Ford Motors Company (NYSE:F) is taking the ideology of ‘giving a helping hand’ to a new level, with its most recent announcement, of a brand it is opening, that has the primary aim of aiding in fixing competitors vehicles.
Ford has illustrated that it is constantly working on staying relevant in the automobile industry. This was the alleged reason behind the release of the company’s new brand, which will go by the name of Omnicraft.
More details about Omnicraft and how it will operate
According to the statement made by Ford, Omnicraft will be responsible for the purchasing of spare parts, which will then be sold either to Ford-owned facilities, or third party repair shots, all of which, will be done in order to aid in the restoration, or repairing of competitor’s vehicles.
The company did illustrate, that they would make use of their own suppliers to manufacture the parts, and well sell them at a profit. However, the price will still be suitable enough, to attract the attention of third-party repair shops.
Various critics have complimented Ford on this bold initiative. The reason behind this is not only will Ford automobile locations be able to satisfy the needs of their competitor’s clients. Simultaneously to this, the automobile giant, gets free advertising, while the owner waits, they are most likely to take a peek at the various Ford models, based throughout the workshop.
What does Ford expect from Omnicraft
The president of Ford’s customer division, Frederiek Toney made it abundantly clear that this latest initiative is another move by Ford to not only remain relevant in the automobile industry, but also to increase its market stakes both in the present, and foreseeable future.
Although Toney was not specific on the intention that the company has on total market penetration globally, he did reveal that the company is aiming for Omnicraft to be responsible for between 10-15 percent of all spare parts profit.
Ford stock closed on Monday at $12.31, after witnessing a decline of $0.06 or 0.53%