Detroit auto parts manufacturer Adam’s Automotive Parts is on fire.
This week, the company filed for Chapter 11 bankruptcy protection after filing for a massive debt load of $2.8 billion.
The company is also embroiled in a legal battle with an Indiana-based manufacturer that is suing the company for $3.4 billion over alleged fraud, breach of contract and unfair competition.
The news came on the heels of a new report that the auto industry is facing an unprecedented shortage of quality parts in 2017.
In fact, auto parts makers have had to slash the size of their teams and cut staffs to avoid a crisis.
That leaves auto parts manufacturers like Adam Motors with a huge task in dealing with the ongoing crisis.
What are auto parts made of?
Auto parts are made up of a variety of materials, including steel, plastics, metal, rubber, and wood.
Some auto parts are also made of rubber, which is used to cushion the internal surfaces of cars and other vehicles.
Another popular type of auto parts is composite, which uses a variety, including plastic, metal and ceramic, to form a single part.
How does the auto parts industry compare to other industries?
There are more than 500 auto parts suppliers in the U.S., but the industry is still relatively small compared to other sectors.
The auto parts supply chain comprises approximately $20 trillion in annual spending and the industry accounts for nearly 10% of the U