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Advice & Reflections from a Car Dealer: It’s Our Turn… And We Have Our Story!!

As you go through life, there are certain memories that stick with you. You are not sure why, but then later in life it comes full circle. For me … 18 years later it has come full circle.

It might have been eighteen years ago, but I remember it like it was yesterday. I was at my Grandfather’s house in Hawaii for Christmas Break. I had just played golf and was hungry. I opened up the refrigerator and was trying to figure out what I wanted to eat. I kind of stood there and was trying to make a decision … probably between a sandwich or a quick snack.

“Courtney, shut the refrigerator door.” “I’m just getting something to eat.” “Decide what you want to eat BEFORE you open the refrigerator door.” “How can I make that decision when I don’t know what’s in the refrigerator?” “You have to plan ahead or you will waste electricity.”

That was my exchange with my Grandfather and I thought it was ludicrous. I remember tellling my Mother I thought the discussion was a bit extreme. She told me it is part of what happens when you grow up in a Depression.

I also remember when I received my Driver’s Permit and my Grandmother told me I could drive her around. I was so excited (even though it was a HUGE Chevy Caprice Classic). She told me I could take her to the grocery. We would be going to 3 different groceries because that is where her coupons could be applied. I remember thinking … they live in this huge house … why is SHE cutting coupons??? Once again, my Mom explained it was part of growing up in the Depression.

Fast forward to about 5 years ago. Life was good … we were selling a ton of used cars and my Dad decided to give me this “lecture”. “You have NEVER been through a BAD time in the car business. You don’t know what it’s like. You have no idea what bad times are like.” He used to tell me that sometimes when you build a relationship with a bank, it’s not all about rate. Sometimes you will take a higher rate in return for availability of funds. Let’s just say this makes a whole lot more sense now than it did five years ago!

Guess what? We can now check bad times off the “bucket list”!! My generation has arrived and now we are getting first hand experience! Yes, we have our story. I wonder what my Grandfather would think today. When he was a Dealer, GM had over 50% of the market share. Do you think it ever occurred to him that they might go bankrupt? In today’s thinking, I suppose it would be like thinking that Google would go bankrupt? Maybe it is a hard comparison because right now, it does feel like ANYTHING can happen.

So as I reflect on the refrigerator door incident, cutting coupons, and the availability of funds, what have I learned? What will I tell my kids and Grandkids?

* Accountability during the good times is a necessity because the bad times will expose the sins of the good times.

* Pay down debt. If everything is paid for, you can survive all kinds of situations.•We all have relationships with the factory, but we need to learn to operate our stores independent of the factory because you never know what could happen.

* Constant learning and training is a necessity. If you are willing to change, you will be fine. The people that do NOT embrace change are getting ready to close their doors.

* Keep your priorities in order. There will be a ton of stress over the years but if you have Faith, Family, and then work … you will have the ability to keep everything in perspective. This will probably add years to your life.

The good news is that my Grandfather served in WWII and the store was basically “closed” for 3 years. When they returned, he told me they made more money than they ever imagined. When the smoke clears, there will be some big wins to offset these days.

There are many more items and I would love to hear what everyone is learning from these times. With that said, what is YOUR STORY?

_____________________________________________________________

Courtney Cox Cole, Hare Chevy

This is a guest post by Courtney Cox Cole, owner of Hare Chevrolet in Indiana. She has worked for 13 years in the automotive industry and car buying tips and she and her sister Monica recently purchased the business from their Father. Hare Chevrolet is the largest GM retailer in the State of Indiana and has been for 4 years. Hare has the distinction of being the oldest transportation business (since 1847) in the Nation … Courtney is 6th generation. There is an article in the February 2009 edition of Car and Driver Magazine that gives an excellent history of their business.

About the Author

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