Description: In this episode of TimTalks: Automotive Leadership and Beyond, Tim explores the leadership principles that have propelled President Chad Staples of Elevation Dealer Services to success. Chad reveals how his company is redefining reinsurance with a transparent and customized approach, helping dealers maximize profits while building strong, value-driven teams.

Contact:

Connect with Chad Staples President of Elevation Dealer Services on Linkedin or contact him at  [email protected]

[00:00] - Introduction: The Importance of Leadership in Automotive
Tim introduces the episode, emphasizing the critical role of leadership in creating successful car dealerships.

[02:15] - Chad Staples’ Background and Introduction to Elevation Dealer Services
Chad Staples shares his journey into the automotive industry, starting 16 years ago, and how he founded Elevation Dealer Services. 

[05:30] - Redefining Reinsurance: Transparent Fee Structures
Chad discusses the traditional challenges in the reinsurance industry, particularly hidden fees, and how Elevation Dealer Services is different by offering a completely transparent fee structure. He explains how this approach leads to significant cost savings.

[10:00] - Customizing Reinsurance Based on Dealer Goals
Chad dives into how Elevation Dealer Services tailors its offerings to align with each dealer's growth strategy. He explains the flexibility of their investment strategies, which allow dealers to maximize returns based on their individual risk tolerance and business goals.

[13:45] - The Role of Investment Strategies in Reinsurance
A detailed look at how Chad’s company offers dealers more aggressive investment options, leading to higher returns. 

[17:00] - Setting Up Controlled Foreign Corporations (CFCs) and the 831(b) Tax Election
Chad explains the advantages of setting up CFCs under the 831(b) tax election, which allows dealers to defer taxes on underwriting profits. He also discusses the flexibility in ownership structure and the long-term financial benefits for dealers.

[21:00] - Building a Strong Team: Leadership Values at Elevation Dealer Services
Chad reflects on his leadership journey, emphasizing the importance of servant leadership and creating a positive, supportive culture within his company.

[24:30] - Success Stories and Dealer Feedback
Tim and Chad discuss the positive feedback from dealers who have partnered with Elevation Dealer Services. 

[28:00] - The Growth of Elevation Dealer Services
Chad talks about the rapid expansion of his company, including the hiring of new team members and the addition of new dealer clients. He highlights the importance of maintaining a strong company culture amid growth.

[32:00] - The Law of Attraction in Leadership
Tim and Chad discuss how strong leadership naturally attracts talented individuals and loyal customers. They explore the idea of duplicating successful leadership practices to create a lasting impact in the industry.

[35:00] - Encouragement for Dealerships Considering Reinsurance Evaluation
Chad encourages dealership leaders to explore reinsurance evaluations, even if they’re happy with their current provider. 

[37:45] - Closing Thoughts and Call to Action
Tim wraps up the episode by reiterating the importance of leadership and innovation in the automotive industry. He encourages listeners to reach out to Chad for a reinsurance evaluation and to consider the benefits of partnering with Elevation Dealer Services.

[40:00] - Outro
Tim thanks Chad for joining the podcast and shares a final thought on the role of leadership in achieving long-term success in the automotive industry.