly dropping out.
“There are questions about how you grow and exit the business,” said another source.
Advance, the third-largest supplier of replacement auto parts, with more than 3,700 locations, reported disappointing results in the quarter ended October, with same-store sales down 1.8 percent.
Its two larger peers — AutoZone and O’Reilly Automotive — are not interested in buying Advance because there’s too much overlap with their stores.
KKR, meanwhile, is still believed to be studying the business. It bought rival AutoZone in 1984, and owned it for 12 years before taking it public.
Both Advance and KKR declined comment.
Advance shares rose 1.9 percent yesterday to $78.07, giving it a $5.7 billion valuation after accounting for cash on hand and outstanding debt.
The stock popped more than 14 percent earlier this month when news broke that the company was exploring a sale.
One source said the sales process was rather “ambitious,” considering that a buyer would need to pay more than seven times its $843 million in annual Ebitda, or earnings before interest, taxes, depreciation and amortization.
Other companies selling auto-aftermarket products are also testing the market, pitching that the space will grow as consumers hold on longer to their cars.
GE Capital-owned MSD Performance Parts, with $175 million in sales, is for sale in a RW Baird auction.
PE firm Harbour Group is just now sending out sales material for Auto Meter Products, which manufactures automotive gauges. BB&T is conducting that auction, a source said.
An MSD banker and Auto Meter did not return calls.