Factory Five Racing, Inc. Receives 2012 Greater New Bedford Small Business of the Year
The New Bedford Area Chamber of Commerce and BankFive are pleased to recognize the significant contributions and achievements of the region’s small businesses with the presentation of the 2012 Greater New Bedford Small Business of the Year Award. The award was presented on June 14, 2012 at a special edition of the Chamber’s Good Morning SouthCoast! business series.
During the breakfast event, Roy Nascimento, Chamber President and CEO stated, “Our small businesses represent the true vibrancy of our region’s economy with the jobs they create and their contributions to the community, economic
climate and quality of life. The Chamber created this award as a way to recognize the vital contributions made by these businesses.”
This year’s Small Business of the Year Award was presented to Factory Five Racing, Inc. of Wareham. Factory Five was established in 1995 as a manufacturing company making and selling custom car kits. These car kits cost $15,000 and upwards and are marketed towards the middle class “fixer” who is looking for a project to do.
Despite the economy, 2011 was one of the best years ever for the company financially. The company continues to re-invest in its product line, reengineering several of its vehicles and purchasing new equipment to increase productivity. They are also working to expand their international market which currently makes up about 20% of the company’s sales.
Factory Five has 32 full-time employees and very low turnover rates. Many of the employees were hired from local vocational schools, starting as interns and working through local co-op programs. The company provides comprehensive health and dental benefits and even provides car kits to employees as a company bonus to both increase employee product knowledge and to serve as a reward for their loyalty and dedication.
Factory Five believes in using innovative selling techniques including offering daily tours of the manufacturing facility and holding open house events and other annual get-togethers where customers can learn about the business and share the vehicles they have built with fellow enthusiasts. The company does not employ any sales personnel, preferring to have trained technicians on staff who can talk about the company’s products with passion and knowledge.
Factory Five is committed to the community. The company and its customers have helped raise over $3 million for the Cystic Fibrosis Foundation since 2001. In addition, they have supported local charities and community groups including the Pan-Mass Bike Challenge, New Bedford Symphony Orchestra, and New Bedford’s Feast of the Blessed Sacrament. They actively support the U.S. Military, hiring veterans and most notably donating an automobile to a local soldier who was returning from overseas action. Factory Five has also received the Association of Handbuilt Automobiles Good Manufacturing Practices Award on three different occasions.
David Smith, Founder and President of Factory Five accepted the award at the June edition of Good Morning SouthCoast!
The remaining ten businesses nominated for this year’s award were: Barley Family Health Care & Rehabilitation of Fairhaven; Fay’s Restaurant of Dartmouth; Common Sense Environmental of New Bedford; Home Instead Senior Health Care of New Bedford; Fernandes Masonry of New Bedford; Fathom Research LLC of New Bedford; Tetrault Insurance Agency of New Bedford; Blue Eagle Printing of Dartmouth; Beaumont Solar of New Bedford; and the Fiber Optic Center of New Bedford.
The selection committee looked for companies who have balanced success with a strong commitment to the community. Each nominee was rated based on five criteria: number of employees, staying power, growth, social responsibility and innovation. To meet just a few of these goals is a significant accomplishment.
The New Bedford Area Chamber of Commerce extends its appreciation to BankFive for being a partner in this important program. Six years ago BankFive joined forces with the Chamber to develop this recognition program and has been the sponsor of the awards program ever since. Their commitment as the founding sponsor of the Small Business of the Year Awards program reflects their dedication to our community and their commitment to providing services to small businesses. The Chamber would also like to thank those members who submitted nominations for the awards.
Many of the Chamber’s programs and services are geared towards the needs of smaller businesses. We recognize the important role that small to medium sized businesses play in our economy. The New Bedford Area Chamber will continue to offer services to meet their needs.