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.