Understanding Inventory Obsolescence with Chuck Hartle

Chuck Hartle is the co-founder and President of PartsEdge, a powertool for Dealerships Parts Operations, helping to increase DMS utilization, improves efficiency, accuracy, and profitability with solid and consistent plans for eliminating all types of idle inventory in a Parts Operations. With over 40 years in the auto industry Chuck has the know-how and love for the industry that has enabled PartsEdge to identify the biggest needs of dealerships.In the ever-evolving world of automotive parts management, obsolescence is a critical issue that can significantly impact a dealership’s profitability. In this episode of the Parts Management Podcast, Kaylee Felio sits down with Chuck Hartle, co-founder of PartsEdge and an industry veteran, to break down what inventory obsolescence means and how to effectively manage it.Chuck hartle breaks down what obsolescence really means, how it's typically measured, and the significant financial impact it has on dealerships. He explains why it occurs and offers insights into the best practices for managing it effectively, including why combining 'months no sale' and 'months no receipt' metrics is essential.--------------------------------------------This show is powered by PartsEdge: Your go-to solution for transforming dealership parts inventory into a powerhouse of profitability. Their strategies are proven to amp up parts sales by a whopping 20%, all while cutting down on idle inventory. If you're looking to optimize your parts management, visit 🔗 ⁠www.partsedge.com⁠.--------------------------------------------TakeawaysUse dual metrics for obsolescence tracking.Monitor inventory reports weekly.Isolate non-stocking parts early.Quote“That unfulfilled parts demand is what leads to 95 percent of everybody's obsolescence.” - Chuck HartleConnect:Chuck HartleLinkedIn: ⁠www.linkedin.com/in/chuck-hartle-1923ab14⁠Website: ⁠www.partsedge.com⁠Kaylee FelioLinkedIn: ⁠www.linkedin.com/in/gotopartsgirl⁠Website: ⁠www.partsedge.com