20 Apr 2017 | 10.07 am
Surplus Stock Worldwide Moves Into Car Parts
Big dealers sign up for online platform
20 Apr 2017 | 10.07 am
Online platform Surplus Stock Worldwide, which brings together buyers and sellers of new and obsolete spare parts, is making inroads into the car market in Ireland, where dealers are often sitting on considerable volumes of ‘dead’ parts stock.
For an annual subscription fee, Surplus Stock Worldwide uploads a dealer’s spare parts to its platform where buyers from around the world can view and purchase them, typically at discounted prices. Close to 20 million parts are on the site at present, with parts sold to date across over 100 countries.
According to founder and director Terry Reihill: “We are providing another route to market enabling dealers sell redundant parts stocks. It is not unusual for a car dealership to have in excess of €100,000 of obsolete spare parts, which they have no ready means of disposing of. We are creating a global shop window for these parts.”
Cavan man Reihill stumbled upon the business idea while working as a purchasing manager in the concrete industry. “A colleague at the time suggested we dump an engine which had been lying on the shelf for some time. It struck me there must be a way of monetising these items, rather than paying someone to get rid of them.”
Reihill initially launched Surplus Stock Worldwide with a focus on truck, plant and agri-machinery sectors. The new online platform also meets the demands of the car marketplace.
Among the adopters of the offering are Windsor Group, Charles Hurst, Donnelly Group, Ashley Ford and the Spirit Motor Group. “We upload all the parts for our customers, which is major benefit for a busy dealership,” says Reihill. “We also provide monthly performance reports to allow our customers to see what parts are gaining traction and so they can adjust their pricing as required. Parts departments also use the platform for buying unusual parts needed to service older vehicles,” Reihill added.
The venture secured €150,000 funding from Enterprise Ireland in May 2015 after Reihill sourced €150,000 from private investors Daire Higgins and Ronan Higgins, who each invested €75,000 in operating company Who Has It Ltd. The company, based in the Guinness Enterprise Centre in Dublin, employs four people. Startup losses through 2015 amounted to €89,000.
Photo: Terry Reihill (right) with Robbie O’Neill, Aftermarket Director with Windsor Motor Group.