The transmission technology specialist Xtrac has for a second time been voted ‘Business of the Year’ by members of the global business network the Motorsport Industry Association (MIA). The company received the industry’s top award last week at a prestigious gala dinner celebrating motorsport business achievements. Xtrac was a previous winner in 2001.
The company has also previously won the MIA’s Teamwork Award and has also twice before won the Export Achievement Award. The latest endorsement comes from other high performance engineering companies operating predominantly within the UK’s renowned Motorsport Valley – a £5 billion industry that more than matches the reputation of the film industry in Hollywood and the electronics industry in Silicon Valley.
“It’s a great compliment and we’re delighted and honoured by this support from our colleagues throughout the industry,” said managing director Peter Digby.
All companies in the international motorsport industry are eligible for the MIA’s Business Excellence Awards. Nominations are made by MIA members – and it is this peer recognition that makes these accolades especially meaningful to the winners.
“This is the industry’s top award and is a testament to the hard work and dedication that everybody at Xtrac has put into the business,” added technical director Adrian Moore who received the trophy on behalf of the company’s 250 employees.
The tribute acknowledges the company’s flying start to the year with its highest ever order book and its role in facilitating transmissions for the next generation of road vehicles, and by its involvement in the transfer of drivetrain technology to the aerospace, defence and marine industries.
“Xtrac’s ability to fast track the development of new vehicle technology for the automotive mainstream and other sectors, within the timescales more normally associated with winning on the race track, provides an exemplary benchmark,” said the MIA’s chief executive Chris Aylett. “Xtrac are deserved winners as one of the most successful companies in the industry and a true inspiration to others.”
Xtrac has successfully expanded its business by building on its core strengths as a world leader in the design and manufacture of high-performance gearboxes, differentials and driveline components, which are used throughout motorsport – including F1, IndyCar, Touring Cars, Rallying, Rally Raid and GRAND-AM as well as its major involvement in the Le Mans 24 hours, Daytona 24 hour and Sebring 12 hour races. Xtrac’s diversification of its business into other sectors has been increasingly emulated throughout the motorsport industry.
First presented in 1995, the MIA Business Excellence Awards were created to recognise excellence at all levels within this high performance engineering industry. The annual MIA Awards Dinner (held Thursday 13 January) was attended by 500 senior executives from the motorsport business community, and was presided over by its new president the Rt Hon. Lord Drayson of Kensington.