SEASON 7 | EPISODE 3

Join host Derek D as he sits down with Jake Pollack, a Partner at the Shackelford, Bowen, McKinley & Norton law firm and Dave Cantin, the CEO of the Dave Cantin Group. Dave and Jake uncover the misconceptions and importance of succession planning in the automotive industry, addressing not just immediate transitions but also long-term strategies for business continuity.

Discover why succession planning is more than just preparing for a sudden exit and why dealer principals need a plan in place to safeguard their legacy and ensure a smooth transition for future generations or potential buyers. Learn from real-life examples and gain valuable insights on assembling the right team and initiating the process effectively.

If you're an automotive executive or dealership owner, this episode is a must-listen.

Episode Highlights:

● Why Jake says delaying the creation of a succession plan can lead to complications and missed opportunities and therefore prefers to create plans as soon as his clients acquire a dealership or business.

● Jake’s advice on assembling the right team of professionals, including attorneys, CPAs, and financial advisors, to ensure a comprehensive and effective succession plan.

● Planning for voluntary and involuntary transitions, such as retirement or unforeseen events like incapacity, to avoid disruptions and maintain business continuity.

● How life insurance, private investments, or other assets can be utilized to equalize value among family members involved in the business, ensuring fairness and clarity in the succession process.

Join host Derek D as he speaks with Paul Mumma, a Partner at Kaiser Associates covering Private Equity and M&A, and Dave Cantin, the CEO of the Dave Cantin Group.

Derek, Dave, and Paul dive into the DCG Market Outlook Report, covering the 7 themes that will be crucial to 2024 including the future of EVs, M&A trends, manufacturer priorities, the political climate, used cars, and more.

Hear their point of view on what’s becoming increasingly important to a dealer’s bottom line and what will separate the ‘best’ from ‘average’ in terms of dealer performance. Learn which strategies manufacturers have to ‘reset’ and what consumers are saying loud and clear.

Listen or watch to get valuable insights and data-driven recommendations for making informed, strategic choices in 2024.

Episode Highlights:

• Changing consumer preferences are leading to adaptations of new dealership strategies. Parts and service have become increasingly important, and dealers need to prioritize these areas to maintain profitability.
• The report also addresses the future of electric vehicles, noting that consumer interest in true battery electric vehicles (BEVs) may be plateauing. Hybrid vehicles, on the other hand, continue to gain popularity. Manufacturers and dealers need to reassess their battery strategy and consider the evolving consumer preferences.
• M&A trends in the automotive industry are expected to remain strong in 2024. Dealership groups are actively seeking acquisition opportunities to expand their platforms and capitalize on the historic profits of the past few years. Succession planning is also a key consideration for many dealerships, as they look to pass the torch and ensure the long-term success of their businesses.

Notable Quotes from Paul Mumma:

• “Interest is definitely slowing or plateauing and while there is a lot of interest around hybrids, dealers and manufacturers are going to have to rethink the battery strategy.”
• “You’ve seen manufacturers acknowledging that they have to reset strategy…you can’t disagree with what consumers are saying loud and clear. They can’t force them to take something at a speed they don’t want.”

Join Dealer News Today host Derek D. and Dave Cantin, CEO of the Dave Cantin Group, for a conversation with Grant Cardone, entrepreneur, businessman, writer, philanthropist, and founder of 10X Studios.

Get to know Grant on a personal level as takes us through his troubled past to becoming a successful sales trainer and real estate investor. The conversation takes many turns as Grant discusses his belief in discipline over motivation, his one regret in life, who he is naming as his successor, the time he got screwed when he bet the head of the Discovery Network $1M of his own money, and the need for effective communication in business. He also discusses his journey into the real estate industry and his goal of becoming the largest real estate holder in the United States (bigger than BlackRock!).

Additional Episode Highlights:

• Emphasizing the importance of embracing change and being proactive in the face of industry disruptions. Grant encourages car dealers to adapt and evolve to stay ahead in the rapidly changing automotive landscape.
• Grant shares his personal experiences of failure and the lessons he learned from them. He emphasizes the value of discipline and persistence, even when faced with setbacks.
• Grant’s real estate investment journey and his goal of becoming the largest real estate holder in the United States. He shares his strategies for scaling his real estate portfolio and the potential for everyday people to invest in real estate through Cardone Capital.

About Grant Cardone:
Grant Cardone owns and operates over seven privately held companies, and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets worth over $4 Billion. He is one of the Top Crowdfunders in the world, raising over $1.3 Billion in equity via social media. He is featured on Season 2 of Discovery Channel's Undercover Billionaire, where he takes on the challenge of building a million dollar business in 90 days. Grant is also a New York Times bestselling author of 11 business books, including The 10X Rule, which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platforms he created serve over 450,000 individuals and Forbes 100 clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 16 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underprivileged and troubled youth in financial literacy.

For more information visit https://grantcardone.com/