Newsmaker: Craig Bond
For more Newsmakers, please read the redesigned January issue of Aftermarket Business magazine.
How does business look for 2008? Please explain.
Business looks good in 2008. We set our budgets based on a 3 percent increase over last year's sales and are looking forward to beating the budget's numbers again in '08 as we did in '07. Bond Auto Parts has done a good job of increasing its market share and will continue (to do so) in '08. A concern that we have is the increasing cost of gas and fuel oil taking expendable income out of our consumers' hands.
What are you looking for from manufacturers this year?
Bond Auto Parts is looking for help from our manufacturers with the EDI initiative. We believe it is essential to automate steps in the supply chain wherever possible. To that end, we have upgraded our systems and services to enable electronic document exchange with our suppliers; purchase orders, acknowledgements, advance ship notices and invoices. This will enable greater efficiencies for both Bond and our vendors, and opens the door for further information sharing in the future. Also we are looking for help with inventory management, by using VIO data. Another very important area we could use help from our manufacturers is supplying us with effective selling tools and programs that will enable us sell their product on the street. One of the most important things our manufactures can help us and the entire aftermarket with is to help keep us competitive against any and all competitors.
From where you sit, what will be the long-term effects of telematics?
The Right to Repair Act is crucial for the aftermarket to stay competitive with the new car dealers as it pertains to telematics. We need to make sure that car owners and independent repair shops have full access to all the information and tools necessary to repair as well as maintain vehicle safety. Once the Right to Repair legislation is passed and put into law, the next phase will be for the aftermarket to make substantial investments in the equipment and training needed to effectively use this vital information.
What are your strategies for cutting down on returns?
Bond Auto Parts has several different strategies in place to help cut down on returns, such as tracking returns by installer customers to find problems. Once identified, we will work with said installer and find out what the issues are causing the higher return rates. We will when applicable work with manufacturer reps to help in this process. Another area that we are currently testing is working with VIN look up; this will help in returns associated with incorrect look up.
Do your customers care about country of origin of auto parts?How does this affect your business plan?
Our customers are not extremely concerned with country of origin. They are very concerned about quality and if a product is of good quality, reliable and competitively priced the country of origin is a non-issue.