“Too Many People Keep Getting Ready To Get Ready” with Kent Ritchey

My guest this week is Kent Ritchey.    For over 50 years, Kent has been in the automobile business. Kent’s company, Lander’s Auto Group, has 15 Automobile Franchises with over 450 Associates in Tennessee, Mississippi, and Arkansas.    I wanted to have this conversation with Kent to understand all the changes taking place with the automobile industry and how he adapts to them. Additionally, we discuss:   Checking your ego and going from an owner to a salesperson when you need a job What he’s learned about people and what they want after 50 years of selling automobiles What’s ahead with electric and autonomous cars How the USA compares with China and India with automobile sales How he navigated the 2008 Financial crisis right after he bought his first dealership And more!   Please enjoy my conversation with Kent Ritchey!   RECAP Show Notes:  1:01 The love of basketball, competing, and Hendrix College 2:30 The challenge of being Married while being a College Athlete 5:12 Growing up in the auto business 6:07 Only as far as word and credit will take you 6:42 The most important things: stress, cash, and people skills 7:42 2008 Financial Crisis  8:36 Covid similar to now 11:01 New blood coming into organization 11:26 Buying money losing dealerships 12:03 Mr. Penske had Unwavering discipline and unwavering consistency 12:39: Have a plan, execute that plan, know what everyone’s role is in that plan 12:45 Too many people spend too much of their life getting ready to get ready 13:28 Lack of drive, personal discipline, and expectations 14:33 Convinced key people with equity position 15:55 Ups and Downs 16:08 Greatest fear is the unknown 17:54 Still learning like my first day in college 20:22 Failure is our greatest teacher 22:00 I wasn’t getting ready to get ready 23:18 Absolute refusal to take no for an answer 23:45 So afraid of failing 24:19 Ability to relate to people 24:57 Positive attitude, goals and objectives, path to get there, measured, and compensated 25:20 talented people once they make money leave them alone 26:30 This is what I enjoy and this is what I do for a living 26:33 Do whatever it takes to sell the car and our volume went up exponentially  34:01 Electric and autonomous vehicles here to stay 35:16 Someone has to be looking beyond the horizon 37:25 Building scale 39:39 Two or one will rise to the top and one will be an equity partner 44:10 What auto sales looks like in india and china 48:40 We don’t take dividends until debt is done 50:19 I think people can only do two to three things. We won’t fix all overnight. But we can do one today and never have to do it again. 58:50 Don’t hide, don’t sweep under the rug, get to the root of the problem, solve it. First loss is the least loss. 1:01:12 You better ask people exactly what they want. People have to tell you.  1:04:20 What would you do if you had to start over tomorrow? 1:05:20 Find something you are passionate about     RESOURCES Matt Haaga State Farm AB Jets Lander Memphis