#438 - How To Buy Out Your Dad (And Your Biggest Competitor)

In this episode of the Independent Dealer Podcast, Jeff Watson and Luke Godwin sit down with Byron Oldham, owner of Honest Autos in central Florida and the FIADA Florida Independent Auto Dealers Association Quality Dealer of the Year for 2025 — who, at the time of recording, was preparing to head to NIADA nationals in Denver. Byron built his two-location operation by doing something most dealers never get the chance to do twice: buying out his own father's store, then turning around and buying out his biggest competitor. He's done both without ever touching a floor plan.What You'll Learn:-How Byron negotiated the buyout of his dad's dealership — and why the conversation came down to "sell it to me or I'm going to be your competitor"-The rev share structure he used to acquire 700 accounts from a competitor without a taxable event, a giant upfront check, or inherited headaches-Why his buying team is now larger than his selling team — and how being located next to the largest retirement community in the world changed everything about how he sources inventory-How he's stayed entirely self-funded across two acquisitions, two locations, and 45 years of family legacy — and why he drove a Prius with 300,000 miles on it for six years to make it happen-The honest truth about what goes wrong when you buy a competitor's store and the previous owner still has an office on your property-Why autonomous vehicles might be the biggest long-term threat to the buy here pay here model — and how he's thinking about it with three kids at home and a decade of runway-What winning state quality dealer means to a second-generation dealer trying to carry his father's legacy — and why a little imposter syndrome comes with the territoryIf you're an independent dealer thinking about buying out a competitor, exiting your own business, or just trying to grow without drowning in debt — Byron's story has more hard-won lessons in one conversation than most dealers get in a decade.Support the businesses that support the podcast:Buckeye Risk Services - Reinsurance and wealth strategies for independent dealers.https://theindependentdealer.com/buckeyeBlytz - BHPH payment processing with fast funding and text-to-pay.https://theindependentdealer.com/blytzpayIturan GPS - Asset protection and customer management for BHPH and retail dealers.https://theindependentdealer.com/ituranFollow & Connect:Website: www.theindependentdealer.comFacebook Group: @independentautogroupLuke Godwin: @lukegodwinJeff Watson: /sendtojeffwLike, subscribe, and share this with a dealer who needs to hear it.