Our acquisition strategy is focused on expanding our product portfolio, diversifying into new markets, geographies, and improving our margin structure while further leveraging corporate overhead to drive sustainable returns for our shareholders.
Our strategy remains to acquire complementary businesses, products and/or assets in any of our three operating segments, including Automotive, Premium Audio and Consumer Accessories. Additionally, acquisitions should have a gross margin structure equal to or higher than our consolidated gross margins, and continue to look for acquisitions where we can leverage corporate overhead and resources. Furthermore, it is important that management remains as part of the acquisition, as their domain expertise, knowledge of both the inner workings of their respective companies and the end-markets they serve are paramount to successfully running operations and achieving growth. We pursue acquisitions that are accretive for our company and our shareholders in the first year such acquisitions are made.
Our strategy upon acquisition and in the years that follow is to leverage our corporate strengths and integrate acquisitions into our operations. We provide accounting, IT, warehouse, logistics support, as well as a host of value-added services that enable acquired companies to lower their cost basis and improve profitability. We implemented an Enterprise Resource Planning (ERP) upgrade, which brought many of our acquired businesses on to our corporate systems, which provides future cost savings and improved efficiencies.