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Coming together: The story of SYNETIQ

In March 2019, a ground-breaking merger took place within the UK’s salvage and vehicle recycling industry. Four well-established businesses came together with the ambition of creating the most innovative and trusted company in the sector.

 

SYNETIQ story four

SYNETIQ was created, and immediately the new business set out its plan to change the industry for the better. In consultation with Insurance companies and the West Midlands Police, SYNETIQ announced a voluntary decision to rule out cash transactions for salvage vehicles. At the time, West Midland Police Chief Superintendent, Chris Todd, said: 

“SYNETIQ are setting a great example: they are listening to police concerns over the rise in stolen cars and are taking steps to make it more difficult for crime gangs to exploit the salvage vehicle industry.”

The SYNETIQ merger successfully combined the strengths of four different businesses, with each adding value in a different way – creating a broader range of services available to clients. Trusted relationships were also carried over from each legacy business, meaning SYNETIQ was already processing an average of 100,000 vehicles per year when it was established.

SYNETIQ can now provide Salvage, Online Auction, Green Parts, Vehicle Registration Mark (VRM) data and Software Solutions to a wide range of clients. These include insurers, Police forces, accident management companies, bodyshops and major fleet operators – such as delivery vehicles and ambulance services.

“We see three distinct phases post-merger,” says Tom Rumboll, Executive Chairman at SYNETIQ, “Integrate, grow and optimise. We’ve seen our people come together, develop and thrive as one SYNETIQ team. It’s a real privilege to be a part of it, establishing pillars of compliance, customer experience, innovation and value.

The initial integration stage was in progress throughout the first year of trading, merging a workforce now made up of over 550 people. New departments were established, including Finance, HR and Marketing, and existing departments were brought together with common goals.

In October 2019, SYNETIQ acquired Motorman, a provider of mechanical services to the fleet industry, such as replacement engines, gearboxes, and other major components. This was another case of strength in numbers, and Motorman (now branded SYNETIQ Mechanical Solutions) has added more value and broadened the client offering even further.

The ‘grow’ phase is now underway, and SYNETIQ is successfully rolling out new services to its existing clients. Sites and processes are becoming more efficient, generating cost savings which are invested back into other SYNETIQ sites. New locations have also been opened, meaning the business can continue to improve service for clients.

SYNETIQ was also one of 25 UK companies to be named in ELITE’s Future Shapers Report. This recognises the most consistently impressive, diverse, and growing businesses, with SYNETIQ being chosen for its innovation and leadership within its industry.

Recognition in the ELITE Report reflects the success of SYNETIQs mission so far; to lead the UK’s vehicle recycling industry through a focus on innovation, customer experience and a commitment to doing the right thing.

To find out more about SYNETIQ, visit www.synetiq.co.uk

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