BONIFAY – As a change of pace the Holmes County Chamber of Commerce held their monthly get-together at a little known Fortune 500 called LKQ located in Bonifay.
LKQ is a salvage company that started in 2001 with four employees, making $60,000 in the first month and now they have 40 employees and made over $13.6 million in revenue as of last year.
“The name LKQ comes from an insurance term used with estimates, standing for like, kind and quality,” said Tom Ponds Plant Manager.
Ponds explained the process of their business, saying that when a car is considered “totaled” the insurance company purchases the damaged vehicle and the vehicle is then auctioned to be bought by salvage yards to sell parts and pieces to body shops and mechanics.
“The family who bought this company was renowned for buying mom and pop stores to push them into the bigger industry,” he said. “You may have heard of a couple of the businesses they’ve pushed forward, such as Waste Management and Blockbuster.”
After getting into the salvage business and adding companies like Keystone and DuPont the company, LKQ, now has over 630 facilities, 6,000 employees and is worth over $5.1 billion.
“We’re about creating a revenue,” said Ponds. “You can sell anything on a vehicle but the busted glass and plastic. Everything is a revenue.”
For more photos on the chamber’s visit to LKQ visit www.chipleypaper.com.