George Stock & Company Ltd

Story

George Stock & Company Ltd (“STOCKS”) is a privately owned importing and distribution company servicing the New Zealand automotive industry. STOCKS are New Zealand’s leading importer and distributor of automotive workshop and tyre shop equipment, and is a principal importer and distributor of automotive parts and accessories, and tyre repair products.

STOCKS is an Auckland based company with a staff of 55. It has branches in Wellington and Christchurch, and a wholly owned subsidiary in Sydney Australia. Its turnover for the 2008 year was $17 million and a turnover approaching $20 million is budgeted and likely to be achieved for the year ended March 2009.

History

The STOCK name has a long and proud history of service to the New Zealand automotive industry. George Stock was only 21 when, in January 1925, he sailed from England to Melbourne, Australia, to take up work with the National Bank of Australia. In 1927, George formed a partnership with a fellow bank employee, Harry Humphrey, and they commenced business as “Manufacturers’ Representatives”, trading under the name Humphrey & Stock. By 1930 the business was trading simply as George E. Stock. Later that year, George moved his family to New Zealand and established a New Zealand branch of the business. He closed the Melbourne branch shortly thereafter, and the New Zealand business began to prosper. George E. Stock (NZ) Ltd grew to become one of New Zealand's most respected automotive and industrial product suppliers. George Stock became one of the elder statesmen of New Zealand business. Highly regarded as a man of his word, he had a long and distinguished association with the New Zealand Chambers of Commerce and the British Trade Association, serving for 12 years as its President. George Stock died in 1972, and his son-in-law, Jan Okkerse - who had joined the company in 1947 – succeeded him as Managing Director. The business continued to be managed with the high standards of integrity set by George Stock. In 1980, George Stock’s grandson, Wellington Barrister Michael Okkerse, returned to New Zealand from a teaching position in the USA for the purpose of securing the future of the business and assisting his father move into retirement. Michael was committed to ensuring that the future of the company should be entrusted to executives who would move the business forward in the new business environment while maintaining the high standards of personal and business integrity set by his grandfather and father.

Bill Strand, formerly General Manager of Repco Automotive and Industrial Sales N. Z. Ltd and Wibroc New Zealand Ltd, an accessory manufacturer owned by Repco, joined the company in August 1980 and upon the retirement of Jan Okkerse, was appointed Managing Director. In July 1982, Brian Foley joined the company. Brian was a specialist in garage and workshop equipment. His extensive experience in that field included various sales and marketing positions with Motor Specialties Ltd. As a result, Brian was well known and respected by many of the world’s leading equipment manufacturers. The company remained wholly owned by the Stock family until 1982 when Michael arranged a buyout of the business by interests representing his family and the families of Bill Strand and Brian Foley. Bill Strand, Brian Foley, and Michael Okkerse were appointed as Directors. In response to the economic changes of the 1980s, George Stock & Company, as it now was known, moved its Head Office from Wellington to Auckland and began its transformation from Manufacturers’ Representative to Importer and Distributor.

In 1985, following the purchase of its distributor Andrews & Bevan Ltd. by Repco, STOCKS established Automotive Equipment (NZ) Limited to market Crypton Diagnostic Equipment directly to the trade. Around the same time, the leading equipment specialists from both Motor Specialities Ltd and Andrews & Bevan Ltd joined the company. STOCKS now had the most qualified and most experienced equipment sales team in New Zealand. In June 1990, STOCKS purchased W E Lewisham (Merchants) Ltd. Lewishams was a supplier to the automotive and tyre industries, but of particular interest to STOCKS was the company’s exclusive agency for Italian Corghi, tyre fitting and balancing equipment. Corghi was a world leading brand and was the leading supplier of equipment to the tyre industry in New Zealand. The purchase also brought with it a number of other automotive agencies and products, most being sold directly to the retail motor industry through garages and service stations.

In September 1990 Wayne Fowler joined the company as Finance Director, and interests representing his family acquired an interest in the business. While STOCKS Equipment now was established as a major supplier of garage, workshop and tyre equipment, the acquisition of Retread Supply & Development Ltd (“RSD”) in April 1992, with agencies including Rema Tip Top and B & J Rocket, established STOCKS as a major supplier of consumables to the tyre industry as well. At the same time, STOCKS’ AutoParts Division was expanding rapidly by the focused marketing of key brands, including Camelot (now Transteering), Power Plus and Roulunds, through a strong national network of wholesale resellers. A major strategy at this time was to establish STOCKS as a leading specialist in vehicle suspension.

The acquisition in August 1996 of the Suspension Division of NZ Transport Supplies Ltd (“NZTS”) was a major move in this direction. It provided STOCKS with the agencies, the support staff and the services for STOCKS to achieve that goal. Most significantly, the acquisition brought to STOCKS the exclusive agency for the KYB and KONI range of shock absorbers, King springs and SuperPro bushes. In August 2000 STOCKS were appointed as a Capricorn Society supplier.

To support the increasing Capricorn membership, and the marketing of all its products, STOCKS opened branches in Wellington and Christchurch in 2003. The branches stock a full range of suspension and cooling products and provide a base and support for STOCKS’ Equipment Division and Tyre Repair Division specialist sales representatives. The success of the branches highlighted the benefits to be gained from an expanded nationwide STOCKS branch network.

February 2005 saw STOCKS established a wholly owed equipment wholesale company distributing garage workshop equipment throughout Australia. Today, known as Stocks Automotive (Aust) Pty Ltd. This business has branches in Brisbane and Melbourne and a head office in Sydney. STOCKS Automotive markets the full range of Hunter workshop equipment and complementary lines throughout Australia.

In May 2008 Barry Reid was appointed as a Director of STOCKS, and interests representing his family acquired an interest in the business. George Stock & Company Ltd is committed to preserving the high business principles on which it was founded while continuing to be an innovative, successful, and profitable supplier of specialised automotive products and services.

George Stock & Company Ltd - Mission Statement

TO BE A HIGHLY SUCCESSFUL, INNOVATIVE, AND PROFITABLE SUPPLIER OF SPECIALISED AUTOMOTIVE PRODUCTS AND SERVICES.

TO BE RECOGNISED AS PROVIDING WITH INTEGRITY - THE BEST BRANDS, THE BEST TECHNICAL KNOWLEDGE, THE BEST PRODUCT SUPPORT, AND THE BEST SERVICE IN THE AUTOMOTIVE INDUSTRY.

STOCKS’ integrity is founded on its commitment to the following principles –
STOCKS will provide excellent service to its customers;
STOCKS will seek to add quality to all its relationships, at all times showing respect for the individual;
STOCKS will act with total honesty and professionalism in all matters;
STOCKS will strive to support its employees in the achievement of their personal and professional goals through the provision of secure and fulfilling employment;

STOCKS will pursue financial success so that it is able to reward its employees and investors for their service and commitment.