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boydgroup.com Company Profile Investor's information Who we are The Boyd Group Inc. ("Boyd") is a publicly traded company listed on the Winnipeg Stock Exchange (trading symbol BYD.A) which operates principally as Boyd Autobody & Glass, a growing chain of 39 collision centres located in Manitoba, Saskatchewan, Alberta and British Columbia. In Manitoba Boyd operates 10 wholly-owned locations as well as 2 locations which are joint ventures with the Megill-Stephenson Company Limited. Boyd's first 4 Saskatchewan locations have been opened in 1998 and plans are under way to open more shops there in the near future. In Alberta, Boyd operates 4 Edmonton bodyshops known as Imperial Collision, as well as 3 collision centres located in Red Deer and Olds Alberta that are known as Central Alberta Collision or CAC In British Columbia we operate seven wholly-owned locations and one joint venture location. We also provide assistance and direction to independently owned Boyd Autobody and Glass franchises. Our Industry The collision repair industry in North America is in the very early stages of consolidation. At present, this 30 billion (U.S.) dollar industry is highly fragmented, consisting primarily of small, independent, family owned businesses operating in local markets. Boyd is advised that there are between 55,000 and 60,000 collision repair shops in North America, with less than 15% of these having annual sales in excess of $1,000,000. There is currently no national chain of collision repair shops under common ownership in either Canada or the United States, nor is there a dominant industry participant. Our Opportunity At Boyd our plan is to be a leader in the consolidation of the collision repair industry by building a chain of upscale, quality-oriented collision repair shops. It is Boyd's strategy to enter major urban markets and through the establishment of multiple locations, become the dominant industry participant within two to three years. A dominant market position with multiple locations contributes to significant synergistic cost savings, particularly in areas of advertising and parts and materials purchasing. Since its inception in November 1990, Boyd has been successful in establishing a leading market position in Manitoba and British Columbia, and is evolving towards that position in the Saskatchewan and Alberta markets. Our Achievements At Boyd we strive to be progressive and innovative managers. For three consecutive years Boyd has been chosen by Arthur Anderson & Company (an international firm specializing in accounting, auditing and consulting) as one of Canada's 50 Best Managed Companies. The award criteria includes financial performance as well as the effective use of best management practices including corporate vision, staff incentives, training programs, strategic partnering, customer service levels, etc. There are 700-800 nominees for this award annually. Boyd has also recently obtained ISO 9002 registration for its location at 120 King Edward Street East in Winnipeg, Manitoba. This location is now one of the first autobody businesses in North America to have achieved ISO certification. Our Difference Here are some of the ways that Boyd is different from our competition: In contrast with the collision repair business in general, Boyd operates upscale, customer service and quality-oriented multi-locations. Boyd represents one of very few companies owning and operating shops in more than one province. Multiple locations contribute to significant cost synergies. Pooled advertising contributions create larger, more sophisticated advertising campaigns which creates competitive advantage over the competition. Boyd enjoys leverage in the buying of parts, paint, materials, supplies etc. All locations are clean, bright and modern facilities located in convenient retail areas. Boyd uses satellite locations to enhance customer service and as a result gains efficiency in the utilization of capital assets. Staff are trained extensively in customer service and quality control. Boyd maintains a strong commitment to training at all levels of the organization. Repairs are backed by a Lifetime Guarantee. Customer satisfaction is Boyd's #1 priority. We systematically monitor customer satisfaction by contacting customers within 30 days after service. They are asked to score us on quality, service and speed. All management have a significant part of their compensation tied to CSI(Customer Satisfaction Index). Joint Ventures Boyd operates two joint- venture bodyshops in Winnipeg, Manitoba with the Megill Stephenson Company Limited. Megill is a private company with sales and assets of approximately C$150 mil. and C$120 mil. respectively. The principal and major shareholder of Megill is Mr. Robert Chipman, a highly regarded Canadian businessman who holds (or has held) several prominent directorships, including the Royal Bank of Canada and who now sits as a member of the Board of Directors of Boyd. Strategic Alliances Boyd is a preferred supplier of collision repairs to Canada's largest and best known fleet and leasing companies. By maintaining close contact with decision makers within the fleet and leasing industry, Boyd has been able to develop a number of innovative processes which have positioned the company as the collision repair provider of choice for companies which control over 200,000 vehicle leases across Canada. In British Columbia, where private insurance companies compete with (ICBC), Boyd has developed mutually advantageous relationships with a number of private insurers. These partnerships provide the insurer with the confidence to recommend Boyd shops to their clients, knowing they will receive the highest level of quality and service. The Future Boyd intends to continue expansion throughout Western Canada through the acquisitions of high quality, profitable collision repair businesses. While acquisition prices may exceed the costs of ‘start up' locations, management believes these increased costs are more than offset by reduced risk and enhanced and accelerated profitability. Thank you for your interest in Boyd Autobody + Glass and The Boyd Group Inc. For more information contact your broker or email us at info@boydgroup.com. | ||||||||||||
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