AT-Kearney_Survey by lanyuehua


									                                                                                           A . T. K E A R N E Y : A F T E R M A R K E T 2 0 2 0 S U R V E Y

A.T. Kearney: Aftermarket

                                                                                                                                                                   SUPPLYING PSA
2020 Survey
Suppliers expect intensified M&A activities and internationalisation over the next
A.T. KEARNEY and SupplierBusiness have joined together to analyse the future of the European
automotive aftermarket. The study surveyed aftermarket executives in order to find out how they
feel the aftermarket in Europe will progress up to the year 2020. The concept of the survey was
to understand the impact of macro trends on the aftermarket as well as to get an expert opinion

                                                                                                                                                                   SUPPLIER STRATEGY
about future strategies of market participants
    The demographics of the survey demonstrate the value of the survey; 54% of those surveyed
are top management. Nearly half those surveyed have at least ten years of experience and over a
quarter have more 20 years of experience in the aftermarket sector. The following results are a
brief summary of what the study recorded.
    Until 2020, the aftermarket is set to grow by about 40%, leading to a total market size at
retail prices of ca. €230bn. By the year 2020, the aftermarket business in western Europe will
have increased only slightly; by around 14% according to forecasts. By comparison the eastern
European aftermarket business is expected to triple over the same period, increasing from €20bn
to €66bn. The key drivers for this difference in development are the car park developments and
the increasing costs of repair in eastern Europe.

    Car electronics and new powertrain technologies will change the aftermarket business.
Economic factors such as changing income and reduced car usage is expected to negatively
affect demand, as is the increasing longevity of car parts and increasing market concentration.
However, new technologies such as increasing use of car electronics and new, ecological power-
train concepts should have a positive impact on demand in the opinion of those surveyed. The
effect of this is that revenues in wear-and-tear as well as service parts will drop by more than
20% until 2020.
    OEMs will regain shares in car age range of up to eight years and push the IAM towards older
cars. Until 2020 OEMs will increasingly push into segment II and dominate it. Key drivers are,

                                                                                                                                                                   SECTOR ANALYSIS
  Development of IAM market shares

                                                       • Until 2020, OEMs will increasingly push
         25%                                             into segment II and dominate it

                                                       • Key drivers are in particular extended
                                                         warranty and full-service contracts
                                                       • Survey respondents expect and overall
         75%                                             increase of the OES channel market share
                                                         until 2020



       Segment I       Segment II       Segment III
       (0-4 years)    (>4-8 years)     (>8-12 years)

       IAM channel       OES channel                     Source: A.T. Kearney, SupplierBusiness

Issue 1, 2009 • PSA Peugeot Citroën                                                                                                     SupplierBusiness
                         A . T. K E A R N E Y : A F T E R M A R K E T 2 0 2 0 S U R V E Y

                                                                       in particular, extended warranty and full-service contracts. Survey respondents expect an overall
                                                                       increase in the OES channel market share until 2020.

                                                                       Aftermarket development
                                                                       Until 2020, the European aftermarket is set to grow by about 40%, leading to a total market size
                                                                       at retail prices of ca. €230bn. By the year 2020, the aftermarket business in western Europe
                                                                       will have increased only slightly; by around 14% according to forecasts. By comparison the east-
                                                                       ern European aftermarket business is expected to triple over the same period, increasing from
                                                                       €20bn to €66bn. The key drivers for this difference in development are the car park develop-
                                                                       ments and the increasing costs of repair in eastern Europe.
                                                                          Participants in the Aftermarket foresee, on average, a moderately increasing parts business in
                                                                       western Europe until 2020. 55% of participants saw a rise in revenue growth rates, 34%

                                                                       predicted a fall, and 6% believed there would be no growth over the period. (4% of respondents
                                                                       replied “don’t know”). The majority of respondents, 29%, stated that the market would see a
                                                                       0–5% increase over the period, with an average of a 2.7% increase being predicted. The same
                                                                       amounts, 13%, saw either a 5–10% increase in growth rates or a 0–5% revenue decrease.

                                                                         Overview of the European aftermarket structure

                                                                                                      Supplier            Original equipment supplier (OES)
                                                                               Source                                     Independent aftermarket supplier (IAM)
                                                                                                                          Original and independent aftermarket supplier

                                                                              Wholesale                                                         Wholesaler/                             Central
                                                                              (national)                                                        distributor/                         organisation
                                                                                                                                                 importer                           (esp. Fast fit)

                                                                              Wholesale                            Franchised
                                                                                                                                              Parts wholesaler
                                                                              (regional                            main dealer

                                                                                                     Franchised or branded            Full service
                                                                            Retail/garage                                           garages within
                                                                                                                                                      Specialists      Petrol       Auto       Fast fit
                                                                                                       independent repair                            (glass, body     stations,    center       (incl.

                                                                                                          (full service)              networks or
                                                                                                                                                       & paint)     hypermarkets   chains       tires)

                                                                            End customer
                                                                                                                                 Fleet                                Private

                                                                                                      VM captive aftermarket                                                                 Share at
                                                                                                                                                Independent aftermarket
                                                                                                                                                                                            retail level

                                                                          Source: A.T. Kearney; SupplierBusiness

                                                                       Macro trends
                                                                       There is a clear opinion amongst aftermarket executives about the key drivers of changing
                                                                       demand. New powertrain technologies and car electronics will have a strong positive business

                                                                       impact. The increasing share of car electronics at the total car value will lead to more complex
                                                                       and costly repair, increasing remanufacturing business and new sales opportunities via electronic
                                                                          Survey participants further expect increasing parts longevity to have a highly negative effect
                                                                       on aftermarket demand. E.g., executives expect revenues in wear and tear as well as service parts
                                                                       will fall by more than 20% until 2020.

                         SupplierBusiness                                                                                                                Issue 1, 2009 • PSA Peugeot Citroën
                                                                                                                     A . T. K E A R N E Y : A F T E R M A R K E T 2 0 2 0 S U R V E Y

   Impact of market concentration and trend towards smaller cars on AM demand

                                                                                                                                                                                             SUPPLYING PSA
   Future development of net income per household                            Future development of average car value

     100%               100%              100%                                          100%               100%              100%

                                          22%    Increases
      28%               30%                                                                                                   25%
                                                                         Increases                         38%

      33%               26%
                                                 No effect               No effect
                                                 on demand               on demand       17%               41%


                                                                                                                                                                                             SUPPLIER STRATEGY
                       40%                                               demand          33%                                  50%
             decreases                           Decreases               Strongly
             demand                       22%                                                              17%
                                                 demand                  decreases
                        4%                                               demand          6%                 4%

 Original parts   Original parts and   IAM suppliers                                 Original parts   Original parts and   IAM suppliers
    supplier        IAM supplier                                                        supplier        IAM supplier

 Source: A.T. Kearney; SupplierBusiness

  Expected change of aftermarket margins

    Increases 25–50%     0%
                                                                               Rank Key impacting factors for margin

    Increases 10–25%           6%                                              1          Competition from low-cost
     Increases 0–10%                                                           2          Increasing competition between
   Remain unchanged                       21%                                  3          Increasing customer negotiation
     Decreases 0–10%                                         45%               4          Increasing amount of fleet
   Decreases 10–25%             9%                                             5          Technological changes
                                                                               6          Increasingly deregulated markets

                                                                                                                                                                                             SECTOR ANALYSIS
   Decreases 25–50%            8%                                                         (New BER)

 Source: A.T. Kearney; SupplierBusiness

   Ecological factors are set to change the aftermarket, with lower car usage seen as likely to
negatively affect demand. Economic factors such as income levels will negatively affect demand
according to suppliers, but average car values and an increasing share of smaller cars is not
expected to impact aftermarket demand significantly.
   Furthermore, most survey participants fear that market concentration will shift demand away
from their business.

Margin development

The majority of survey participants expect shrinking aftermarket margins in the future. 62% of
those surveyed believe that margins are set to decrease over the next ten years, with a consen-
sus suggesting a fall in the region of 0–10%. Twenty-one percent of suppliers believe that
margins will remain unchanged, and 11% predict an increase of between 0–10%. When asked
what would be the key factor in any decrease in margin, suppliers identified competition from
low cost countries as the biggest threat.

Issue 1, 2009 • PSA Peugeot Citroën                                                                                                                               SupplierBusiness
                         A . T. K E A R N E Y : A F T E R M A R K E T 2 0 2 0 S U R V E Y

                                                                         Most likely strategies in the European aftermarket

                                                                                Parts              Suppliers

                                                                              manufact-            1. Sales and logistics co-operations between suppliers
                                                                                                   2. Development of specialised IAM aftermarket productions

                                                                                                                                                                IAM wholesale
                                                                              Wholesale            OEMs                                                         1. Intensified “global sourcing”
                                                                                                   Wholesale and retail                                         2. Increased internationalisation
                                                                                                   1. Extended warranties                                       3. Higher concentration (M&A)
                                                                                                   2. Extension of full service concepts
                                                                                                   3. Investments into IAM service

                                                                               Retail &                                                                         IAM retail & garages
                                                                               garages                business
                                                                                                                                                                1. International franchise concepts
                                                                                                                                                                2. Higher concetration (M&A)

                                                                                                                                                  End customer

                                                                          Source: A.T. Kearney; SupplierBusiness

                                                                       Key market strategies
                                                                       Survey participants were asked what they believed would be the most likely strategies in the
                                                                       European aftermarket. Internationalisation, co-operations and M&A are the key strategies for

                                                                       suppliers, wholesale and retail.
                                                                          At the supplier level, survey participants saw more sales and logistics co-operation as well as
                                                                       the development of specialised IAM aftermarket productions which will allow the production of
                                                                       non-original parts to match low cost competition.

                                                                          Expected growth 2020 vs. 2008 (western Europe)

                                                                            Increase                                     R E T A I L                                                W H O L E S A L E

                                                                        Very strongly






                                                                        Very strongly
                                                                                         Auto       Fast fits          Non      Franchised/ Specialists     Other (eg.    Local/        National         Multi-
                                                                                        centre    (inel. types)    franchised/    branded   (glass, body,     petrol     regional                       national

                                                                                        chains                       branded   independent paint etc)       stations,
                                                                                                                  independent      repair                    hyper-
                                                                                                                      repair                                 markets

                                                                         Key findings
                                                                         • Branded retail will be the strongest growing IAM retail format • Multinational wholesale will grow strongest

                                                                         Source: A.T. Kearney; SupplierBusiness

                         SupplierBusiness                                                                                                                       Issue 1, 2009 • PSA Peugeot Citroën
                                                                                                              A . T. K E A R N E Y : A F T E R M A R K E T 2 0 2 0 S U R V E Y

   OEMs, both wholesale and retail, are likely to compete via extended warranties, a greater
extension of full service contracts and investments into IAM service business.
   At the IAM wholesale level, survey participants see intensified “global sourcing”, increased

                                                                                                                                                                                      SUPPLYING PSA
internationalisation and a higher concentration through M&A activities. Strategies such as
increasing the market share of IAM brands was seen as less likely to increase over the next ten
   Mergers and acquisitions will also be key at the retail and garage level, along with the expan-
sion of international franchise concepts. To a lesser extent, survey participants expect a back-
wards integration of IAM retailers and garages.
   Copycat parts will be a major challenge for the whole aftermarket in the future, as the prac-
tice is expected to strongly increase worldwide over the next decade.
   Survey participants also stated strategies they believed would not become key strategies, such

                                                                                                                                                                                      SUPPLIER STRATEGY
as increased co-operation of suppliers with IAM wholesale to deliver to OES retail.

Development of IAM wholesale and retail
Survey participants expect branded networks and multinational wholesalers will significantly
strengthen their market share until 2020. Non franchised or branded independent repairers are
seen as likely to decrease at a very strong rate.
   Until 2020, OEMs will increasingly push into segment II (car ages of between 4 and 8 years)
and look to dominate it. Overall Survey respondents expect an overall increase of the OES chan-
nel market share until 2020.
   Finally, fleets (corporate fleets, rental cars etc.) and insurances are also expected to increase
their influence in the aftermarket.

  Implications for the aftermarket business strategy

                            Eastern Europe      • To leverage the growing opportunities in eastern Europe requires the development of an
                               strategy           appropriate warehouse network (service level!) and local sales channels – e.g. through
   aftermarket business

                                                  co-operations or M&A
      Suppliers with

                             Extension of       • Growth in stagnating western European markets implies a squeeze-out, e.g. through
                           product portfolio      extension of the product portfolio and increasing the trading goods business

                                                                                                                                                                                      SECTOR ANALYSIS
                              Electronics       • A successful penetration of the aftermarket with electronics parts requires the
                               strategy           development of a comprehensive market strategy integrating diagnostics software, tools
                                                  and training for workshops

                          Interlinking the AM   • An intensified interlinking of parts and finance business capabilities supports the
                          & finance business      extension of full service concepts

                          Alignment of OES      • To avoid cannibalisation effects, the OES and IAM strategies should be tightly aligned
                          and IAM srategies

  Source: A.T. Kearney, SupplierBusiness

   The survey was conducted by Dr Martin Haubensak and Jörg Branschädel of At Kearney’s in
association with SupplierBusiness.

Issue 1, 2009 • PSA Peugeot Citroën                                                                                                                        SupplierBusiness
                         A . T. K E A R N E Y : A F T E R M A R K E T 2 0 2 0 S U R V E Y

                         Interviews with aftermarket suppliers

                         PLEASE NOTE: These interviews were made separately from the AT Kearney Aftermarket 2020 survey, and have not been influenced
                         by or have influenced the survey results.

                          Q U E S T I O N S & A N S W E R S Interview with Gunther Schmidt, Vice President Development Aftermarket and SOE, Hella
                          Is the aftermarket lighting business growing or declining? What are      have a power consumption of close to 15watts. Now we have this
                          the reasons?                                                             LED trend, LED is mainly driven by 2 factors. Design: there’s a lot
                          It’s declining, mainly due to the fact that replacement sales have       of design freedom using LEDs. But more, important from an envi-
                          decreased as new technologies mean that headlamps are less likely        ronmental aspect is the low power consumption. The LED share in

                          to break during a crash. There are a lot of new regulations and safety   all lighting applications is increasing tremendously, not just in
                          regulations and the number of accidents is reduced.                      special OE Market, or special purpose market for these day time
                          In what way are new safety regulations influencing the business?         running lights. Even in the normal OE applications. Every new big
                          New safety regulations reduce crashes and increases safety –             serial production project we are now offering has a high trend to
                          reduced crashes therefore reduced sales. The new safety regulations      used LED, this is driven by the premium OEs like BMW, Daimler,
                          combine well with new lighting applications; there’s bending lights,     Chrysler, even OEs that are more common like ford or GM are really
                          cornering lights, a new daytime light. This offers opportunities for     pushing us a lot to use more LEDS, also driven by environmental
                          Hella as we supply these functions – lots of consumer business, in       issues.
                          particular daytime running lights is an increasing market, even just     Is this making its way into the aftermarket now, or will be growing
                          consumers going to shops and going to add them to their cars.            for the next few years?
                          You said there was some decline; do you imagine this will be offset      It will quite easily find a way to the aftermarket just by having spare
                          by these additional safety features?                                     parts available, normally this trend in the OE takes place in the after-

                          It is my understanding it will not be levelled completely, but I         market with a time delay of 3 to 4 years. But we separate inside
                          suppose it will [possibly] reduce the decline.                           Hella, [between] our aftermarket in normal spare part business and
                          One additional remark is there are a lot of committees who are           so called special OE applications. Special OE is small productions
                          responsible for influencing new legislations, which Hella and all big    for target group like construction, agro-machineries, trailers and they
                          lighting companies are all part of which gives us an opportunity to      are the LED trend exactly on the same level like in the big OE light-
                          increase safety but also combine it with new products.                   ing applications.
                          How do you influence it?                                                 LEDs have a very long lifetime, so could they be longer than the life-
                          We actively take part in all discussions, deliver our technical knowl-   time of the vehicle so if they are going to be an original fit does that
                          edge, how we can realise these new safety aspects, and in a cost         mean the demand will decline in the aftermarket for lighting?
                          competitive way. It’s not the only solution so it must be payable for    On the one hand, the main reason for using spares is due to a crash.

                          all consumers. We take part for both technology aspect and influ-        In the aftermarket, crashes are the number one aspect. So if a guy
                          ence business. It’s always a combination of customers, main suppli-      crashed, it doesn’t interest him if it is a bulb or halogen, or LED
                          ers and legislation committees. This is how Hella gets its input.        application. In my opinion it will reduce aftermarket volume, but
                          Does this vary in other countries?                                       not very much. The effect will be on a small level. The same
                          There are 2 areas; NAFTA market which are regulated by federal           number of crashes would occur in the market. This is probably be
                          motor safety standards, FMVSS, SRE this very different from the          exceeded by the higher value of the product we can sell to the
                          European market. The whole European union market is regulated            customer. At the moment the LED applications are a bit more
                          by the ECC regulations. Now upcoming is the china regulations            expensive.
                          CCC, they are in general 80% on the same level. In the end they          Is your lighting aftermarket business different between western and
                          are all different. We are in all of these apart from china, so we are    eastern Europe, between emerging economies of eastern Europe and
                          well combined. This is normal; every other supplier is linked to         the more established western?

                          committees.                                                              The lighting spare parts business is mainly driven by our car parts
                          Environmental influences; such as the move towards sustainable           coverage, taking our program into account and then checking if
                          products, reducing consumption, how do you make this work in             Hella has a spare available. At the moment we have an interesting
                          Lighting products?                                                       growth rate in eastern European countries because the car parts are
                          Taking the day time running light, as an example there are lots of       sold to eastern European countries, we have good car part coverage
                          applications in the market based on halogen technology. There we         in both areas.

                         SupplierBusiness                                                                                           Issue 1, 2009 • PSA Peugeot Citroën
                                                                                         A . T. K E A R N E Y : A F T E R M A R K E T 2 0 2 0 S U R V E Y

 Q U E S T I O N S & A N S W E R S Interview with Marco Loth, TRW Automotive, Aftermarket. Marketing Manager Europ Braking, Automechanika
 The actual braking sector; is that growing or is it in decline and what   ing activity in the EU. At TRW we truly believe in remanufacturing
 are the reasons?                                                          a process that could result in a yearly European energy saving of

                                                                                                                                                                 SUPPLYING PSA
 I would stay its stable in the big markets like Germany, UK, and          8.4m tons of CO2. We are working closely with industry leaders to
 France. But it’s growing in the emerging markets like eastern             promote new aftermarket safety standards of remanufactured prod-
 Europe, Russia and Asia. But in the other markets I would say it’s        ucts, so that it delivers equal performance with equal warrant assur-
 more or less stable.                                                      ance as brand new parts and in an environmentally friendly cost-
 It’s organic growth – its replacement parts of the new cars coming        effective way.
 naturally into the market. They are just growing with the market, or      To what extent, for example like the end consumer, does that affect
 getting some shares from competitors. It’s not percentage we know         the aftermarket businesses for you? The final consumer, do their
 from emerging markets like Russia. The market has settled, the            preferences influence your business?
 competition has come, and the sales are more or less stable               Yes, influencing at least the, I would say the quality orientated

                                                                                                                                                                 SUPPLIER STRATEGY
 Do you modify your business differently between eastern and west-         consumer, because they decide to take a product from TRW, so they
 ern Europe?                                                               are sure they have the quality, the right distribution network. They
 No it’s the same portfolio, products, catalogues; they even come          have the full braking package, not only on pads and disks because
 out of same warehouse. Not a big difference in terms of product.          we have hydraulics, we have ABS sensors, we have pads and disks
 It’s what we try to do in TRW due to competition in Asia; try to          and callipers, plus other products: steering suspension, airbags,
 differentiate ourselves from Asia. TRW is in a premium position.          seatbelts. So they get the full package and don’t need to source from
 We try to get the highest specification to be in line with the OE.        5 other suppliers.
 We have a lot of OE factories in the back, where we get products          You’re talking about customer choices and premium products. With
 out. We try to position TRW as the premium supplier with the high-        the economic downturn, general gloominess. Is that a problem for
 est quality standards.                                                    more premium suppliers like yourself?
 Do you think having two areas of business – the fact that you’re not      Sure, we are under pressure, especially in terms of pricing. But a lot
 solely aftermarket – helps?                                               of customers don’t look only at the price; they also look in terms of

 Yes, well ahead of legislation we were the first to market with a         service, logistics service, customer service, catalogues, online cata-
 completely heavy metal-free friction program and every calliper is        logues, that is all provided by TRW. We decided a long time ago to
 now chrome 6 free.                                                        move away from the pure selling of products into support things like
 Yes, in that, take the chrome 6, our OE colleagues were forced to do      catalogues, plus then the last step is the whole package including
 for the vehicle manufactures, surely the aftermarket can take advan-      diagnostic tooling.
 tage as we work very close with the OE engineering, with the OE tech-     What are the changes that have really affected your sector of the
 nicians with the OE management. We have an advantage that whatever        aftermarket?
 they learn during the OE process we can transfer into the aftermarket.    There are some changes, we have this EPV calliper, the electronic
 Are there any other issues in the way you conduct your business? In       parking brake, the engine, and the piston is on the rear of the VWs

                                                                                                                                                                 SECTOR ANALYSIS
 the way you distribute your plants?                                       and Audis that changed a bit of the braking sectors. Traditional
 No, I mean as I just said the advantage we can take for the environ-      things like callipers we have high performance callipers for high
 mental, that is steered by the OE, and we can take the advantage          performance cars like H5, Q7, Q5.
 from OE, the same as we do for product development. We work close         Our traditional business is hydraulics which is still solid braking
 with the OE engineers and see what they develop in the OE and we          products. But we are also moving into other products like ABS
 take out that knowledge and try to have advantage in the aftermar-        sensors which have just launched, also going into new technologies.
 ket. So we take that knowledge and use it for the products and in         What maybe changed in the last year, the brake assistant, the brake
 the aftermarket. Plus TRW are very orientated in OE manufacturing.        booster, an electronic devoice that helps you brake faster, which can
 The remanufacturing of automotive parts is an important and grow-         see on the behaviour of the driver.

Issue 1, 2009 • PSA Peugeot Citroën                                                                                                   SupplierBusiness
                         A . T. K E A R N E Y : A F T E R M A R K E T 2 0 2 0 S U R V E Y

                          Q U E S T I O N S & A N S W E R S Interview with Marco Moretti, AM BU Marketing Director, Automechanika 2008
                          Would you say the After Market sector is declining or growing?             78% of discs had changed far beyond the minimum thickness spec-
                          Itís difficult to say if itís declining as a business or due to economic   ified by the manufacturer. Brembo, along with other equipment

                          troubles.                                                                  manufacturers, are doing much to raise awareness of the institutions
                          A tough time is surely coming since consumers donít have the same          and we expect results in the coming months.
                          purchasing power as they had some time ago.                                Could you give an example of how you addressed a recent safety
                          Brembo feels confident we will maintain our strong presence in the         regulation/change?
                          market even if hard times are coming, because we are supplying in          In our opinion it is necessary that all products offered on the
                          the spare parts market a reliable product with same features as            Independent AfterMarket are certified for their suitability to replace
                          suppliers do. Normally when a market declines, the quality is even         the original components, in addition of course to ensure the mini-
                          more important as usual, because the consumers prefer to spend             mum level necessary for security. In this regard, Brembo has high-
                          little more money in order to prevent possible further and expensive       lighted that on the Independent AfterMarket are currently also sold

                          maintenances. People know Brembo supplies the best possible qual-          brake discs that do not meet the minimum safety requirements.
                          ity at the best possible price and adds the products several features      What do you think the big challenges will be to your company in the
                          that makes them really different from those of other brands.               next few years?
                          Do you think having multiple products helps you to sell?                   Growth. To grow in a troubled market as we mentioned before will be
                          This is an issue we are currently dealing with, but before this we         our challenge. We are growing in every direction: we are widening our
                          want to offer a different product from those offered by competitors.       product range adding pads and friction and we are growing as plant
                          Several features help distinguishing our products, such as                 number. We just recently purchased a plant in China, we are strongly
                          Easy:Check [Brembo brake disc with visual indicator of use], PVT           investing in Brazil, we are doubling our production of brake discs in
                          [Brembo patented innovative ventilation system] and many others.           Poland.
                          These features give the end user all the best he needs.                    So we are trying to grow in every direction, keeping an eye to our core
                          Do you think youíre getting more business because of new safety            activities: research and development.
                          regulations?                                                               You were talking about your expansion in emerging markets like

                          Until now the rules are security-oriented as per driverís behaviour        Brazil, how do you stay competitive against maybe local suppliers,
                          [speed, seat belts, alcohol] and non state-efficiency of the vehicle.      who might have cheaper overheads?
                          We know that it is equally dangerous to drive a vehicle whose safety       We are selling premium products at a fair price. We play in a
                          components are in poor condition. A few years ago Brembo analysed          competitive market and so we have to be competitive in every single
                          discs that had been replaced by car drivers to see what the average        country, but our range is wide and it contains a lot of premium prod-
                          behaviour towards this product was. The result was disappointing:          ucts for premium applications.

                         SupplierBusiness                                                                                            Issue 1, 2009 • PSA Peugeot Citroën

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