Panacea Aftermarket Co. – An International Supplier of Quality Forklift Parts and AccessoriesSaturday, January 1, 2011
Whether you’re a dealer or an independent broker, having the parts you need in the time you need them is a must. Don Martindale not only understands this, he’s found a way to provide material handling parts in a cost-effective, quality manner.
Martindale is president of Panacea Aftermarket Company, a Canadian company with an international base. The idea came about during Martindale’s dealership days, when he was constantly frustrated about the wait time to get the parts he needed. Furthermore, he said he was stunned to see all the orders sitting on the docks during his trips to Europe and Asia. “These boxes weren’t going to aftermarket suppliers; they were going to dealers, independents and even end-user customers. I knew that we could give these people a better service with better lead times.”
He formed Panacea in September of 2009, and after waiting for the first shipment of parts to arrive from overseas, started selling in May of 2010. His company’s formula for success involves ordering parts in large quantities, so they can purchase them for less money and always have them in stock.
“We are set apart from others in the industry because of our tremendous pricing, on top of the industry’s best warranty of 13 months,” Martindale said. “Panacea isn’t interested in making huge profits, we believe in a fair level of profit, the same gross percentage that you would expect at a dealership level.”
Martindale is quick to point out that the bulk purchasing and lower markups in no way compromises the quality of the parts Panacea sells. “Our parts must meet or exceed OEM quality,” he says. “Our staff took six months to visit and develop relationships with suppliers and to ensure that the Panacea level of expected quality was understood.”
As the company is so new, they haven’t yet developed any original products, but that is coming according to Martindale. At this point in time, he’s most proud of the service Panacea is able to offer consumers, and of the moniker his company has acquired. “We’ve become known as the Costco of the forklift parts world.”
One change the company has undergone is a redesign of their website, in order to better serve their customers. “Our customers told us that they wanted to buy more from us but weren’t sure of what we offered, so that is why we have redesigned the site, to better reflect our product offerings,” Martindale said.
He looks forward to the future, to expanding Panacea and to continue to offer quality forklift parts at affordable prices, in a timely fashion.
Visit the company online at www.panaceaco.com or reach them by phone, 888/796-7278.View all Business Profiles