Auto Services Co. Files 13D on Bassett Furniture

TL;DR

**Auto Services Co. just dropped a 13D on Bassett Furniture! Big move incoming?**

AI Summary

Auto Services Company, Inc., through its CEO Bradley L. Hasselwander, has filed a Schedule 13D on May 6, 2024, regarding their beneficial ownership of Bassett Furniture Industries, Inc. The filing indicates a change in ownership or control, with Auto Services Company, Inc. now holding a significant stake in Bassett Furniture Industries.

Why It Matters

This filing signals a potential shift in control or a significant investment by Auto Services Company, Inc. in Bassett Furniture Industries, which could impact the company's strategic direction and stock performance.

Risk Assessment

Risk Level: medium — Schedule 13D filings often precede significant corporate actions like activist campaigns, mergers, or changes in control, introducing uncertainty.

Key Players & Entities

• Auto Services Company, Inc. (company) — Filing entity
• Bradley L. Hasselwander (person) — CEO of Auto Services Company, Inc. and authorized contact
• Bassett Furniture Industries, Inc. (company) — Subject company
• Kutak Rock LLP (company) — Legal counsel for Auto Services Company, Inc.
• Pierce G. Hunter (person) — Attorney at Kutak Rock LLP

FAQ

Key Financial Figures

• $5.00 — ame of Issuer) Common Stock, par value $5.00 per share (Title of Class of Securiti
• $13.89 — rice 2024-05-02 5,305 Common Stock $13.89 2024-05-01 25 Common Stock $13.98
• $13.98 — $13.89 2024-05-01 25 Common Stock $13.98 2024-05-01 9,670 Common Stock $13.9
• $13.99 — 13.98 2024-05-01 9,670 Common Stock $13.99 2024-04-29 200 Common Stock $13.61
• $13.61 — $13.99 2024-04-29 200 Common Stock $13.61 2024-04-29 168 Common Stock $13.98
• $13.93 — $13.98 2024-04-29 58 Common Stock $13.93 2024-04-29 330 Common Stock $13.97
• $13.97 — $13.93 2024-04-29 330 Common Stock $13.97 2024-04-29 201 Common Stock $14.00
• $14.00 — $13.97 2024-04-29 201 Common Stock $14.00 2024-04-29 628 Common Stock $13.59
• $13.59 — $14.00 2024-04-29 628 Common Stock $13.59 2024-04-29 641 Common Stock $13.60
• $13.60 — $13.59 2024-04-29 641 Common Stock $13.60 2024-04-29 195 Common Stock $14.00
• $13.80 — $14.00 2024-04-29 155 Common Stock $13.80 2024-04-29 854 Common Stock $14.00
• $13.65 — $14.00 2024-04-29 103 Common Stock $13.65 2024-04-29 177 Common Stock $13.78
• $13.78 — $13.65 2024-04-29 177 Common Stock $13.78 2024-04-29 312 Common Stock $14.00
• $13.57 — $14.00 2024-04-29 667 Common Stock $13.57 2024-04-29 226 Common Stock $13.74
• $13.74 — $13.57 2024-04-29 226 Common Stock $13.74 2024-04-29 657 Common Stock $13.99

Filing Documents

• asci20240506_sc13d.htm (SC 13D) — 171KB
• ex_668381.htm (EX-1) — 10KB
• 0001437749-24-014887.txt ( ) — 183KB

SECURITY AND ISSUER

ITEM 1. SECURITY AND ISSUER. This Schedule 13D relates to the Common Stock, par value $5.00 per share (the " Common Stock ") of Bassett Furniture Industries, Incorporated, a Virginia corporation (the " Issuer "). The principal executive offices of the Issuer are located at 3525 Fairystone Park Highway, Bassett, Virginia 24055

IDENTITY AND BACKGROUND

ITEM 2. IDENTITY AND BACKGROUND. (a) This statement is being filed by Auto Services Company, Inc., an Arkansas corporation (" ASC "), ASC Holding Company, Inc. (" ASC Holding "), an Arkansas corporation and the direct parent of ASC, and Bradley L. Hasselwander, a citizen of the United States and controlling stockholder of ASC Holding. Each of the foregoing is referred to herein as a "Reporting Person" and collectively as the "Reporting Persons." (b) The principal address of each of the Reporting Persons is c/o Auto Services Company, Inc., 1793 HWY 201 N, Mountain Home, AR 72653. (c) ASC is a vehicle warranty provider. ASC Holding operates primarily as a holding company for two vehicle warranty providers, one of which is ASC. Bradley L. Hasselwander is President and CEO of each of ASC and ASC Holding. The directors and executive officers of each of ASC and ASC Holding are set forth below. Unless otherwise indicated, each individual's business address is c/o Auto Services Company, Inc., 1793 HWY 201 N, Mountain Home, AR 72653. Name Principal Occupation Bradley L. Hasselwander President/CEO Mary E. Sinor Secretary Bradley L. Hasselwander Treasurer Bradley L. Hasselwander Director Mary E. Sinor Director (d) During the last five years, none of the Reporting Persons, nor any director or executive officer of any Reporting Person, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Bradley L. Hasselwander and each director and officer of a Reporting Person is a citizen of the United Stat

SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. The funds used to acquire the securities described herein were obtained from the working capital of ASC. 5

PURPOSE OF TRANSACTION

ITEM 4. PURPOSE OF TRANSACTION. ASC purchased the Common Stock disclosed herein (collectively, the " Shares ") based on its belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to ASC, and the availability of Shares or other securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares or other securities of the Issuer on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer's financial position, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, engaging in communications with representatives of the Issuer, engaging in discussions with stockholders of the Issuer and others about the Issuer and the Reporting Persons' investment, making proposals to the Issuer concerning strategic alternatives, changes to the capitalization, ownership structure, operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any

INTEREST IN SECURITIES OF THE ISSUER

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) and (b) The information relating to the beneficial ownership of Common Stock by the Reporting Persons set forth in Rows 7 through 13 of each cover page hereto is incorporated by reference. ASC is the beneficial owner of 464,469 shares of Common Stock, constituting approximately 5.3% of outstanding Common Stock. Because it is the parent holding company of ASC, ASC Holding may be deemed to have the shared power to vote or direct the vote, and the shared power to dispose or direct the disposition, of all Shares beneficially owned by ASC. Because he is the controlling stockholder of ASC Holdings, Bradley L. Hasselwander may be deemed to have the shared power to vote or direct the vote, and the shared power to dispose or direct the disposition, of all Shares beneficially owned by ASC. The foregoing ownership percentage is calculated assuming a total of 8,828,751 shares of Common Stock of the Issuer are issued and outstanding, as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on April 3, 2024. None of the Reporting Persons or, to the knowledge of the Reporting Persons, any of the other persons listed in Item 2(a)-(c) hereto beneficially owns any other securities of the Issuer. 6 (c) Transactions by the Reporting Persons in shares of Common Stock of the Issuer in the last sixty days are as follows, all of which were effected and held by ASC through open market purchases: Date Acquired Amount of Shares Purchased Class of Securities Per Share Price 2024-05-02 5,305 Common Stock $13.89 2024-05-01 25 Common Stock $13.98 2024-05-01 9,670 Common Stock $13.99 2024-04-29 200 Common Stock $13.61 2024-04-29 168 Common Stock $13.98 2024-04-29 58 Common Stock $13.93 2024-04-29 330 Common Stock $13.97 2024-04-29 201 Common Stock $14.00 2024-04-29 628 Common Stock $13.59 2024-04-29 641 Common Stock $13.60 2024-04-29 195 Comm

CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER

ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. To the best knowledge of the Reporting Persons, except as set forth herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise), including, but not limited to, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies, between the persons enumerated in Item 2, and any other person, with respect to any securities of the Issuer, including any securities pledged or otherwise subject to a contingency the occurrence of which would give another person voting power or investment power over such securities other than standard default and similar provisions contained in loan agreements.

MATERIAL TO BE FILED AS EXHIBITS

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. This filing includes the following exhibit: Exhibit 1 : Joint Filing Agreement. 8 SIGNATURE After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: May 6, 2024 AUTO SERVICES COMPANY, INC. By: /s/ Bradley L. Hasselwander Name: Bradley L. Hasselwander Title: President and CEO ASC HOLDING COMPANY, INC. By: /s/ Bradley L. Hasselwander Name: Bradley L. Hasselwander Title: President and CEO /s/ Bradley L. Hasselwander Bradley L. Hasselwander 9

View Full Filing

View this SC 13D filing on SEC EDGAR