Posted: May 22, 2008

From aftermarketNews Staff & Wire Reports

CHICAGO -- R. L. Polk & Co. yesterday presented the 2008 Polk Inventory Efficiency Awards during the Global Automotive Aftermarket Symposium (GAAS) held at the Hyatt Regency O'Hare in Chicago. The Polk Inventory Efficiency Award recognizes and rewards outstanding aftermarket companies for process improvements relative to inventory efficiency. Awards were presented for excellence in two categories: Retailer/Distributor and Manufacturer.

In the Manufacturer category, Hastings Manufacturing Company, LLC, based in Hastings, Mich., was recognized for creating a real-time, state-of-the-art fulfillment process utilizing bar code scanning technology and custom programming. Hastings was able to recognize significant increases in profits and inventory efficiency, as well as declines in shipping errors and returns. The award was accepted by Fred Cook Jr., chief executive officer and president of Hastings Manufacturing, LLC.

Just after receiving the award, aftermarketNews talked to Cook about the project that Hastings was recognized for. Our video interview with Cook can be seen below.

In the Retailer/Distributor category, Portland, Maine-based VIP Parts, Tires & Service received the award for implementing advanced technology to utilize an existing enterprise resource planning (ERP) system to provide seamless, next-day delivery on most special orders. This project resulted in increased customer service levels and inventory efficiency by allowing VIP to stock parts as "warehouse-only" while fulfilling customer requests in a timely manner. Dan Grosz, vice president of information systems, VIP Parts, Tires & Service accepted the award on the company's behalf.

Grosz shared with AMN his thoughts on the value of inventory management processes. Click on the arrow icon below to view our video chat.

The awards were presented by Mark Seng, vice president of Strategic Markets and Stephen Polk, chairman, president and CEO of R. L. Polk & Co. In the video below, Seng spoke with aftermarketNews about the value of recognizing aftermarket companies that are tackling the issue of inventory efficiency.

In addition to receiving the Polk Inventory Efficiency Award, both companies received the honor of having a $1,000 donation given in their name by Polk to the Global Aftermarket Scholarship fund which assists students who are looking to begin their career in the aftermarket.