Owners of new car dealerships achieve their position in different ways ? some through family succession, some through the car manufacturing industry and others through dealership experience and sheer desire.
As the new President of the Toronto Automobile Dealers? Association (TADA) and new author of this column, I?d like to introduce myself, share a bit of my background and tell you how I became a new car dealer.
I?ve been married for over 25 years to Cathy, my childhood sweetheart, and we have three terrific kids. Two are teenagers with their own unique challenges and a 10-year-old who keeps us sane. He?s the one who still likes his parents!
I get along great with my in-laws, but I do recall that my mother-in-law wasn?t too thrilled when I bought her daughter a motorcycle for her 16th birthday. I sold her on the fact that it was just a ?motor scooter.?
My parents instilled in me family values and integrity, and gave me their full support in all my decisions. Now it wasn?t as if I was following some sort of family tradition here ? my mom was a teacher, my dad was a commercial artist and my brother worked at I.B.M. Me a car dealer? Go figure!
As I wasn?t the most well behaved student in public school, my teachers felt I wasn?t University material. However, being young and confident, I thought otherwise.
I financed my own way through Ryerson University and after graduating in Business Administration; I was recruited by Ford Credit and began a short career in credit and collections.
With a desire to control my own destiny and a basic understanding of business and finance, I left the secure corporate world to begin my own business. I was fully prepared to deal with all obstacles and learn from my failures.
After leaving Ford Credit in my early twenties, I took the plunge and opened a small used car dealership. The venture used up all my available cash. With guidance from my father-in-law, a veteran in vehicle sales management, my entrepreneurial career began.
From my credit experience, I knew how difficult it would be to receive financing for any new business. So, I decided to purchase my used vehicle inventory with cash advances from my credit cards. I made sure I had many cards with large limits.
This may sound risky, but I did have a long-range plan. Besides, I didn?t want to give any banker the power to control my destiny.
After one year, I owned my used vehicle inventory and paid off all my credit cards. Within four years, I sold the dealership property, purchased a larger location and opened a Suzuki new vehicle franchise. Three years later, I bought a second Suzuki franchise.
Finally, three years after that, I took my biggest step. I sold my two Suzuki franchises and bought a Lincoln Mercury Dealership. Through amalgamation of a Lincoln and a Ford franchise, I am now the proud owner and President of Markville Ford Lincoln ? a Ford, Lincoln, S.V.T. Dealership in Markham.
My wife Cathy works with me at the dealership, but on the condition that I bring HER coffee each day. She is also Co-owner and Vice-President. My brother works with me in the Service Department and we have a staff of 70 hard-working, dedicated people.
Through experience, trial and error, tenacity and integrity, I feel that I am achieving my goals. But most of all, I listen to others and apply a lot of common sense.
I love this business ? long hours and daily headaches notwithstanding. I enjoy the people, their passion and the excitement of the constantly changing automotive industry. Although things can get overwhelming at times, the rewards are well worth the risks.
Four years ago, after chairing several committees and associations within my own dealer franchise group, I was nominated by my peers to the T.A.D.A. Board of Directors.
As President of the TADA and its more than 330 dealers in the GTA, my objective of writing this weekly column is to share with you experiences and insight from within the dealership. I?ll explain our motives and positions on various dealership, consumer and government issues.
Next week, I?ll explain why there has never been a better time than now to buy or lease a new or used vehicle from a new car dealership.