2020 has started, which means many businesses in the automotive space should have already completed their year-end physical inventory counts or soon will have.

If you are one of these businesses, you are already a step ahead when it comes to managing your parts inventory.

As the second largest investment in most automotive dealerships, it is imperative that your parts inventory dollars are accounted for. It will help you sharpen the oversight of your entire stock and help to expedite the disposal of obsolete inventory, resulting in a gain for your overall cash position.

But annual inventory counts should only be a small part of a bigger inventory management strategy. Pro Count West has listed the top three strategies for 2020 that will improve your inventory oversight and maximize profits moving forward:

1 - Mid-year inventory counts

While annual inventory counts are critical to the success of your business by ensuring your inventory is accurately recorded come year-end and tax-filing season, regular counts throughout the year can be an effective way to improve management, uncover problem areas and identify ways to improve efficiency.

Depending on the time and resources available to you, doing a weekly or monthly count, focused on problem SKUs, can be an effective way to maximize your inventory return in 2020.

2 - Warranty reimbursement

Obtaining retail rates for warranty claims has been an ongoing issue for dealerships, nationwide. It is time-consuming and if your submission paperwork is not compiled properly, it can affect your customers, your bottom line and your overall success.

Need help? The Pro Count West team of Warranty Reimbursement Specialists have hands-on experience managing the warranty reimbursement process, giving them the knowledge they need to maximize your company’s profits.

3 - Inventory reorganization

Having a well-organized and properly managed automotive spare parts inventory plays an important role in ensuring efficiency, productivity and customer satisfaction in the parts and service departments. It also helps parts staff plan better, reduces the chances of ordering parts that are already in stock and helps minimize obsolescence.

More importantly, an efficiently organized inventory system reduces costs and maximizes your position. That’s why, as part of our comprehensive auto parts inventory solutions, we offer inventory revamping and reorganization services.

Are you looking to find out more about our services? Contact us today, we would love to answer any questions you have.