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