CHICAGO, May 21, 2013 /PRNewswire/ -- Polk honored Mevotech Inc. and Performance Warehouse Inc. with the 2013 Polk Inventory Efficiency Award during a ceremony held today at the Global Automotive Aftermarket Symposium (GAAS) at the Hyatt Regency O'Hare near Chicago.
The Polk Inventory Efficiency Award program, now in its ninth year, recognizes and rewards outstanding aftermarket companies for process improvements in supply chain and inventory efficiency. This year's awards were presented by Mark Seng, vice president, aftermarket and commercial vehicle and Polk's global aftermarket practice leader, and Stephen Polk, chairman, president and CEO of R. L. Polk & Co.
"We are honored to recognize the efficient contributions of Mevotech and Performance Warehouse in this year's program," said Seng. "Inventory efficiency often translates to cost savings and better practices, and both of these organizations have integrated industry-leading inventory management and supply chain practices into their operations, serving as respected benchmarks for others in the automotive aftermarket community."
Mevotech, founded in 1982, was recognized by Polk in the Manufacturer category. Based in Toronto, Mevotech specializes in providing top quality, technology advanced automotive parts, as well as unparalleled service and customer support.
To overcome the challenges of limited warehouse space and maintaining accurate inventory while remaining efficient, Mevotech launched its Excellence in Inventory Strategy, EXIST. The four-stage program managed the entire product lifecycle from control process to engineering through supply chain and ultimately to the customer, reducing inventory levels while maintaining industry leading fill rates.
With a first-to-market product strategy, Mevotech's EXIST program provided a substantial business and parts business impact. Over an aggressive two-and-half year implementation, the inventory strategy decreased order turn times by nearly 60 percent, increased fill rates by seven percentage points and improved product time to market to nearly three times faster. EXIST also reduced warehouse inventory by 20 percent and increased inventory accuracy by 10 percentage points.
"On behalf of Mevotech, we are pleased to receive this prestigious award from Polk and it is a validation to the hard work of our employees," said Ezer Mevorach, president, Mevotech. "We're humbled to join previously honored industry leaders and serve as a role model for others striving to better their inventory efficiency practices."
Performance Warehouse was recognized by Polk in the Retailer/Distributor category. Family owned and incorporated in 1969, the wholesale establishment was created to enable its three existing retail stores to compete with larger retailers. Today, it has a diverse product mix, 37 company-owned stores and serves jobbers and retailers of all sizes.
Performance Warehouse works closely with the Aftermarket Auto Parts Alliance, last year's winner of the Retailer/Distributor category award, operating and guiding the evolution of the inventory optimization tool for the buying group.
The inventory optimization tool (IOT) from Performance Warehouse has proved to be a more efficient software package. By modeling sales data, inventory data, vehicles in operation and replacement rate data, the system delivers efficient inventory and stocking decisions for retailers, accurately predicts part failure rates and identifies business opportunities. The addition of Vista data, which are the catalogue look-ups, to the IOT has allowed Performance Warehouse to identify high failure products in vehicles and get them into inventory before it becomes an issue.
The IOT has also empowered the Performance Warehouse sales team, equipping them with an additional tool to take to independent jobbers and showcase inventory updates and availability. Over the last two years, Performance Warehouse has decreased their overall inventory by nearly nine percent and has achieved sales increases of nearly six percent while diversifying their parts availability. The Performance Warehouse team was recognized for its holistic training approach, a training approach focused on ensuring all outlets knew what to do and how to use the new IOT. Performance Warehouse's independent jobbers also increased their sales 44 percent in product lines updated using the IOT.
"We are grateful to Polk for recognizing Performance Warehouse with the Inventory Efficiency Award," said JR Moore, president, Performance Warehouse. "We've worked hard as a company to manage our inventory, and keep our jobbers competitive and our stores growing. This award is validation that Performance Warehouse is on the right track."
About the Polk Inventory Efficiency Award
The Polk Inventory Efficiency Award was established in 2005 to recognize outstanding aftermarket companies for process improvements to inventory and supply chain efficiency. Award submissions were reviewed by a selection committee comprised of aftermarket industry leaders, not affiliated with Polk or any of the nominated companies. Winners were selected anonymously based on a set of criteria agreed upon by the judging committee.
Garnering support from across the industry, including organizations such as AAIA and AASA, media companies such as Advanstar and Babcox and educational institutions such as Northwood University, the Polk Inventory Efficiency Award effectively blends awareness and education. In addition to building awareness and sharing best practices, the award has been successfully leveraged to provide inspiration to companies and their employees throughout the aftermarket industry.
For more information, and to see highlights of these nominations from Mevotech and Performance Warehouse, please visit: https://www.polk.com/company/inventory_efficiency_awards/all_winners.
Polk is the premier provider of automotive information and marketing solutions. The organization collects and interprets global data, and provides extensive automotive business expertise to help customers understand their market position, identify trends, build brand loyalty, conquest new business and gain a competitive advantage. Polk helps automotive manufacturers and dealers, automotive aftermarket companies, finance and insurance companies, advertising agencies, media companies, consulting organizations, government agencies and market research firms make good business decisions. A privately held global firm, Polk is based in Southfield, Michigan with operations in Australia, Canada, China, France, Germany, Italy, Japan, South Korea, Spain, the United Kingdom and the United States. For more information, please visit www.polk.com.