Finalist, Industrial Products
The automotive aftermarket and repair shops have undergone great changes over the last decade, forcing suppliers to those markets to anticipate the changes and adapt to them. SPX Service Solutions, led by President Tanvir Arfi, has done these things well.
As a result, the company got through the recession relatively unscathed, remaining profitable throughout, despite a short-term revenue drop of 30 percent and with two of its top five customers declaring bankruptcy. A prime example of SPX Service Solutions’ anticipation of market changes was when it developed its electric vehicle infrastructure business, EV Solutions. When the company started devising its plans for the new business, industry standards for electric vehicle power had not been created, and the industry was skeptical that electric cars would be accepted by consumers. So it became apparent to the company’s leaders that the business plan would have to be selffunded. The venture was successful, and EV Solutions is now recognized as the industry standard.
Innovation is the force driving SPX Service Solutions’ growth. A decade ago, the use of computers in vehicles started becoming prevalent, and as a result, the mechanical repair of engines and transmissions in service garages and dealerships started to shrink. If the company had continued to rely on its traditional line of mechanical tools and equipment, its business would have withered.
But SPX’s management team anticipated the trend and began executing a transformation ahead of time. Today, 70 percent of the company’s business comes from electronic products, software, data content and services.
This transformation has made SPX Service Solutions a global leader in the design, manufacture and service of automotive diagnostics and data content, tools and equipment, and services for dealerships, independent garages and DIY consumers.
HOW TO REACH: SPX Service Solutions, www.servicesolutions.spx.com
