Case study of Navistar

1.0

Introduction 1.1

Company overview

This assignment is regarding to case study of Navistar Corporation. It is one of public type of  automotive company in USA which is face to financial crisis in previous years. But it has had  bright heritage in !th  century. century. Its industry is is automotive write now but formed by harvest. harvest. Its  products are manufacture of Truc"s# Buses# School buses# IC buses $integrated circuit% wor"horse brand chassis for motor homes and step &an. In addition they manufacture diesel engines and parts. Navistar was founded in '!(. ')*!! employees are wor"ing under Navistar  Cor. +arts +arts # services and products are selling through a networ" of nearly '!!! dealer outlets outlets in USA .It covers )! dealers in ! countries around the world. ,ead-uarter is lisle# linosis in USA. The aim of this assignment is to critically reflect surface analy/es regarding this organi/ation and ma0or thing is introduce the viable turnaround strategies for up survive Navistar corporation.

1.2

Key Issues

Slow growth rate of the industry that is caused by economic decline leading the decreasing of the growth to (1.   The products that the competitors manufactures are all the same as all of those truc"  manufacturer mainly focused on driver comfort and safety. safety.  Complicated and detailed difficult orders to be reali/ed as the order specification from the fleet manager can be as much as (!! lines items. 2elatively high driver turnover usually range from 3! to (!!1 that create a driver shortage due to low pay# long distance from home# and uncomfortable unco mfortable e-uipment.  Cost reduction issue that contradicting with the company attempts to increase the -uality of its customer service. Aggressive technology development in the industry as &olvo and +accar had plans to improve part availability# computer system# and communication. It does not include the attempts from from othe otherr compan companie iess on inte interi rior or comf comfor ortt by 4rei 4reigh ghtl tlin iner er## engi engine ne durabi durabili lity ty by 5ac" 5ac"## aerodynamic model that improve fuel economy econo my by +eterbilt. 1.3

Major Problems

The company 0ust wrapped up year two of its urgent turn6around program# instituted after its 78haust 9as 2ecirculation6only $792% emissions strategy failed to materiali/e. To be fair# if the strategy had wor"ed# it would have been a game6changer. But Navistar:s previous management Page 1

team# headed by president ;an Ustian# "ept trying to pound a s-uare peg into a round hole far  too long after it was apparent 7926only wasn:t viable. '. Its attempt attempted ed methods methods to comply comply with 7nviron 7nvironmen mental tal +rotecti +rotection on Agency Agency $7+A $7+A% diesel diesel emis emissi sion onss regul regulat atio ions ns had had fail failed ed and and the the comp company any woul would d be forc forced ed to revi revise se its its compliance plan at enormous costs< (. Navi Navist star ar did not have engines engines avail availabl ablee in a time timely ly manne mannerr to meet meet the the (!' (!'! ! 7+A 7+A standards< =. Navi Navist star ar>s >s fili filings ngs with with the the Secu Securi riti ties es and 78 78ch chan ange ge Comm Commis issi sion on $S7C $S7C%% cont contai aine ned d incomplete and misleading disclosures# including statements about the costs of recalls and details of various debts< ?. And as a result result of the foregoing# foregoing# defendant defendantss lac"ed a reasonable reasonable basis basis for their their positiv positivee statements about the company and its revenue outloo". 1.4

evenue

Truc" ma"er Navistar International Corp.>s loss widened in its most recent -uarter as revenue tumbled a worse6than6e8pected ''1. Shar Sh ares es of Na Navi vist star ar## dow down n ?3 ?31 1 th this is ye year ar## tu tumb mble led d '=1 to @' @'*.' *.'! ! a sh shar aree in pr prem emar ar"et "et trading.verall# Navistar reported a loss of @(3 million# or =? cents a share# compared with a year6earlier loss of @( million# or two cents a share. +rof +r ofit it in th thee pr prio ior6 r6ye year ar per perio iod d wa wass he help lped ed by a @= @=( ( mi mill llio ion n be bene nefi fitt fr from om th thee co comp mpany any>s >s reassessment of warranty costs for products sold. osses from continuing operations were = cents in the -uarter# compared with a loss of four  cents a share a year earlier. 2evenue slid ''1 to @(.*? billion# as growth in truc"# bus and parts sales was offset by lower e8ports and revenue declines in its global operations. Analysts had e8pected a profit of eight cents a share and revenue of @(.* billion. The company has had little success so far in gaining share in the heavy6duty truc" mar"et. It remains in fourth place with about '=1# off its '*.?1 goal for (!'*. Company is on trac" to achieve its mar"et6share mar"et6share goals for the year# year# as it seems improvement in medium# school bus and severe service truc"s.In the most recent -uarter# the company saw a *1

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increase in chargeouts for Class )63 truc"s and buses in the U.S. and Canada from the year  earlier.The truc" segment recorded a loss of @=) million compared with a year earlier loss of @= million. In the parts segment# profit grew '!1 to @'*' million# helped by margin improvement in commercial mar"ets. The global operations segment recorded a loss of @() million# compared with a loss of @(' million a year earlier due to the downturn in Bra/il. South American engine shipments were down ?(1 year6over6y year6over6year. ear.

1.!

Mar"et #$are

It shows how wea" the Navistar:s mar"et share and income status in the industry. 1.!

Competitors o% &avistar

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 Navistar has to competes with = of big players in same industry. Those are +ccar# AB &olvo and ;aimler. Among those that +ACCA2 is one of the world>s largest designers and manufacturers of big rig diesel truc"s. Its lineup of light6# medium6# and heavy6duty truc"s includes the

enworth. +eterbilt# and ;A4 nameplates. The company also manufactures and distributes after  mar"ett truc" parts for mar"e for these brands. +AC +ACCA2>s CA2>s other other products include include Braden# Carco# and 9earmatic industrial winches. Dith the e8ception of a few company6owned branches# branche s# +ACCA2>s +ACCA2>s truc"ss and parts are sold through indepe truc" independent ndent dealer dealers. s. Its +A +ACCA2 CCA2 4inanc 4inancial ial Servi Services ces and +acease subsidiaries offer financing and truc" leasing# respectively.ther respectively.ther one is &olvo is &olvo should really only inspire images of burly truc" drivers. The company is one of the world>s largest ma"ers of truc"s# buses# and construction e-uipment as well as Navistar in North America# the company com pany ma ma"es "es big rig rigss thr through ough its &olvo Tr Truc" uc"ss Nor North th Am Ameri erica ca uni unit< t< &olvo als also o own ownss controlli contro lling ng int intere erest stss in the wel well6" l6"now nown n 5ac 5ac" " Tr Truc"s uc"s bra brand nd in Nor North th Am Ameri erica ca and 2en 2enaul aultt Truc"s in 7urope. ther products include marine $&olvo $&olvo +enta% and industrial engines. verall &olvo has production facilities in nearly (! countries.

ther previous big player ;aimler is now starting to challenge for all competitors that not only  Navistar. it is climbing up now in industry. industry. ;aimler>s cars may stop on a dime# but they cost a little litt le more than that. ;aimler>s passenge passengerr car busine business# ss# 5ercedes6 5ercedes6Ben/# Ben/# inclu includes des lu8ury brands 5erc 5e rced edes es an and d 5a 5ayb ybac ach# h# as we well ll as co com mpa pact ct## hy hybr brid id## an and d el elec ectr tric ic mod odel els# s# in incl clud udin ing g its smart brand. ther ma0or auto brands include 4reightliner# Destern Star# BharatBen/# 4uso# Setra# and Thomas Built Buses# while financial services brands include 5ercedes6Ben/ Ban"# 5erc 5e rcede edes6 s6Be Ben/ n/ 4i 4ina nanci ncial al## mo moov ovel el## an and d ca car( r(go go.. It Itss ;a ;aim imle lerr Tr Truc uc"s "s No Nort rth h Ame meri rica ca un unit it manufactures heavy6truc"s in the US. ;aimler sells its vehicles in ?! countries# but 7urope represents repre sents around =*1 of its net sales. +roviding +roviding a compl complete ete view of how this company and its competitors stac" up against one another# the Competitive andscape report includes benchmar"s on over =! parameters related to sales# employees# mar"et cap# profitability# and growth ect as follows.

• • • • • • •

+rofitability &aluation perations 4inancial 2atios +er Share ;ata 9rowth Statistics Technology

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1.' Competitor (dvanta)es &avistar is previously )one down in pro%it mar)in but t$ey are still survive in t$e industry %or 10* years. +ecause o% &avistar,s $as sustainability strate)ies %or lon) time and s$ort time. 1. +r +rill illian iantt -n -n)in )inee eerin rin) ) 2.

oya o yall cus custo tome mers rs

3. /o /ood od de desi si)n )nss 4. Po Posi siti tive ve $e $esi sita ta)e )e !. i istr strib ibuti ution on str strate ate)y )y II &avistar,s #toc" 

a. &avistar International Corp  stoc" is getting run off the road today# down around '=.)(US; write now.This now.This is more more of the same ugliness for shareholders over the the  past few years.the company>s stoc" lose more than )!1 of its value since the  beginning of (!'?.  b. There>s absolutely no news out there to point at as an e8planation for Navistar>s sharp sell6off today# which is happening on e8ceedingly high share volume that>s

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more more than than tripl triplee the three6 three6mon month th average. average. There>s There>s also also not anythi anything ng on the newswire about competitor Paccar $that could affect Navistar>s stoc" price today. (. Chances Chances are# are# what we are seeing seeing is a combin combinati ation on of factors. factors. This This time time of year# year# it>s it>s not uncommon to see individual investors and large funds and money managers offload stoc"s that are down for the year. Not only are there ta8 benefits from so6called ta86loss selling# but funds often sell off their losers to ma"e their portfolios loo" better. =. 4or a stoc" li"e li"e Navistar>s Navistar>s## which is now down down more than than '1 this year# year# it>s it>s a prime end6 end6 of6year selling candidate. Sometimes momentum can ta"e over# too# when a little bit of  selling sends a stoc" lower# which leads to more selling. Before you "now it# a beat6down stoc" gets even more beaten down. I thin" that>s the situation here. 2.0

P-# (nalysis 2.1

Political

USA has a strong democratic setup and effective rule of law# with elections that are considered fair and transparent. The country en0oys massive political and economic influence over both national and global policyma"ing# and is recogni/ed as the leading superpower in the world. ,owever# the country faces international criticism for its interventionist policies regarding the EDar on Terror: which is souring foreign relations# and at the same time fueling terrorist groups# increasing the threat of terrorism. At terrorism.  At the previous the U.S. 7nvironmental +rotection Agency filed sui filed suitt aga agains instt Nav Navist istar ar Int Intern ernati ational onal Cor Corp. p. on Dednes dnesday day## Ful Fuly y '*# cla claim iming ing the tr truc"  uc"  ma"er violated the Clean Air Act. In the lawsuit# the 7+A claims Navistar installed more than #!! #! ! engines built in (!! into (!'! model year units# which violated the 7+A emissions standards that too" effect Fan. '# (!'!. Civil  penalties could total in e8cess of @=!! million if Navistar is found liable G a fine of upwards of  o f  @=#*!! a day per each each violation. Navistar  Navistar said assembly of the engines cited by the 7+A started in (!!# but they weren:t completed until early (!'!. The company has said previously these engines should be permitted as Hbrief engines eligible for truc"s built in (!'!. But the 7+A said the company failed to secure the proper e8emptions to use the engines. The engines.  The suit further  claims the engines were not covered by Hcertificates of conformity< something that has already  been before federal 0udges. In (!'=# federal 0udges threw out an 7+A rule rule related to its approval of heavy6duty truc" engines that did not meet its emission standards. '.

The ruling came as ;aimler# &olvo and others repeatedly challenged the 7+A over its decision to grant Hcertificates of conformity to Navistar# which allowed the company to mar"et engines that failed to meet emission re-uirements and pay a nearly @?#!!! fine on each non6complaint engine sold. plan sold. plan at enormous costs<

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(.

Navi Na vissta tarr did did not not have have engi engine ness avai availlab ablle in a ti tim mel ely y mann manner er to to meet meet the the (!'! (!'! 7+ 7+A standards<

=.

Navi Na vissta tarr>s fil iliing ngss wi with th the Se Secu curi riti ties es an and d 78c 8cha hang ngee Co Comm mmiissi sion on $S $S7C 7C%% co cont ntai aine ned d incomplete and misleading disclosures# including statements about the costs of recalls and details of various debts<

?.

And An d as a re resu sult lt of of the the for foreg egoi oing# ng# de defe fend ndant antss lac" lac"ed ed a rea reaso sona nabl blee basi basiss for for thei theirr posi positi tive ve statements about the company and its revenue outloo". 2.2 2. 2 -c -con onom omic ic

The United States of America is the third most populous country in the world# and the fourth largest by total area. Dith a population of over ='3 million# the country is ethnically diverse and has the largest economy in the world. The country:s growth slowed down after the J'' attac"s and the recession in (!! added to that as the economy contracted significantly. ,owever# the economy is now moving on steady course forward than"s to increase in business investment# consumer e8penditure and substantial decrease in unemployment.Dith a 9;+ of over @').)! trillion# the US is the largest economy in the world. The economic system is well6developed and gather gat herss it itss str strengt ength h fr from om its ser servic vices es and man manufa ufactu cturin ring g ind indust ustrie ries. s. The rec recess ession ion in (!! adversely affected the economy of the country and unemployment rates soared to an alarming  point. But the economy bounced bac" with a growth of around ?1 in the third -uarter of (!'? as consumers and businesses have stepped up spending. ,owever# the increasing budget deficit puts the economic prosperity of the country at grave ris" as the deficit currently amounts to a staggering @*!) million. It is lo""ing on (!!' 7conomic down effect of Terrorist arttac" in USA also effect to Navistar:s down profit margin. Navistar started to gone mar"et down in (!!=.it was unstable 7conomic condition in USA. 2.3

#ocial

i"e most developed countries# the US faces the problem of an aging population which can lead to a ser seriou iouss lab labor or sho shorta rtage ge and ris rising ing ta8 rates in the fut future ure.. Non Noneth ethele eless# ss# the education education and healthcare system is system is one of the best in the world. A ma0ority of the population has a liberal minds mi ndset# et# but ris rising ing rac racial ial int intole oleranc rancee is a ser seriou iouss conc concern ern.. Ad Addit dition ionall ally y# inc increa reasin sing g ill illega egall immigration is another concern# as there are currently more than ''. million people living illegally in the US# further increasing the ris" of racial discrimination. 2.4

ec$nolo)y

Innovation and technology are the cornerstones of the US economy. Since its inception# the country has been leading in terms of adapting and applying technology. Though the country faces strong competition from rising economies# it is e8pected it will continue to retain a technology supremacy over its competitors. Additionally# the US has also been at the forefront in enhancing Page 7

and developing technologies in areas such as nanotechnology# environmental technology and  biotechnology# which opens up massive opportunities for companies with e8pertise in the mentioned fields. IT is another field the US has been e8celling in. ,owever# it has also been facing intense competition from countries li"e China and India#oria# India#oria# Fapan.thoses countries also climbing up in same Technology write now. Navistar has to research continuously for generate new tec technol hnologi ogies es for develop develop aut automo omotiv tivee s"i s"ills lls and fac facee to com compet petes es wit with h dom domest estic ic and internationally competitors. So# in th So# thiis ec$n e8ami mined ned bri briefl efly y the var variou iouss fac factor torss tha thatt are c$nolo) olo)y y ana analysi lysiss o% #(# we e8a affecting the e8ternal macro environment of the country. 3.0 Porter,s %ive %orces 3.1 +ar)ainin) power o% suppliers I . ;iverse distribution channel $Navistar%

The more diverse distribution channels become the less bargaining power a single distributor will have. This positively affects Navistar. ;iverse ;istribution Channel $Navistar%K will have a long6 term negative impact on this entity# which subtracts from the entity>s value.Dhen suppliers are reliant on high volumes# they have less bargaining power# because a producer can threaten to cut volumes and hurt the supplier:s profits. This can positively affect Navistar . II

&olume &olume is critical critica l to suppliers supplie rs $Navistar% $Navista r%

$en suppliers are reliant on $i)$ volumes5 t$ey $ave less bar)ainin) power5 because a prod pr oduce ucerr ca can n t$ t$re reate aten n to cut vol volum umes es and $ur $urtt t$e su supp pplie lier, r,ss pr pro% o%its its.. $is $is can positively a%%ect  Navistar. 3.2

+ar)ainin) Power o% Customers

I

+roduct is important to customer $Navistar%

Dhen customers cherish particular products they end up paying more for that one product. This  positively affects Navistar. Navistar. 3.3 3.3

Inte Intens nsit ity y o% o% -6i -6ist stin in) ) iv ival alry ry

Dhen industries are growing revenue -uic"ly# they are less li"ely to compete# because the total industry si/e is also growing. The only way to grow in slow growth industries is to steal mar"et6 share from competitors. 4ast industry growth g rowth positively affects Navistar.

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3.4 $reat o% #ubstitutes 3.! 3. !

I

$re $ reat at o% &e &ew w Co Comp mpet etit itor orss

Indu Indust stry ry re-u re-uir ires es eco econom nomie iess of scal scalee $Na $Navi vist star ar%%

7conomies of scale help producers to lower their cost by producing the ne8t unit of output at lower costs. Dhen new competitors enter the mar"et# they will have a higher cost of production#  because they have smaller economies of scale. 7conomies of scale positively affect &avistar . L KIndustry 2e-uires 7conomies f Scale $Navistar%K has a significant impact# so an analyst should shoul d put more weigh weightt into it. KIndustry KIndustry 2e-uires 7conomies 7conomies f Scale $Navistar%K $Navistar%K will will have a long6term positive impact on the this entity# which adds to its value. This -ualitative factor will lead le ad to a de decr crea ease se in co cost sts. s. Th This is st stat atem ement ent wi will ll le lead ad to an in incr crea ease se in pr prof ofit itss fo forr th this is entity entit y. KIndus KIndustry try 2e-uir 2e-uires es 7conom 7conomies ies f Scale $Navi $Navistar star%K %K is a diff difficult icult -uali -ualitativ tativee facto factorr to defend# so competing institutions will have an easy time overcoming it. II

Strong Strong brand brand names names are impor important tant $Navis $Navistar tar%%

If strong brands are critical to compete# then new competitors will have to improve their brand value in order to effectively compete. Strong brands positively p ositively affect &avistar . L III Customers are loyal to e8isting brands $Navistar%

It ta"es time and money to build a brand. Dhen companies need to spend resources building a  brand# they have fewer resources to compete in the mar"etplace. These costs positively affect &avistar . I& Advance Advanced d technolog technologies ies are re-uir re-uired ed $Navist $Navistar% ar% Advanced technologies ma"e it difficult for new competitors to enter the mar"et because they have to develop those technologies before effectively competing. The re-uirement for advanced technologies positively affects &avistar . Advanced Technologies Are 2e-uired $Navistar%K will have a long6term positive impact on the this entity# which adds to its value. &

7ntr 7n try y bar barri rier erss are are high high $Na $Navi vist star ar%%

Dhen barriers barriers are high# it is more difficult difficult for new compet competitor itorss to enter the mar"e mar"et. t. ,igh entry  barriers positively affect profits for &avistar . L K7ntry Barriers Are ,igh $Navistar%K has a significant impact# so an analyst should put more weight into it. K7ntry Barriers Are ,igh $Navistar%K will have a long6term positive impact on the this entity# which adds to its value. This statements will have a short6term positive impact on this entity# which adds to its value. This -ualitative factor will lead to a decrease in costs. This statement will lead to an increase in profits for this entity. K7ntry Barriers Are ,igh $Navistar%K is an easily defendable -ualitative factor# so compet com peting ing ins instit tituti utions ons wil willl hav havee a dif diffi ficul cultt tim timee over overcom coming ing it it.. K7n K7ntry try Bar Barri riers ers Ar Aree ,ig ,igh h $Navistar%K is a difficult -ualitative factor to overcome# so the investment will have to spend a lot of time trying to overcome this issue.

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4. #7 analy8e #tren)t$

ea"ness -6istin) pro%it mar)in -6istin) mar"et s$are

5onetary assistance provided ;omestic mar"et 78perienced business units ,igh growth rate 2educed labor costs 78isting distribution and sales networ"s Barriers of mar"et entry $reads

7pportunities

9rowing demand  New mar"ets $ China# oria# India%  7conomic growth Une8pected climate disasters Strict political rules a8 changes +rice changes Technological Te chnological problems Increasing costs 2ising cost of raw materials Increase in labor costs Cash flow

!.0

Increasing constructions day by day$ Truc"# 5ilitary vehicle demand% +riority for safe of nation $school bus%

Possible u urnaround rnaround #trate)ies

Increase its focus on custom Increase customers> ers> satisfaction satisfaction by manufa manufacturi cturing ng high durability durability and comfo comfortabl rtablee and -uality truc"s that focus on the drivers> comfort and safety and also focusing on fleet manager>s need and wants. It should start research for identify and solve for navistar:s 7ngine trouble and rapidly solve it. •

9et business loan and develop the research and solve the engine problem by research. Page 10

•

•

•

•

•

Collaborate with same technology related company. 9ive priority for research and ;evelopment for future innovation creation and e8isting  problem solve Attrac Attr actt mo more re buy buyers ers Dh Dher eree is ne need eded ed co count untry ry sp spec ecia iall lly y wh whic ich h is hi highl ghly y doi doing ng construction for truc" and war situation for military vehicles. As well as who are the considering mainly for safety first their nation. B

Creating of of customer lo loyalty.

d Costt cut Cos cutti ting ng str strate ategy gy## by im implem plementi enting ng hig high h tech technol nology ogy in the pro product duction ion of  truc"s.

•

;evelop the high efficiency of wor"ers by motivation with e8plain current situation.

•

+enetration to the South American mar"et when there are potentially large mar"ets in

•

Countries such as 5e8ico# Chile# Argentina and Bra/il. Navistar can also open up an

•

Assembly line in South America.

•

 ow labor costs

•

•

•

•

7nhance the necessary employees li"e that improved 7ngineers# 2esearch Assistants# Chemises# Software 7ngineers as well as reduce e8tra wor"ers in organi/ation. ;ecrease the salary from employees that specially e8ecutive post according to particular  finance order until income will be o". ;ifficulties in penetrating to the South American mar"et. Time consuming especially finding strategic alliances to be successful in mar"eting their  truc"s in the South So uth America countries. '.0

Conclusion

According to this analy/e Navistar:s some of powerful business strengths have helped to survived in automotive until today. Navistar has faced to the significant finance crisis at the moment that one of mista"e they have done regarding their engine manufacturing fail. But at the past Navistar was "ing of the best engine introduction and truc" industry. It is clear that consider about award which they have won. Navistar is trying to regain those using turnaround strategies. As well as it can be a first in automotive industry as same as  before with using new strategies and change the previous strategies carefully as above mentioned. 9.0

ecommendation

As my "nowledge come up with the best recommendation for Navistar to implement. ne of the recommendation is Navistar should focus on the customer satisfaction by producing high durabi dur abilit lity y pro product duct## pro provid viding ing com comfor fortt and saf safety ety for tru truc" c" dri driver vers# s# and aft after er sal salee cus custom tomer  er  Page 11

support. By manufacturing such -uality of truc"s# Navistar will be able to attract more customers especially in the South American mar"et. Also# by manufacturing good -uality truc"s# customers will start to have beliefs in the Navistar products# and thus creating customers loyalty. The underpinning reason for maintaining and possibly increase the customer support is because those  products from other companies and Navistar itself are all ali"e in technological manner. Conse-uently# Navistar should be better compete on intangible factors as point to compete. Secondly# the products that this company sells are falls to specialty good category which re-uires the buyer to really shops around and choose the best one. Dhile the buyer are mostly e8pert and "nowledgeable about the product and need to get products that can return their investment#  pursuing customer6oriented action is the the best alternative for this company in this industry. industry. Another recommendation that we come up with is for Navistar to penetrate to the South American mar"et where there are potentially large mar"et e8ist there combined with customer6 focused strategy. This will be a great opportunity for this company which really support the  possibility of its strengths within intersecting with this opportunity and creating leverage. 4or   Navistar to be able to compete in the South American mar"et# it needs to be able to produce good -uality and high durable truc"s# li"e 5e8ican truc" fleet which have estimated age of '( years. ,aving to open up an assembly line in the South American mar"et will also reduce the labor  cost# since labor cost in the South American countries are low. Therefore# it can be e8pected that the company can reali/e a high profit margin out of this mar"et. Dith this recommendation# we hope that this company will be able to maintain its current position in the industry by preventing all possible way that can trigger the problems and constraints from emerging as internal and e8ternal factors effecting the company intercepting.

e%erences

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