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“How’s your family?”

This is the essence of Todd Caputo, our guest today on Auto Collabs. Todd is the definition of loyal and caring. And on top of that, he’s a really skilled operator. He sold his 4 dealerships, but before that, his dealerships retailed 6000-6500 vehicles annually of which 5500 were used car sales. Paul J Daly and Todd spend time talking about what Todd is up to now, and some of the trends he’s tracking for the future.

What we cover in this episode:0:00 Intro

4:04 Todd talks about navigating the pandemic and being set up to pivot quickly, but ultimately how a meeting with Sonic Automotive led him to sell.

12:05 The condition of cars that Todd is seeing at auction are worrisome. He has several suggestions about how to improve condition and sellability.

17:25 There are 2 schools of thought when it comes to appraising vehicles. One is to spit out an exact value and the other is to give a range of value. Todd thinks that regardless of which option you use, there should be a way for customers to upload their own pictures of their car.

23:17 Our interview with Todd wraps up by looking to the future, and specifically, EVs. Todd owns 3 Teslas, and knows the challenge of servicing these vehicles. He talks about how dealers can prepare to be a part of the service network as more and more vehicles go electric.

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• Connect with Todd Caputo on LinkedIn

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It may not be sexy, but it has a lot of heart. 

One might say that inventory management and how we procure, merchandise, and make inventory accessible to the consumer is what keeps the heart of today’s digital dealership beating.

Danny Zaslavsky, the DP/GM and Country Hill Motors and Managing Partner at VINCUE joins to share his unique vantage point about how efficient inventory management systems can lead to an elevated customer experience. 

What we cover in this episode:0:00 Intro

2:18 Danny shares the origin story about how his software company, VinCue, got started. Looking back it seems like a logical progression of meeting the right people at the right time, but Danny admits that you never quite know what life is preparing you for in the micro moments of the journey. 

6:10 After immigrating from the Ukraine to The United States, Danny’s father opened a shoe repair business down the street from what would soon be their family’s dealership. A pioneer in his own right, and with an immigrant entrepreneur’s spirit, Danny shares that his dad found innovated ways to procure inventory for the store that was years ahead of their competitors. 

14:33 Kyle points out that in order to solve inventory management problems requires several different handshakes to work effectively. Often dealers are utilizing several platforms in order to accomplish their inventory management and merchandising. Danny explains a little about how VinCue is solving real inventory related problems for car dealers. With a nod to industry pioneers, such as Dale Pollak, Danny explains that he is seeking to take inventory management to a whole new level. 

20:04 Danny’s experience as a dealership owner as well as technology vendor allows him to see both sides of the industry from a unique perspective. The one consistent element is that we are trying to create an improved customer experience. When it comes to the auto industry there are many factors that contribute to a heightened CX, but they are sold as separated things, like websites and digital retailing tools, as an example. 

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Have we been looking at CRMs all wrong?

Jasen Rice, our guest on Auto Collabs, thinks so. Jasen is a veteran of the industry. He was selling 100% online at a time when AOL was still mailing Internet CD-ROMs to homes. Consequently, he’s helped launch Digital Dealer, vAuto and much more. In his conversation with Paul J Daly and Kyle Mountsier, he dives deep into CRMs, conversion rates and a new way of thinking about leads.

What we cover in this episode:

4:00 Jasen started working in the industry in 1997 and was selling exclusively online by 1998. He shows the guys his Microsoft CarPoint Certification from back in the days.

18:13 CRMs aren’t looking at the right metrics. Jasen blows up some of the ways that CRMs use age of vehicle and age of lead in ways that simply don’t make sense.

24:37 In Jasen’s mind, the Used Car Manager and Internet Director are the same person.

“The Used Car Manager needs to be your Internet Director. They need to understand every lead and be just as responsible. I pull it up all the time. I said, “Guys, what would you do if a customer was in your showroom for 10 minutes and no one said ‘hi’? You would throw a chair through the window. But here's five leads that no one's called for 14 days, 10 days and 8 days. What do you do about that?”

27:10 The power of switches.

“A lot of times when you get a fresh car, we price it up 104-105%. We wait for photos to get done. So of course, we're not getting much activity on this car. But I'm showing dealers, you got a three day old car that you're at 105%. Fair enough, but you have no leads, but you got 10 switches, you got 10 Other people right now that you could call. They are interested in the segment in this price range, they don't need to know you're 105%. That Escape sold, will they take this Jeep Liberty? And even though it's 105%, it's still within their segment in their price point. So it's like your best salesman that sees the nice trade that came in yesterday, and he's on the phone with five people and he has it sold before it goes to the service department. Right? That's what you need to be doing with this too. There's opportunities here without having a race to the bottom and waiting till the pictures are done to get some eyeballs on this car.”

Listen to the full episode for more insights and context from our conversation with Jasen Rice

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Connect with Jasen RiceConnect with Lotpop

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Energy.

That is what Glenn Lundy brings to life, whether it’s consulting with the 800% Elite Automotive Club, hosting Breakfast with Champions or calling Michael Cirillo out of the blue to interview him. Michael, Paul J Daly and Kyle Mountsier were reminded by Glenn that doing great things requires change, and change means someone is going to quit or be fired. But taking steps today will make your business great down the road, and Glenn believes that’s achievable for everyone.

What we discuss in this episode:

8:58 Glenn talked about his start in the industry and how he got promoted because of sales results, but not because he knew how to lead people. We talked about putting the right people in the right place to help you succeed.

11:21 Glenn believes that you should learn a new skill to pass it on, not just to be good at something yourself.

13:37 Leadership means getting in the trenches with your team and being involved.

“Just be involved. And when your people see that you're involved, they don't want to disappoint you, they don’t want to let you down and they'll ultimately shine in the different areas. And it helps you as a leader to be able to get people in the right seats when you're in the room learning the same things.”

28:04 We wrapped up by talking about how you need more than a 30 day plan. Glenn thinks that the biggest issue in the automotive industry is that you can’t reinvent the wheel or make big moves in 30 days. He encouraged us to have more vision.

“Give yourself some runway, have a three year plan, have a five year plan, have a 10 year plan and start deciding right now to invest today to get the results three years from now, five years from now, and 10 years from now.”

Listen to the full episode for more insights and context from our conversation with Glenn Lundy.

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Connect with Glenn LundyConnect with the 800% Elite Automotive Club

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Every hero has an origin story.Understand the origin story and you understand the hero. Steve Greenfield has spent more than 20 years of his professional career in automotive industry leadership roles and today, he is an authoritative voice when it comes to automotive technology and the innovators that are revolutionizing our space. Paul J Daly and Kyle Mountsier had so many questions for Steve that they actually ran out of time, but that’s how it goes when you’re talking to a hero.What we discuss in this episode:03:35 - It will come as no surprise that Steve’s entrance into the automotive industry wasn’t exactly intentional. He found himself unemployable with an undergrad degree when after some time, a friend from high school told him about an auto auction that was hiring for a technology manager. “So I get a call one night and he says, Steve, they're looking to hire a technology manager. I'm like, what is that? I'm like, oh, you're gonna be selling software to car dealers. I'm like, why am I qualified for that? He goes, no, I really think this is gonna be a good rule for you. You should come in. So I went in and, you know, didn't know what to expect and, you know, I remember distinctly driving out there.I was like, you know, how do used cars get on dealers lots? That's what consumed me for the 45 minutes on the way out there. And I was like, I, I would've bet anything at that point, a hundred percent of cars came onto dealers. Lots as trades. Yeah. I knew nothing about the whole wholesale mechanisms and wholesale auction industry.So I get out there. It's like the biggest auction in Canada. It's like, Top five in, in Manheim's footprint. So it's like 400, 400 acres of that's a real operation. It's a real operation, 400 acres. And I'm like, wow, look at this place. Where are these cars coming from? Where, why are they here? And I, I walk in and, you know, uh, negotiate with, uh, with the, the, uh, general manager who also was the previous owner before Manheim bottom.”06:59 - It was working for the auto auction that taught Steve a lot about the economics of the car business. 10:46 - Steve recounts his experience working alongside Dale Pollak and overseeing the acquisition of vAuto. He learned directly from Dale how to build a demand system and what value that brings to an organization. 12:31 - Today Steve works with a group of dealer investors who search out solutions so that they can be funded. Paul inquires about the common thread that Steve sees across the solutions that he is vetting. Listen to the full episode for more insights and context from our conversation with Steve Greenfield

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Today’s guest is an accountant turned executive turned dealer. Damon Lester leads NAMAD’s  (National Association of Minority Auto Dealers) mission to increase equitable access and meaningful opportunities for minority entrepreneurs and employees across the automotive industry. Our conversation reminded us to get in the dirt and work, and that automotive encompasses everything.

What we discuss with Damon Lester:

03:03 - Damon is unique because he both understands the “dirt and the grind” of the industry. As an accountant who has worked 20 years with NAMAD (National Association of Minority Auto Dealers), Damon has vast experience spanning the industry, and as a recent new dealership owner, he knows what it takes to make the retail side of the business thrive. 

05:53 - Damon shares about the journey leading up to owning his store, Nissan of Bowie. He’s not looking at this as a quick investment opportunity. He was willing to put in the work to achieve ownership, and sees this as a track he can follow for decades. “I’ve said this a couple of times… retail automotive is the best kept industry out there. There are a variety of opportunities, whether it’s at the OEM level manufacturing, at the retail level — it encompasses everything that is ‘American’. It’s not going away.”

07:36 - Damon explains that alongside the opportunity within the industry, it’s a great way to make a difference in the communities in which dealers operate.

13:52 - When asked about what advice he’d offer to new potential dealers of minority, Damon says, “You definitely gotta come in here humble. A lot of people come in without humility or the gratitude of appreciating this opportunity. There are a finite number of people that are really blessed to have this opportunity and so, I’m grateful of being in the store and working with my folks every day and working with NAMAD as well.”

19:04 - While OEMs are publicly announcing their commitment to increase the number of minority dealer owners, Damon suggests that we can still do better. Damon also notes that those who are interested in ownership can’t cherry pick the opportunities. 

Listen to the full episode for more insights and context from our conversation with Damon Lester!

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Today's guest is a NYT Bestselling Author, the Co-Founder of Square, the Chairman of the St Louis Federal Reserve, and a Professional Glass Blower. That’s not all either. Jim McKelvey is one of the most purebred entrepreneurs we’ve ever met, and he’s here to help us tell ourselves the truth about innovation, entrepreneurship, and how to stack your laptop on laundry baskets for a zoom call. What we discuss with Jim McKelvey:

00:25 - Paul recounts how he was introduced to Jim’s book, “The Innovation Stack,” and how it completely changed his perspective on entrepreneurship. Jim offers a realistic and hope filled look at entrepreneurship by creating a space where it’s normal to fail often and learn from one’s mistakes — a stark contrast to the beaming “checklist” culture that has been perpetuated online. 

04:31 - Jim immediately disarms any nerves Paul, Kyle, and Michael might’ve had prior to the interview by joining from a remote cabin in Wisconsin. “Total disclosure, this is the bedroom ‘cuz it’s the quietest room in the house and I’ve got my laptop stacked on laundry baskets.” 

05:28 - Jim offers his thoughts about everything that’s happening inside the retail automobile industry from his vantage point as an “outsider.”“It’s really interesting. You’ve got some direct sales models that are breaking up dealerships, cars are lasting longer, so service is becoming a greater profit component than sales. The used car market is crazy. One of my friends runs Enterprise, so I get to hear about buying cars by the tens of thousands, and it’s nuts!”

08:40 - In addition to being the founder of Square, Jim is also involved deeply in the economist side of small businesses and the role they play in the economy. As the Chair of the St. Louis Federal Reserve, Jim has a unique vantage point into economic drivers and what possible impacts there may be across several industries, including automotive. He explains that automotive is a great leading indicator for the rest of the economy, albeit skewed by the last two years of the pandemic. “Does the chip shortage sort of mess up that indicator? If we could get the car, we’d buy the car, but we can’t get the car so we’re going to satisfy ourselves with something else.”

11:54 - Is it even possible to create a predictable business formula when the last two years have provided a skewed outlook on the market? “It's driving predictable business people. Crazy. Like if you're used to following a formula and that formula's been working for 25 years, the last thing you want is what we've just lived through. And we're what we're gonna go live through. Like, it's, it's just so much change. And what I talk about a lot in the book is that there's this mindset of the entrepreneur and it's not something that's pleasant.”

Listen to the full episode for more insights and context from our conversation with Jim McKelvey!

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Hosts Michael Cirillo, Kyle Mountsier, and Paul J Daly tell the story of how they came to create this podcast and why they believe it is critical for there to be more collaboration in the Retail Auto community between not only Dealers and Industry Partners, but also OEM's and Consumers. And there's also a joke or two...or three or four...

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