Mike Bachara is the Owner and President of Pro Count West, an Automotive Company specializing in Parts Department Inventories, Consulting, Termination Returns and overall improvement to Parts Department Operations in new car dealerships
In this episode of the Parts Girl Podcast, Kaylee Felio sits down with inventory management expert Mike Bachara to delve into the intricacies and importance of inventory management in the dealership setting. Accurate inventory management is crucial for the success of any dealership. From keeping track of parts on the shelves to avoiding costly errors and ensuring customer satisfaction, the parts department plays a significant role in maximizing return on investment.
Monthly Reconciliations for Accuracy
To ensure accurate accounting figures and maintain proper stocking levels, monthly reconciliations are essential. By regularly tracking and reconciling inventory, dealerships can pinpoint discrepancies and address them promptly. This leads to increased productivity in the shop and avoids wasted time and money for technicians and customers.
Special Order Parts and Tracking Systems
Special order parts can often be a source of inventory discrepancies. Having an effective system in place to track and manage these orders is crucial. Bachara recommends monthly counting of special order parts to catch any errors and discrepancies early on. This not only prevents customer dissatisfaction but also ensures accurate accounting figures.
Leveraging Outside Expertise for Physical Inventories
Many dealerships struggle with conducting thorough physical inventory checks themselves. Hiring an outside company, experienced in inventory management, can bring valuable expertise to ensure accurate figures and prevent missed inventory items. By partnering with such companies, dealerships can save time, resources, and have confidence in the accuracy of their inventory numbers.
Accurate inventory management is vital in maximizing return on investment for dealerships. Monthly reconciliations, efficient tracking systems for special order parts, and leveraging outside expertise for physical inventory checks are all key strategies for achieving this goal. By implementing these practices, dealerships can improve productivity, minimize errors, and keep customer satisfaction high.
Takeaways
- Have a regular physical inventory.
- Prepare your inventory first before doing physical.
- Having discrepancies in inventory can be costly.
Quote
“Get your inventory prepared for a physical because that’s the way you’re gonna get the most accurate count.” –Mike Bachara
Connect
Mike Bachara
LinkedIn: www.linkedin.com/in/mike-bachara-141bb51a
Website: www.procountwest.com
Kaylee Felio
LinkedIn: www.linkedin.com/in/gotopartsgirl
Website: www.partsedge.com