Polk Recognizes 2011 Inventory Efficiency Award Winners

CHICAGO, May 19, 2011 /PRNewswire/ -- Polk, the recognized leader in data-driven solutions and automotive aftermarket intelligence, presented the 2011 Polk Inventory Efficiency Awards during a ceremony at the Global Automotive Aftermarket Symposium (GAAS) held today at the Hyatt Regency O'Hare near Chicago. The Polk Inventory Efficiency Award program, now in its seventh year, annually recognizes and rewards outstanding aftermarket companies for process improvements relative to inventory and supply chain efficiency.  

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Two companies were honored with this year's awards: Veyance Technologies and Automotive Parts Headquarters, Inc. (APH). The 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 pleased to honor Veyance Technologies and Automotive Parts Headquarters with this year's Polk Inventory Efficiency Award," said Seng. "It's an honor to have these organizations join a prestigious group of exceptional companies who are driving industry-leading inventory management and supply chain practices within the aftermarket."  

Veyance Technologies, based in Fairlawn, Ohio, was recognized in the Manufacturer category.  As the exclusive manufacturer of Goodyear Engineered Products worldwide, Veyance produces and markets Goodyear-branded air springs, automotive belts and hoses, conveyor belts and services, industrial and hydraulic hose, rubber track and molded products.  The process improvements made by Veyance were focused across the supply chain, and included raw material, work-in-process and finished goods inventory reductions along with streamlined distribution and logistic strategies.  

New standards and workflow processes have been implemented across operations, sales and customer service within 23 Veyance manufacturing facilities, and 11 distribution centers in North America – while maintaining fill rate and on-time metrics of 95 percent or higher.  

"On behalf of the Veyance Technologies team, we are pleased to receive this prestigious award from Polk," said Jon Cocco, general manager of Veyance's transportation and off-highway business.  "It's a true testament to our team's hard work and effort to reduce costs by implementing efficiencies across our operations," he continued.  "It is our hope that the work we've done can serve as an example for other companies as well."

Automotive Parts Headquarters, Inc. was recognized by Polk in the Retailer/Distributor category.  As a family- and employee-owned business, the St. Cloud, Minn.-based aftermarket auto parts distributor and store group implemented a unique twist on time-tested inventory management practices that helped them stand out among other nominees.  The organization's focus was on improving customer service while increasing inventory efficiency.  They strived to have the right inventory in their 110 locations, not just the right dollar amount of inventory.  As part of this process, they built their CounterLogic database that allows their inventory management system to know which products are required for specific repairs – ensuring all are items on hand when needed.  

As a result, APH was able to achieve substantial reduction in inventory that had not moved in 24 months; double digit increases in coverage; and a healthy improvement in inventory turns.

"We'd like to thank Polk for recognizing the APH team with this important award in the industry," said Corey Bartlett, president of Automotive Parts Headquarters, Inc.  "We're pleased to be recognized alongside other leaders in inventory efficiency in our industry, and look forward to continuing to hone our processes."

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.  Applications are currently being accepted for the 2012 Polk Inventory Efficiency Awards program.  For more information, and to see video segments produced highlighting the winning practices from Veyance Technologies and Automotive Parts Headquarters Inc., please visit:  https://www.polk.com/company/inventory_efficiency_awards.  

About Polk

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, Japan, South Korea, Spain, the United Kingdom and the United States. For more information, please visit www.polk.com.

SOURCE Polk