LKQ Corporation Reduces Its Days to Close with Cadency® by Trintech While Executing Over 100 Acquisitions
LKQ Corporation (Nasdaq: LKQ), a Fortune 500 company, is North America’s largest provider of alternative collision auto parts, and a leading provider of recycled and remanufactured mechanical parts including engines and transmissions, all in connection with the repair of automobiles and other vehicles. LKQ operates more than 570 facilities in North America, Europe and Taiwan, offering its customers a broad range of replacement systems, components, equipment, and parts to repair and accessorize automobiles, trucks, recreational and performance vehicles. Since its formation in 1998, LKQ has grown through internal development and over 170 acquisitions.
Due to an aggressive acquisition strategy, LKQ Corporation struggled with a lack of standardization and visibility across its high-volume transactions, balance sheet reconciliations and close management processes.
Since implementing Cadency, LKQ Corporation has been able to achieve the following benefits:
- Reduced the days to close by 2 business days (from 9 to 7 days)
- Reduced Cash Specialist headcount by nearly 50%
- Grew revenues 3,711% and kept headcount at Financial Shared Services Center flat
- 90% auto-reconciliation provides ability to quickly identify and resolve issues
- Full confidence in timely and accurate information
- Ability to reconcile by types of transactions between specific lines of business
- Intercompany nets to zero almost every month and ability to provide transaction-level detail of variances