#107 Building an iconic dealer group, Where he’s investing his wealth, Scaling unexpected profit centers, Future of America | Fred Beans, Owner of Fred Beans Auto Group

Welcome to the Car Dealership Guy Podcast. In this episode, I'm speaking with Fred Beans, owner of Fred Beans Auto Group where we discuss: his iconic career in the car business, wealth-building tips from Warren Buffet, the journey from farmhand to dealership mogul, his succession plan, and much more.

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Topics:

(00:00:00) - Intro

(00:00:50) - Fred’s background and career

(00:04:00) - What was the industry like back in the ’60s and ’70s?

(00:06:56) - How have you reinvested your wealth over your career?

(00:09:27) - What has the learning curve been like over your career?

(00:10:31) - What does your business look like today?

(00:11:52) - How did you approach growing your business?

(00:15:55) - What does your daily regimen look like?

(00:19:45) - Has the car business meaningfully changed over the past 30 years?

(00:22:30) - What led you to build your parts department?

(00:27:53) - How do you think about the future of dealerships?

(00:29:50) - Have you ever thought about divesting?

(00:30:45) - What does your succession plan look like?

(00:32:27) - What’s your advice to up-and-comers?

(00:33:34) - What brands are you bullish on?

(00:35:11) - Was life better 50 years ago?

(00:37:24) - What are the biggest customer pain points today?

(00:40:00) - Parenting

(00:44:15) - Floor plans

(00:46:41) - How do you approach business opportunities at your scale? 

(00:49:48) - Questions for Yossi

(00:52:24) - Growing by staying small

(00:53:23) - What are the first four pieces of information you would ask for if you took on an underperforming store?

(00:56:47) - What message do you want to leave?

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