Spare describes something that is extra. As a noun, a verb, and an adjective, the word spare has many meanings. A leftover part is a spare, you can spare a life when you save an animal or person, and you have spare time when you finish a project early.

​literaryplain and simple without any unnecessary detail or decoration. a spare writing style. Synonyms and related words. + Undecorated.

transitive verb. 1 : to forbear to destroy, punish, or harm. 2 : to refrain from attacking or reprimanding with necessary or salutary severity. 3 : to relieve of the necessity of doing or undergoing something spare yourself the trouble. 4 : to refrain from : avoid spared no expense.

A spare part, spare, service part, repair part, or replacement part, is an interchangeable part that is kept in an inventory and used for the repair or replacement of failed units.

You say “Spare me the details” or just “Spare me” if someone is telling a story or talking about someone or a topic you don’t care for and you want them to stop talking about it. It’s usually considered rude unless it’s to a good friend who understands.

A Capital Spare is a piece of equipment, or a spare part, of significant cost that is maintained in inventory for use in the event that a similar piece of critical equipment fails or must be rebuilt.

Consumables are those which are not replaced or which are finished during the process. For ex. Oil, Hand Gloves, Coolant etc. Spares are those which are replaced and doesn’t vanishes from the machine during process.

What Types of Spare Parts are There? Genuine, OEM, Aftermarket and Used Parts Explained.

• Genuine Original Equipment Parts.
• Replacement Parts.
• Aftermarket Parts.
• Remanufactured Parts.
• Reconditioned Parts.
• Salvaged Parts.

10 Steps to Start an Automobile Spare Parts Business

1. Choose a Profitable Automobile Spare Parts Business Idea.
2. Create a Business Project Plan.
3. Conduct the Market Research.
4. Understand the Industry.
5. Calculate the Cost of Starting an Automobile Spare Parts Shop.
6. Ensure a Retail Location.
7. Licensing & Registration Issue.

Cost to Start an Automotive Franchise With most automotive franchises, budget anywhere from $20,000 to $50,000. Auto maintenance and repair shops usually have an initial franchise fee of $20,000 to $30,000. Tire stores often range from $25,000 to $30,000.

First, sales of factory replacement parts are highly profitable: In 2015, General Motors told investors that its aftersales business had profit margins of 30 to 40 percent. Car companies also insist that factory replacement parts ensure better fit and vehicle performance than aftermarket parts.

To grow your business, you need to identify prospects that need the type of products and quality of service you are offering and communicate the benefits clearly.

1. Stand Out from Competitors.
2. Look for Prospects.
3. Make it Easy.
4. Be Flexible and Convenient.
5. Cater to Large Customers.
6. Promote Your Business.

How to Increase Parts Department Sales

1. 1) Sell More OEM Auto Parts. When it comes to auto repairs, not all parts are the same.
2. 2) Enable Shops to Order Your OEM Parts Online. When a vehicle sits in the shop, it costs the parts installer money and is a potential revenue loss.
3. 3) Embrace Technology to Work Smarter, Not Harder.

13 low-investment business ideas that make money

• Start a dropshipping business.
• Design and sell print-on-demand t-shirts.
• Launch your own book.
• Create digital products or online courses.
• Sell print-on-demand posters, greeting cards, and prints.
• Start a charitable business.
• Sell a service.
• Create an online fashion boutique.

Here are spare parts management best practices, for managing parts inventory more effectively:

1. Identify all spare parts – Make sure that all parts required for maintaining the asset are properly identified.
2. Classify all spare parts – Classify the spare parts as per criticality.

How to be efficient at spare parts management?

1. Operation strategy.
2. Standardizing the work order process.
3. Effective parts inventory control.
4. In-depth understanding of lead times for different parts.
5. Calculating risk for every equipment.
6. Stocking parts for new equipment.
7. Adopting better security measures.

ABC

1. Pre Audit. You book a time for the audit and. supply the serial numbers of the.
2. Audit. A Siemens expert visits and in- spects the spare parts warehouse,
3. Report. A written report is provided, with. an itemized analysis of installed.
4. Consultancy. Your expert will identify whether. your spare parts inventory will.

Repairable spare parts are classified as other non-current assets similar to property, plant and equipment, rather than inventory because such parts are repaired and re-used over a long period of time, between three and ten years, the same period over which such parts are amortized.

After preparing an audit plan, the auditor allocates the work and prepares a program which contains steps that the audit team needs to follow while conducting an audit. Thus, an auditor prepares a program that contains detailed information about various steps and audit procedures to be followed by the audit.

Spares management systems combine a look at your hardware with a software support tool that can help you share information on your operations and what you need. Allows you to keep spare inventory levels low, reducing carrying and storage costs but providing access to spare parts when needed.

1. Clearly define your stock of critical parts.
2. Make full use of the manufacturer’s terms of warranty.
3. Request a customised maintenance scheme.
4. Avoid having to send back non-compliant parts.
5. Take advantage of the free services proposed by the manufacturer.

Spare Parts Inventory means spare parts capable of being used and affixed to, but not yet being use or affixed to, production machinery employed by any Borrower to create Inventory in the ordinary course of business.

But you can stay in control of your parts inventory by organizing it like a pro.

1. Cut the Clutter.
2. Organize by Manufacturer.
3. Maximize Vertical Space.
4. Provide Excellent Lighting.
5. Keep Heavy Merchandise Near the Floor.
6. Keep Fast Moving Parts Available.
7. Stock Ahead of the Busy Season.
8. Utilize Inventory Management Software.

How to Organize a Warehouse: A Step-by-Step Guide to Efficient Warehouse Organization

1. Create a floor plan.
2. Select shelving and storage solutions.
3. Label racks, shelves, containers, and other warehouse organization assets.
4. Maximize space utilization.
5. Schedule regular maintenance.
6. Conduct periodic audits and reviews.

There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.

Here are seven spare parts inventory management best practices for managing parts inventory more effectively:

1. Systematically identify all parts.
2. Utilize and Manage the Bill of Materials (BOM)
3. Streamline the work order process.
4. Adopt security measures.
5. Centralize and consolidate parts.
6. Utilize an Inventory control system.

The EOQ is calculated in order to minimize a combination of costs such as the purchase cost (which may include volume discounts), the inventory holding cost, the ordering cost, etc. We do not recommend to use the EOQ concept anymore.

Helpful Tips for Better Managing Your Auto Parts Inventory

1. Don’t Overlook the Importance of Good Warehouse Personnel. Your department runs lean in personnel.
2. Store Your Parts Thoughtfully.
3. Put Parts Back Where They Came From.
4. Maintain Efficient Inventories.
5. Complete Regular Inventory Checks.
6. Have a Back-Up Plan.

Manage and track inventory easily with Inventory Counter, an app available for Android devices.