Page 8 – NextGear Capital

Thad Sykes and Erin Lomax Discuss Dealer Home Services

November 17, 2020

Thad Sykes, Associate Vice President of Sales at NextGear Capital, sat down with Erin Lomax, Vice President of Operations for Consumer Marketplace and Autotrader. In the video, they discuss dealer home services and other resources that can help independent dealers.

Once considered a luxury, dealer home services also known as white-glove services, have become more commonplace over the past year. Months after the pandemic began, nearly half of shoppers* are still reluctant to visit dealerships in-person. For this reason, it should come as no surprise that there’s been an increase in consumers gravitating toward dealers providing a safe, hassle-free car buying experience. Watch the video above or check out this blog for ways independent dealers can implement home services into their operating model.

Finding Your Way Forward: November 2020

November 12, 2020November 12, 2020

Paying it Forward During Challenging Times

Coming from the projects in Chicago, NextGear Capital independent dealer Jermaine Jordan knew what it felt like to grow up poor, worrying about having food on the table. “My mother had 19 children and we never really had a lot of food at home, it was very stressful. So, years later when I got a job as a security guard and I would walk by a homeless shelter, I started bringing food with me to help feed the people there. After growing up the way I did, helping them was something I always aspired to do.”

When the pandemic started, Jordan decided to take it a step further and on October 3^rd opened Free Healthy Hot Meals, a restaurant located in Chicago’s West Garfield Park neighborhood. The restaurant is staffed by his White Diamond Luxury Transportation team, which includes six employees who used to be homeless. Jordan uses the proceeds from his business along with donations to pay for the meals and operation of the restaurant. To date, Hot Health Meals has fed more than 700 people! Jordan also paid for groceries, children’s clothing and basic necessities out of pocket that he passed out to customers on the restaurant’s opening day.

With the colder months approaching, Jordan is asking for donations so he can continue to support the local homeless community with free meals, temporary shelter, warm clothing and supplies like face masks and hand sanitizer to help protect them against COVID. “My NextGear Capital Portfolio Manager, Kelly Turner, has gone above and beyond by delivering food to the local community and we need more people to do the same. Whether it’s volunteering, collecting clothing or donating money, we all need to come together and help each other.”

Using White Glove Services to Help Maneuver During the Pandemic

Just like his fellow independent dealers, when COVID struck Zuhair “Zac” Barakat, owner of Highline Auto Sales, he knew he had to make some quick adjustments. “I had to lay off 75 percent of my staff initially, so we had to get much more efficient with our sales process. Even though I was eventually able to hire most of them back, I was glad that I had made changes that have proved to be effective months later.”

Part of those changes included implementing some white glove services into their operating model. “I think younger people in particular, prefer to purchase a vehicle online and have it delivered to their home, so we started focusing on including digital retailing services at the dealership. Our customers can now start the car buying process online and have the option of having their car delivered to their home. We pride ourselves in being able to offer “no contact” sales and delivery.”

Barakat also looked for ways to help supplement his income. “We have started providing our clients with a loaner car of the same caliber when they need to get service done to use until their repair is completed. By doing so, it helped to encourage our customers to bring their vehicles into our service department which has been another revenue stream for us.”

By putting these changes in place and providing a better customer experience, the dealership experienced one of its best months in August, selling 85 vehicles. They’re currently focused on putting together a strategy to support more growth. “You have to be involved with every aspect of your business and be willing to change with the times. White glove services were always up and coming, but COVID definitely sped it up and in doing so, changed the car business.”

NextGear Capital Team Members Adopt Four-Legged Friends During the Pandemic

One of the positives that has come out of the pandemic is that animal shelters around the country have seen a huge increase in the number of animals that are being adopted. Whether they were born in an animal shelter, brought in by a good citizen, or surrendered due to a hardship, 6.5 million dogs and cats are brought into animal shelters each year. Several NextGear Capital team members have helped support this cause by welcoming four-legged friends into their homes during the pandemic, including the marketing department which had nearly half of its team members adopt a dog or cat over the past few months. National Animal Shelter Week is November 4^th thru the 10^th and helps bring awareness to this issue. Their website is full of helpful information and resources for people who’re interested in adopting and adding a fur baby to their family.

CR: Buying and Selling with Confidence

November 10, 2020November 10, 2020

Condition reports (CR) are a valuable tool dealers can lean into when buying and selling inventory. By providing a comprehensive overview into the state of the vehicle, a condition report can be used to help eliminate concerns that may occur with purchasing a used vehicle. As more dealers turn to online buying, CRs provide them with the transparency needed to help close the deal. Build confidence by including CRs in your listings and look for vehicles that include them to save you from headaches down the road.

Below you can download an infographic detailing some ways that condition reports can assist independent dealers.

DOWNLOAD INFOGRAPHIC

Implementing Dealer Home Services at Your Dealership

November 4, 2020November 4, 2020

Dealer implementing dealer home services

Once considered a luxury, dealer home services also known as white-glove services, have become more commonplace over the past year. Months after the pandemic began, nearly half of shoppers* are still reluctant to visit dealerships in-person. For this reason, it should come as no surprise that there’s been an increase in consumers gravitating toward dealers providing a safe, hassle-free car buying experience. Here are some ways independent dealers can implement home services into their operating model:

Start the Sales Process Online – A “touchless” sales process has grown in popularity as 65 percent of car shoppers have stated the desire to complete more of the car buying journey online. Whether it’s getting pre-qualified, using an online calculator to figure out payment details, or starting paperwork digitally, providing these tools can attract more serious car buyers while jumpstarting the car buying process.
Virtual Vehicle Walkarounds – As technology improves, more consumers are taking advantage of things like virtual vehicle tours. Instead of spending hours at a dealership looking at different types of vehicles, consumers are browsing from the comfort of their home. To capture that market, try including 360-degree images of your inventory on your website and offering video chat tours using apps like FaceTime or Skype so customers can take virtual tours of the inventory they’re interested in purchasing.
Home Vehicle Delivery – As more consumers embrace online shopping and meal delivery services, having a car delivered to their home is becoming another popular offering. Whether it’s having a vehicle delivered to their door after purchase or for service pickup and delivery, this is another way dealers can create a more tailored approach to their customer’s car buying experience.
At Home Test Drive – Even if car buyers want to undertake most of the car shopping process without having to come into a dealership, many still want to complete a vehicle test drive before deciding to purchase. For this reason, at home test drives are another service that’s grown in popularity by providing convenience along with the peace of mind that they’re selecting the right vehicle for their needs.
Door-to-Door Maintenance – Once a customer purchases a vehicle, they last thing they want to think about is the maintenance that will be needed down the road. However, if they’re having hesitations about whether or not they’re ready to purchase a vehicle, showcasing how simple your dealership makes keeping up with suggested maintenance, could be a way to help seal the deal. Consumers are more likely to delay having their vehicle serviced if they have to take time off work or have to arrange for alternate vehicle transportation. You can help eliminate this pain point by offering services like at home oil changes or door-to-door service pickup and delivery.

Even when you can’t shake a customer’s hand in-person, you can still create a customer-centric experience virtually by providing them with the services and convenience they want. Additionally, in home services allows you to create a more efficient process and the ability to generate additional revenue for your business.

*Cox Automotive COVID-19 Consumer & Dealer Sentiment Top 10 Trends

How a Part-Time Job Turned into a Career Journey

October 29, 2020October 29, 2020

Garrick Hatfield posing by a car at his dealership

When most people think about their first part-time job, they probably don’t associate it with the start of a career, but that wasn’t the case with Garrick Hatfield, “My career in the automotive industry started back in high school when I was working at a family friend’s dealership. I continued working there part-time until I went to college and then transitioned into a sales role at a dealership owned by that same friend in El Paso, Texas.”

Hatfield continued working his way up through the industry including roles as a general manager and co-owner of a dealership group in Florida. “I continued to spend the next several years working my way up the ladder so when the opportunity to own and operate Motor Trends of Houston was presented in March of 2019, I was ready to make the leap and started with just an empty building and lot. The only hurdle I encountered was finding a floor plan company that would work with an independent dealer. Fortunately, a friend of mine told me about NextGear Capital and they’ve been my lender ever since.”

He says that his relationship with NextGear has been a seamless one from the very beginning. “I was contacted by one of their representatives who was awesome to work with. They got me the information I requested quickly and it only took a short amount of time before I was approved, which honestly surprised me because I was a startup dealership. I bought my first car at auction using my NextGear Capital floor plan and now have about 120 vehicles in my inventory. I‘ve never experienced any surprises or issues with my NextGear account.”

Hatfield also says that using tools like condition reports has helped to build his business, while at the same time establishing trust with his customers. “Our main focus at Motor Trends is transparency, anything and everything that we can provide to the consumer so that they’re educated about the vehicle they’re interested in purchasing, we fully support. I use tools like condition reports to understand the ins and outs of the inventory I’ve purchased to help ensure I’m delivering a high quality unit to my customers. We also perform a 153-point inspection after the unit’s been purchased that informs our customers of any potential issues or defects we discover. We let them know about any service that’s performed after the inspection and provide them with a copy of the report. We also include free access to CARFAX and AutoCheck reports to each vehicle listing on our website.”

With this focus on transparency and providing his customers with quality vehicles, it should come as no surprise that he’s also a big advocate for extensively reconditioning vehicles before selling them. “I don’t know a lot of other dealers who purchase pre-owned vehicles that recondition to the extent we do. We have our own internal criteria and requirements for tires, pads, rotors, etc. We do an oil and filter change on every vehicle and most of our cars also get an air filter change as well. We put our reputation on the line, so we make sure that every vehicle is reconditioned to the best of our ability.”

Unlike a lot of dealers, Hatfield says that the pandemic didn’t negatively impact his business. “Our business model has always been very customer centric and focused on things like online sales and door-to-door delivery, so when the pandemic hit we were already operating with that business model in place. We have digital remarketing tools like a Trade-In Valet available on our website so customers can easily access an appraisal of the vehicle they’re interested in trading in. We also do a lot of in-state deliveries throughout Texas which are free, as well as very competitively priced out-of-state deliveries. This proved helpful during the pandemic because customers were able to purchase vehicles from us in states where dealerships had been closed down, so this new way of doing business fell into our wheelhouse.”

Although this dealer’s business model already fit into the current pandemic, he still needed to tweak some of his operations. “We obviously had to comply with the rules and regulations that were being asked for by local officials. We put safety protections in place here at the dealership by performing extra sanitation to the vehicles before delivery and after test drives, and followed all the protocol that was being asked for by the state. We did everything we could to make sure that our customers were being protected.”

Even though his business has been in operation for less than two years, Hatfield has still found ways to give back to his local community. “I’ve provided free coffee and donuts to recognize local law enforcement and I’ve also donated to the local Alvin Community Food Pantry. One of my goals is to look for more opportunities in the future to help support the Alvin community. My main focus has been getting my business up and running but I do believe in supporting my local community too.”

While Hatfield jokes that he really doesn’t want to give away any tips to other dealers on how to be successful, he says it’s actually pretty simple. “There really is no secret to it, just buy good inventory and be honest and straightforward through your sales process. Because of our size, we are able to be more nimble, so we could better meet the needs and wants of the client. With our focus on creating a virtual car buying experience, we do a lot of phone, email and phone messaging and that’s how our business model was built. I don’t see 70% of my customers in person and I’ve delivered inventory all over the state of Texas and to almost 40 states. Obviously, I’m also grateful to NextGear Capital because they’ve supported my business form the very beginning and I am loyal to them for that reason.”

5 Ways to Use CR’s When Buying & Selling Inventory

October 22, 2020

Kathy Ward sourcing non-auction purchases

Even as the automotive industry moves forward in an increasingly changing world, some independent dealers still feel hesitant when buying a vehicle online. Condition reports can help alleviate this problem by providing dealers with a comprehensive overview into the state and shape of a vehicle. Here are the top five ways condition reports can be used by dealers when buying and selling inventory:

Have the upper hand at the auction – You’re significantly increasing the chances of your inventory selling at auction when you include a condition report. Vehicle listings with condition reports sell up to three times more than listings without them. Dealers know that condition reports are accurate and feel more confident when they purchase a vehicle with one, so you can set your inventory apart from the competition’s by including one with your online auction listings.
Solidify your grade with pricing – Condition reports are a great way to make sure the grade of your vehicle is in alignment with your pricing. Since the NAAA has established a set of guidelines regarding how vehicles are graded, you can feel confident that you’re pricing your inventory fairly and can use the grading scale as a reference point if a buyer questions your pricing.
Leverage photos provided with Condition Reports – One of the most valuable tools included with condition reports are the photos that are provided with them. While details about the frame and tire tread on a report are important, buyers feel more confident after seeing enhanced vehicle images and undercarriage videos of the inventory they’re interested in purchasing.
Use as a Negotiation Tool – When you’re looking to purchase a vehicle, you can use a condition report to help you negotiate the price. For example, after reviewing a report if you see that you’ll need to do some body work and maintenance before selling the vehicle at your dealership, you can use this information as a bargaining tool to help lower the price.
Make More Informed Buying Decisions Online – When you’re looking to purchase inventory online, choosing vehicles with a condition report is going to help ensure that the inventory is of a higher quality than vehicles that don’t include one. No matter how good a vehicle looks when it’s rolling down the auction lane, it can turn out to be a total lemon. Fortunately, condition reports lower this risk and can help you to make smarter buying decisions.

Even if you decide to purchase inventory in-person, condition reports are still a reliable tool you can use to ensure you feel confident about the vehicle you’re purchasing. So, you can still kick the tires, while also being reassured by the information provided in your report.

Find Your Way Forward: October 2020

October 15, 2020October 15, 2020

A car with a sign that says it has been sanitized

How Dan Reel Used His Entrepreneurial Mindset to Expand During the Pandemic

Even though the automotive industry has seen struggles throughout 2020 due to COVID, dealer Dan Reel decided now was the right time to expand his independent dealership. “I’ve owned and operated a dealership for 22 years in Orwell, Ohio where we have about 75-80 vehicles in inventory. About six months ago, I decided to open a second location 30 minutes away from our first store. My wife said I was crazy to do so during a pandemic, but it was a smaller location with 35-40 vehicles in inventory and I knew that it would have a lower overhead than our main dealership, so I decided to take a chance. The new dealership is in a very high traffic area with a lot of visibility and we’ve busted our chops to make it a success.” Reel says that despite all the uncertainty with the pandemic, his success has been due in large part to his perseverance. “One of the main secrets of our success has been not being afraid to buy inventory. Even with prices skyrocketing and all of the uncertainty, the sign outside my door says auto sales, so I have to have cars to sell.”

Reel said that making quick changes and being adaptable also helped him to be successful. “We were extremely proactive and modified our sales process right away. We setup designated appointment times and offered free home delivery to all in-state customers. Four or five years ago, I wasn’t doing any online buying but then I started doing it here are there, which I’m glad of now because it was good training since I didn’t have a choice during the pandemic. I used to think that I couldn’t buy vehicles online because I had to touch, smell and see them in person but I’ve learned to trust condition reports and the accuracy of the listing. We’ve had a 95% success rate with vehicles we’ve purchased online, so I feel comfortable relying on the condition report.” He also has a prediction for the industry.

“I think that the auction platform with the best condition reports is going to be the industry leader in the future and I think the key to getting there is transparency. Letting the buyer know who the seller is and what their rating is and having more, better quality pictures. When you buy anything in life the more pictures the better, whether it’s a house, something on Amazon or a vehicle at auction. I personally tell my team not to put less than 30 pictures on our website for each of our own vehicles.”

While Reel says that he’s proud of his success, the driving reason behind it was making sure that his employees and the community was taken care of. When Reel had to furlough some of his employees, he continued to pay their health insurance premiums so they wouldn’t lose their benefits. He also offered a special deal to all of his customers who received a $250 gift card intended to be used at a local business of their choice. “Between my two dealerships I have 18 employees who depend on us for income in addition to a community that depends on our services, so I never let my foot off the accelerator.”

How Jesse Lopez Jumped into Action to Help Dealers Impacted by Hurricane Laura

When dealers in the Lake Charles area were impacted by Hurricane Laura, Portfolio Manager Jesse Lopez jumped into action. “I’ve worked with the Lake Charles dealers for the past three years and during that time I’ve built some strong relationships with both the dealers and surrounding community. After hearing and witnessing the damage that Hurricane Laura left on the Lake Charles community, I felt compelled to jump into action and help in any way that I could. After speaking to pastor Bernard from Lake Temple Church, I got a better understanding of how the community was dealing with the devastation. The most immediate need requested were basic necessities like toiletries and bottles of water.” Lopez was quickly able to raise just under $600 and purchased the items to make up kits that were distributed throughout the community. As families start rebuilding their lives, dealer Horace Bennett said that the kits made a big difference and that he was extremely grateful. “That’s what this is all about, helping out one another.”

How Faith and a Positive Attitude Drive HIS Rosedale Auto Sales

Independent dealer Leon Garland is the proud owner of HIS Rosedale Auto Sales in Bakersfield, CA and has been working in the automotive industry for over 20 years. Garland says that a positive attitude and his faith have gotten him through difficult times including the current pandemic. “At the dealership, we’re interested in people first. Cars always come second, so as soon as the pandemic started, we reached out to the community and let them know that we were here if they needed any help. Even when potential customers would contact us, we’d ask them how they and their family were doing before answering any questions about our inventory.”

Garland took his people first approach and integrated it into his operating model. “We adapted to make sure our customers and their family’s health was a priority, starting with scheduling visits by appointment only. We also made sure that customers knew they could go online and see dozens of images of each vehicle in our inventory. We offer an online calculator on our website so customers can see what type of vehicle they can afford based on their down payment and loan term. They can even complete an application online to see if they’re pre-approved before coming into the dealership. When customers do come in and are ready to purchase a vehicle, we try to get them in and out in about 45 minutes, including a test drive if they want one. Since we’ve made most of our sales process digital, the majority of it is completed before customers come into the dealership, making it both efficient and contactless.”

Garland is committed to service and embraces a servant leadership style when it comes to managing his team and business. “It doesn’t matter if it’s a customer or a member of a community who comes to us for help, we try to make a difference in their lives even if it’s just through prayer or some positive reinforcement. We also try to live this philosophy by finding ways to give back to the local community. Some of the organizations we’re involved with include the local Boys & Girls Club, Relay for Life, the Kern County Fire department association and Firefighter’s Union, the Bakersfield Police Department and K-9 unit, the Salvation Army and Red Cross. It doesn’t matter if it’s business or community related, making sure that people are taken care of is at the center of everything we do.”

How Condition Reports Can Attract More Buyers

October 13, 2020October 13, 2020

As more dealers turn to online car shopping, there has been an increase in the demand for tools that support their buying decisions. Many NextGear Capital auction partners are taking notice and investing money in technologies such as improved condition reports to help their dealers get a head start on retailing purchased units. Independent dealers can take advantage of this by utilizing those condition reports to help maximize a unit’s attractiveness in their listings. Here are some tips for better understanding condition reports and how you can leverage them to increase your chances of turning leads into sales:

Become a CR Expert – While condition reports have been around for a long time, some dealers may still feel uncomfortable leaning into them for information on the state of a vehicle. The NAAA has set vehicle grading standards based on a unit’s inspection. By being able to reference and understand the ins and outs of this scale, you can use it as a tool to highlight reconditioning work performed by your dealership or communicate any recommendations to customers when they’re ready to purchase a vehicle.

Building Trust Through Transparency – If you want to build trust with your customers, condition reports are a great place to start. Since they will call attention to any potential issues on a vehicle, you’ll be able to have an in-depth conversation with customers helping you to establish a level of transparency since they know that you’re not trying to hide any defects. You can also use the photos included with the condition report to help sell your vehicle online. Most condition reports contain at least 15 images, and some include underbody pictures and videos with sound.

Attract More Online Buyers – If you want to widen your cast and attract buyers outside of your local area, condition reports can be a great tool to help you do so. When a customer is interested in a certain type of vehicle, they’re more likely to look further away than their local area if they’re not able to find what they’re looking for locally. You can highlight details from your condition report such as tire tread depth, battery life and the condition of the interior of the vehicle to your online listing. Be sure to include the photos as well so that you can help paint a picture of the overall state of the vehicle, which is important when a customer can’t view a vehicle in person.

Showing Off the Goods – Millennials in particular are interested in shopping for vehicles with additional features and condition reports are a great tool that can be used to help highlight these since they’re typically included on the report. Make sure that you call attention to any extras that aren’t included with a standard vehicle model like third row seating or Bluetooth technology. You should also include them as key words to your listing so they’re more likely to stand out to potential car buyers who are looking for these features.

Setting Expectations – There shouldn’t be any surprises when you purchase a vehicle after reviewing the condition report. If there’s any damage to the body of the vehicle or if the tires are worn down, that information is going to be reflected on the report, so you’ll be prepared to make any needed maintenance or reconditioning work to the vehicle before listing it. This can also be used as part of the negotiating process. If a customer is comparing your vehicle to a competitor’s and feels your price is too high, you can let them know about the work you already performed on the vehicle so they’re aware that was built into the price.

Now more than ever, dealers need to be looking for vehicles with condition reports at their auction of choice which can help them optimize their overall sales strategy. By providing you with additional guidance when it comes to reconditioning your vehicles, you’ll be able to confidently sell your inventory while also providing your customers with a full scope of each unit, eliminating any surprises for you or your customers.

How to Create a Better Car Buying Experience

October 9, 2020October 9, 2020

Shopping for used vehicles can be a lengthy and stressful process for customers. Even when they find a vehicle that they like online, figuring out how much their monthly payment will be and how trading in a vehicle could affect that payment are pain points they will have to navigate.

Fortunately, tools like online calculators can eliminate these problems by providing customers with accurate information on monthly payments in just a few clicks. Here is some additional data on how independent dealers can use products like online calculators or other digital retailing tools to create a more streamlined car buying experience: Download Infographic

Spotlight on Success: Street Visions Sets the Bar in PA

September 30, 2020

To say Lisa Ferketich’s first experience with car ownership was unpleasant is an understatement, “I started living in my car when I was 16 and had been on my own since I was 10. I was a high school dropout but luckily knew how to type, so I was eventually able to get a data entry job at a dealership which is how I started working in this industry.”

Ferketich continued working at the dealership but didn’t stay in data entry too long. “My boss at the time wanted me to learn what the basic components of a car were, so I started working in the service department learning how to do everything from taking a motor apart to how censors worked.” She continued working in the service department even when she moved to another dealership. Once she was given the opportunity to start selling vehicles though, she quickly became the top salesperson at the dealership. But in 1987, women weren’t selling cars and she soon found herself caught in the crosshairs. “After four months I was told that the vice president at the dealership didn’t want a woman behind the desk because he felt that they should be making coffee instead. So needless to say, I was let go.”

Fortunately, it wasn’t too long before she was able to find a sales position at another dealership, but even there she continued to face pushback. “The service manager at the time hired me but the owner wasn’t happy about it. However, I didn’t let that stop me and through my hard work I ended up being the top salesperson at that dealership too. After a few years, that owner apologized to me and said he was going to hire more women to do sales.”

Despite all her success, Ferketich eventually got tired of the negative atmosphere at the dealership and decided to take a break from the automotive industry. After working in banking and real estate for a few years though, she started missing working at a car lot and decided it was time to go back. With all of her experience, Ferketich realized that she was more than capable of running her own dealership and that’s when she decided to open Street Visions in Telford, PA where she still serves her community as owner and president today.

After being a cash buyer for several years, Ferketich decided to try floor plan financing and since she was already a Manheim client, initially used MAFS. When MAFS transitioned to NextGear Capital, Ferketich stayed with the company who remains her sole floor plan provider 7 years later. “At first, I only financed what I could cover in my bank account and I took baby steps until I got comfortable with managing my floor plan. I like using tools like Account Portal to keep track of when upcoming payments are due.” In addition to using NextGear Capital to floor her vehicles, Ferketich is a big user of Cox Automotive products and made the transition a few years ago to using digital online platform tools like Manheim Express, OVE and AutoTrader.

Once COVID hit, just like everyone else, Ferketich had to make some quick adjustments. “You have to adapt as things change. In the beginning, we had to furlough everyone at the dealership, but since we got the PPP money, I was able to bring everyone back.” While Street Visions was closed down due to local COVID mandates, she thoroughly cleaned her dealership in anticipation for reopening. Some of the changes she made have become permanent like seeing customers by appointment only, providing PPE and arranging for sanitary test drives and vehicle deliveries. “We do whatever makes the client feel comfortable.”

Fortunately, she went into the pandemic ahead of the game through some smart purchasing and her ability to quickly sell off aged inventory. She’s also tapped into utilizing resources like the service garage at her dealership, which has generated another revenue stream for her.

Additionally, she implemented some digital retailing strategies into her sales procedures by having her customers complete most of their paperwork electronically, creating a more hands-free, efficient process. She’s also updated her website to better showcase her inventory while also focusing on increasing lead generation.

Ferketich is also very passionate when it comes to helping out people in need. “All of my employees know how important it is to take care of people, and that it’s not just about selling cars. If I have someone who comes in and is struggling like a single mom, we will work with them to come up with a payment schedule. I really believe that people should look out for each other because at the end of the day, money doesn’t buy everything.” This philosophy carries over to Ferketich’s personal life where in addition to looking out for her customers, she also volunteers to transport elderly & sick people in her community to and from doctors’ appointments, pharmacies and grocery stores.

Ferketich’s Portfolio Manager, Justina Childs says that she’s been a source of inspiration for her. “As a female in this male driven industry, Lisa thrives where others stumble. She does everything from buying to selling inventory and everything in between. She’s been successful thanks to a combination of her longevity, staying on top of industry trends and building a great team around her which is evident because she’s had the same team for years. She’s performed on a very high level ever since she signed up with NextGear Capital and continues to do so today.”

When asked if she had any advice to share with other dealers she says, “In order to succeed in the business, you really need to focus. I like my life simple, so I can work with whatever gets thrown at me at work. Having a good support system always helps too like good friends and a good spouse or partner, because you need that balance. I also believe that when one door closes, another one opens. Yes, bad things can happen, but if these things didn’t happen I wouldn’t be where I’m at today, and most importantly as a woman, perseverance is key.”