CHICAGO, May 21 /PRNewswire/ -- R. L. Polk & Co., the recognized leader in data-driven solutions and automotive aftermarket intelligence, presented the 2008 Polk Inventory Efficiency Awards yesterday 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.
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.
The awards were presented by Mark Seng, vice president of Strategic Markets and Stephen Polk, chairman, president and CEO of R. L. Polk & Co.
"The Polk Inventory Efficiency Award was created to help the industry recognize companies that are proactively addressing a serious issue, inventory management. The award, along with the presentation at GAAS, gives companies a venue to tell their success story and celebrate the opportunity to be acknowledged," said Seng. "Both of these projects should be considered as best practices in the industry for implementing technology efficiently and effectively to manage inventory and costs. Hastings and VIP should be congratulated for the impact their efforts have made on not just their respective companies, but on the automotive aftermarket in general."
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.
About R. L. Polk & Co.
R. L. Polk & Co. is the premier provider of automotive information and marketing solutions. Polk 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, Mich. with operations in Australia, Canada, China, France, Germany, Japan, Spain, the United Kingdom and the United States.