In 2021, Ashley Clements’ team at Genuine Parts Company issued an RFP for lease management software. They had used CoStar Real Estate Manager for 20 years and decided to see what else was out there.
GPC has over $1.2 billion of leases on its balance sheet, including retail, distribution centers, office and equipment leases. They also own the popular NAPA Auto Parts brand. Clements and her colleague, Joseph McCrary, needed advanced automation to keep up with the massive lease portfolio.
Their goal was to neatly track leases, streamline manual tasks and keep up with lease accounting standards.
What Clements and her team found in their RFP was a lot of inexperienced companies. They promised the moon, but GPC couldn't ignore their faults and lack of additional features.
That’s when the lease management team at GPC realized they already had the best lease accounting software and the best lease administration software. They continued with CoStar Real Estate Manager.
"I don't know how anyone does lease accounting without CoStar Real Estate Manager," said Clements.
CoStar keeps the GPC lease accounting and lease administration teams in sync. It delivers on the promised automation, and it handles their enterprise portfolio.