We’re joined by Travis Horton, Partner at HHM CPAs, a top 100 CPA and advisory firm. Travis leads the firm’s dealership services group, helping dealers prepare for transitions with financial clarity and proactive planning. In this conversation, he shares his perspective on estate planning, lending challenges, and how dealerships can prepare their financials to maximize value during a transaction.
Key Takeaways:
(00:00) Introduction.
(03:13) Dealers benefit from the estate planning extension allowing $15 million per taxpayer.
(05:50) Manufacturers are increasingly flexible in approving future ownership plans.
(08:57) Dealers should have plans in place now to protect families from sudden changes.
(13:07) Lower valuations present a timely opportunity for gifting and succession planning.
(18:38) Clean financial statements are critical to secure bank financing for buyers.
(24:05) Lending challenges are reshaping how buyers approach financing today.
(26:00) Strong lender relationships and proactive communication are key to success.
(30:20) Buyers should focus on recent performance and build realistic pro formas.
(34:37) Real estate costs are now significantly influencing dealership valuations.
(41:46) A proactive legal and accounting team helps dealers stay ahead.
Resources Mentioned:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Travis Horton | LinkedIn
https://www.linkedin.com/in/travis-horton-cpa-mba-73726b31/
HHM CPAs | LinkedIn
https://www.linkedin.com/company/hhmcpas/
HHM CPAs | Website
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
Ted Smith, President of the Florida Automobile Dealers Association, joins us for a candid conversation about what it really takes to protect the franchise system in today’s landscape. From OEM overreach to policy threats, Ted breaks down how FADA is proactively fighting for dealers through legislation, litigation, and constant advocacy.
We discuss why dealer engagement at the state level is more critical than ever, how direct-to-consumer models and tariffs could impact dealership value, and why the franchise system remains essential to a competitive, consumer-friendly market. Whether you’re looking to grow, sell, or simply protect what you’ve built — this episode is packed with insights you won’t want to miss.
Key Takeaways:
(03:38) Associations play a critical role in dealer advocacy and communication.
(06:45) The direct-to-consumer model poses real risks to the franchise system.
(08:33) Factory-owned trade-ins show the pitfalls of bypassing local dealers.
(09:43) Legislators recognize the long-term investments dealers make in their markets.
(12:27) A pro-business regulatory environment supports franchise growth and stability.
(15:02) Tariffs create unpredictable pricing pressures across OEMs and dealerships.
(17:40) Franchise dealers show resilience through economic and operational disruptions.
(21:02) Diverse leadership brings stronger community engagement and new perspectives.
(25:57) Franchise law enforcement remains a critical gap at the state level.
(30:56) Strategic involvement often surprises new board members during their first year.
Additional Resources:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Ted Smith | LinkedIn
https://www.linkedin.com/in/ted-smith-9ab26632/
Florida Automobile Dealers Association | LinkedIn
https://www.linkedin.com/company/florida-automobile-dealers-association/
Florida Automobile Dealers Association | Website
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
As an expert who’s been valuing dealership properties for more than 30 years, Stephen Kay of Cushman & Wakefield understands the often-overlooked impact of real estate on deal structure and business value. In this conversation, he outlines the most common missteps dealers make when preparing for a sale and shares strategies for mitigating risk, protecting cash flow, and maximizing value.
Key Takeaways:
(05:25) The biggest mistake dealers make is negotiating business and real estate separately.
(06:58) Real estate should be evaluated first to model rent and business cash flow accurately.
(09:39) Image compliance can require major investment — even if the building is new.
(11:52) Holding real estate post-sale? Plan for a minimum 10-year lease term.
(14:34) As leases mature, tenants gain leverage and may push landlords into unfavorable terms.
(17:16) A phase 1 environmental assessment can prevent delays and failed closings.
(21:20) Overvalued expectations for non-compliant facilities can derail a deal late in the process.
(23:47) Dealers often don’t realize how much of their wealth is tied to a single real estate asset.
(32:34) Explore land use changes that could increase property value beyond dealership operations.
Resources Mentioned:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Stephen Kay | LinkedIn
https://www.linkedin.com/in/stephen-kay-mai-4a389b7/
Cushman & Wakefield | LinkedIn
https://www.linkedin.com/company/cushman-&-wakefield/
Cushman & Wakefield | Website
https://www.cushmanwakefield.com
Thanks for listening to Driving Performance. If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
Reinsurance is one of the most powerful — and misunderstood — tools in a dealer’s toolbox. Jeff Alpert, Partner at Composition Wealth, breaks down what reinsurance really is, how it works, and how smart dealers are using it to build wealth, improve cash flow, and even fund acquisitions. Whether you're new to reinsurance or already in a program, this episode will help you understand it on a whole new level and spot opportunities you might be missing.
Key Takeaways:
(04:03) Many dealers miss out on reinsurance profits due to a lack of education and industry complexity.
(06:06) Dealers invest premiums and earn returns before claims are paid.
(07:45) Understanding reinsurance math is crucial, yet many dealers lack the knowledge.
(11:03) Reviewing reports and claims data helps spot risks and improve programs.
(13:02) Mistrust and negative experiences keep some dealers from reinsurance benefits.
(19:14) Top dealers leverage expert advisors and incentivize staff for better results.
(22:05) Reinsurance can be used for estate planning and generational wealth transfer.
(25:44) Dealers deserve partners who prioritize guidance, not just asset management.
(28:59) Loss ratios often spike post-sale as buyers maximize existing warranties.
Additional Resources:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Jeff Alpert | LinkedIn
https://www.linkedin.com/in/jeffalpert/
Composition Wealth | LinkedIn
https://www.linkedin.com/company/composition-wealth-1/
Composition Wealth | Website
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
Perry Watson IV, President of the National Association of Minority Automobile Dealers (NAMAD), joins us to discuss the state of minority dealership ownership, the power of partnerships, and the future of inclusion in automotive. Perry shares the legacy of NAMAD’s founders and how the organization is empowering the next generation of dealers through training, advocacy, and innovation.
Key Takeaways:
(04:03) Industry training aims to produce top-performing dealership operators.
(07:05) High blue-sky costs require creative financing solutions.
(10:28) Showcasing real-world benefits of inclusive economics.
(12:23) Inclusive events turn dealerships into trusted spaces.
(15:31) Training moves participants from siloed to strategic thinkers.
(19:42) Long-term partnerships often start at industry events.
(21:12) The right candidates deserve access, not capital roadblocks.
(25:11) AI continues to drive strong industry interest.
Additional Resources:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Perry Watson | LinkedIn
https://www.linkedin.com/in/perry-watson-iv-0b045112/
NAMAD | LinkedIn
https://www.linkedin.com/company/national-association-of-minority-automobile-dealers-namad-/
NAMAD | Website
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
We are joined by Monica Hoenshell of Calvert Law Firm, a seasoned buy-sell attorney, for an expert look at the legal side of automotive dealership transactions. Monica shares what makes every deal unique, why a tailored approach is critical, and how to avoid the common pitfalls that can derail closings. From the importance of specialized legal counsel to best practices for negotiation and closing, Monica’s insights are essential for anyone buying or selling a dealership.
Key Takeaways:
(02:44) Monica’s background and 20+ years of automotive buy-sell experience.
(04:01) There is no one-size-fits-all contract — every deal is unique.
(05:41) The importance of attorney involvement before signing a Letter of Intent.
(08:38) Post-closing access and rights to customer information are often overlooked clauses.
(13:30) Right of first refusal, what’s changed and how to mitigate the risk.
(17:09) How to choose the right buy-sell attorney and red flags to avoid.
(23:17) Why direct calls help resolve small negotiation issues quickly.
(25:54) How changing regulations and tariffs are impacting dealership valuations.
(26:30) The role and right size of earnest money in protecting deals.
(29:20) Closing day challenges: inventory reconciliation and timing.
(34:00) Monica’s top advice: commit fully, move quickly, and keep everyone available because time kills deals.
Additional Resources:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Monica Hoenshell | LinkedIn
https://www.linkedin.com/in/monica-hoenshell-17138120/
Calvert Law Firm | Website
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
We’re joined by Mickey Anderson, President and CEO of Baxter Auto Group, a family-owned business with 20 dealerships across multiple states. Mickey shares candid insights on building a legacy, the power of people-first leadership, navigating acquisitions and divestitures, and the future of automotive retail. From honoring his father’s vision to championing digital transformation and government advocacy, Mickey offers practical lessons for dealers looking to grow with purpose and integrity.
Key Takeaways:
(02:44) Carrying forward a family legacy and the story behind Baxter Auto Group’s origins.
(08:12) Hiring for mindset and values over skills, and building teams that care about the community.
(11:09) Onboarding and quarterly “GPS” check-ins to support employee growth and alignment.
(15:18) Divesting stores that no longer match the group’s values or market conditions.
(17:03) Advocating for dealers and consumers on Capitol Hill, including legal action on EV mandates.
(20:09) Embracing digital retailing and AI to improve the customer experience and streamline operations.
(24:00) Promoting from within — the journey of a bike mechanic to general manager in under six years.
(26:21) Focusing on leadership development and building a legacy of operational excellence.
Additional Resources:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Mickey Anderson | LinkedIn
https://www.linkedin.com/in/mickey-anderson-a9279380/
Baxter Auto Group | LinkedIn
https://www.linkedin.com/company/baxterauto/
Baxter Auto Group | Website
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
We’re joined by Vikas Mehandroo, Dealer Principal of Aaron Automotive Group. Vikas shares his inspiring journey from working at a Subway restaurant to owning multiple car dealerships. He discusses the importance of taking risks, building a legacy and the value of people in his business approach.
Key Takeaways:
(02:45) Leaving a stable job for entrepreneurship.
(06:33) Balancing risk with long-term vision.
(10:15) The role of family in business decisions.
(12:30) Building a strong team through training.
(16:20) Human capital is key to success.
(18:55) Every deal presents new challenges.
(21:10) Importance of aligning with the right mentors.
(25:40) Creating a legacy with integrity.
Resources Mentioned:
https://www.linkedin.com/in/mehandroo-vikas-15991810/
https://www.aaronautomotivegroup.com/
https://www.autonews.com/
National Automobile Dealers Association (NADA)
https://www.nada.org/
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
We’re joined by Greg Gilmore, President and CEO of The Apex Group, Inc., to discuss the complexities of navigating OEM application processes for dealership acquisitions. Greg shares insights on what manufacturers look for in buyers, common roadblocks and strategies to streamline the approval process.
Key Takeaways:
(02:18) Apex simplifies complex manufacturer paperwork for dealership buyers.
(03:19) Seasoned buyers face fewer roadblocks than first-time buyers.
(07:47) The importance of retention in the automotive industry.
(09:05) OEMs calculate working capital based on planning volume.
(12:43) Buyers should prepare for thorough source-of-funds reviews.
(16:54) Consistency across all documents is crucial for application success.
(20:51) Dealers should submit documents in pieces to avoid delays.
(23:05) Work on the floor plan alongside the manufacturer process.
(26:33) Partnering with an experienced general manager is a strong start.
(28:46) Automotive attorneys are invaluable for structuring agreements.
(30:18) Proprietary systems enhance document security and accessibility.
Resources Mentioned:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Greg Gilmore | LinkedIn
https://www.linkedin.com/in/greg-gilmore-033a922/
The Apex Group, Inc. | Website
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
Rita Case grew up in the automotive business, working in her family’s Honda dealership before taking on a leadership role in the industry. As President and CEO of Rick Case Automotive Group, she has built a $2 billion, multi-state dealership network, earning recognition as the 2024 TIME Dealer of the Year. In this episode, Rita shares insights on business strategy, leadership, and breaking barriers in a male-dominated industry.
Key Takeaways:
(02:31) Growing up in a family-owned dealership and learning the business.
(06:09) Challenging industry norms as one of the first female auto dealers.
(10:06) The strategy behind expanding through emerging auto brands.
(12:04) Using “Dare To Compare” to win customers and build trust.
(15:59) The importance of leadership, people, and company culture.
(22:05) Why the auto industry remains challenging for women.
(25:48) Women supporting women is helping break barriers in the automotive world.
(32:21) The impact of philanthropy and community engagement.
(37:09) Being named TIME Dealer of the Year and what it means.
(41:14) Why knowing and supporting employees is key to long-term success.
Additional Resources:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Rita Case | LinkedIn
https://www.linkedin.com/in/rickcasegroup/
Rick Case Automotive Group | LinkedIn
https://www.linkedin.com/company/rick-case-automotive-group/
Rick Case Automotive Group | Website
Our Customers, Our Friends by Rick Case and Brooke Bates | Book
https://www.amazon.com/Our-Customers-Friends-Community-Hardcover/dp/B010CLZDDK
Boys & Girls Clubs of Broward County | Website
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
On this episode, we sit down with Rob Cochran, Chairman and CEO of #1 Cochran Automotive, to discuss his leadership journey and the strategic growth of his dealership group. Rob also shares insights on the future of the industry as the newly appointed Vice Chairman of NADA for 2025, including the challenges posed by electric vehicles, technology, and global uncertainties. Tune in for a candid conversation on dealership growth, leadership, and navigating industry shifts with purpose.
Key Takeaways:
(02:14) Rob’s journey to becoming Vice Chairman of NADA for 2025.
(03:47) Why #1 Cochran never pursued size for the sake of size.
(06:32) The challenges involved in taking over the family business.
(11:22) How EVs, AI, and digital transformation are reshaping auto retail.
(16:30) How focusing on the human aspect drives team member retention.
(18:32) Being authentic to yourself is vital in leadership.
(22:50) Choose the best expansion strategy for your organization.
(27:01) Generational leadership keeps the automotive industry grounded and strong.
Additional Resources:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Rob Cochran | LinkedIn
https://www.linkedin.com/in/rob-cochran-33672841/
#1 Cochran Automotive | LinkedIn
https://www.linkedin.com/company/numberonecochran/
#1 Cochran Automotive | Website
Thanks for listening to Driving Performance. If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
On this episode, we’re joined by Jason Lumpkin, Senior Vice President of Auto Dealerships, and Connor Duncan, Vice President of Auto Dealerships at Live Oak Bank — leaders in dealership financing. Jason and Connor share their expertise in SBA loans, floor plan lending, and how their tailored financing solutions help both aspiring and established dealers achieve their business goals.
Key Takeaways:
(03:47) Live Oak Bank is the largest SBA lender, with $350M funded in dealership loans.
(06:27) Education is critical to making SBA loans accessible in the franchise
automotive space.
(11:58) Live Oak focuses on income statements, not just balance sheets, for financing decisions.
(14:25) OEM flexibility on debt-to-equity requirements varies; some brands allow exceptions for the right operator and store.
(21:22) SBA loans provide 10- to 25-year terms and up to 90% leverage, easing cash flow concerns.
(25:42) Floor plan lenders often require significant equity injections, adding challenges to smaller deals and new buyers.
(30:32) Floor plan lending has become a significant challenge, requiring early focus in deal planning.
(34:17) Projection-based deals can unlock underperforming stores with significant growth potential.
(44:12) First-time buyers benefit from building a strong support team, including brokers and attorneys.
(49:15) Discipline and defining a clear buy box are crucial for dealership acquisition success.
Additional Resources:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Jason Lumpkin | LinkedIn
https://www.linkedin.com/in/jason-lumpkin-571bb218/
Connor Duncan | LinkedIn
https://www.linkedin.com/in/connorduncan/
Live Oak Bank | LinkedIn
https://www.linkedin.com/company/live-oak-bank/
Live Oak Bank | Website
SBA Loan Program
https://www.sba.gov/funding-programs/loans
National Automobile Dealers Association (NADA)
https://www.sba.gov/funding-programs/loans
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
We’re joined by Gregg Young, Owner and President of Gregg Young Automotive Group, and Alex Morton, their Chief Financial Officer. They share their experiences on growing a multi-state dealership network, the challenges of leadership and the importance of building a strong culture across all locations.
Key Takeaways:
(02:26) Gregg’s journey from selling used cars to owning dealerships.
(06:57) Moving operations to better locations and growing the business.
(13:06) Culture starts at the top and drives success in each store.
(17:03) Smaller models help drive service business growth.
(24:33) Finding the right people to lead stores is crucial for growth.
(27:45) Expansion success relies on strong local leadership.
(32:15) EOS system boosts efficiency and drives growth across locations.
(36:02) Over-communication and confidentiality are key during deal closures.
Additional Resources:
Driving Performance | Website
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Gregg Young | LinkedIn
https://www.linkedin.com/in/gregg-young-7416b311/
Alex Morton | LinkedIn
https://www.linkedin.com/in/alex-morton-cpa-1908901b/
Gregg Young Automotive Group | LinkedIn
https://www.linkedin.com/company/gregg-young-auto-group/
Thanks for listening to Driving Performance. If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
In this episode, we’re joined by Serra Automotive’s Chairman, Joe Serra, and President, Matt Serra, who share their insights into leadership based on a blend of family values and professional focus. They discuss the importance of empowering partners, fostering autonomy and creating growth opportunities across their dealership network.
Key Takeaways:
(02:10) A start in Chevy sales grew into a successful automotive business.
(04:02) Valuing people and leading by example lead to strong foundations.
(06:22) Choosing a career you love and focusing on people leads to success.
(08:43) Making tough succession decisions early for stability and clarity.
(12:04) Vision is driven by empowering others, not by sales targets or rank.
(13:50) Autonomy attracts top talent, drives growth and fuels sustainability.
(16:25) True decentralization empowers partners to lead while supporting collaboration.
(19:56) A flexible growth model allows expansion into any market with the right partner.
(25:26) Focus on talent, top technicians and exceptional problem-solving.
(27:27) High dealership values drive smart franchise choices and financing.
(29:53) Ideal stores are high-volume, well-performing and in key markets.
Additional Resources:
https://performancebrokerageservices.com/driving-performance-podcast/
Performance Brokerage Services | Website
https://performancebrokerageservices.com/
Performance Brokerage Services | LinkedIn
https://www.linkedin.com/company/performance-brokerage-services
Joe Serra | Linkedin
https://www.linkedin.com/in/joe-serra-3a48409/
Matt Serra | Linkedin
https://www.linkedin.com/in/matt-serra/
Serra Automotive | LinkedIn
https://www.linkedin.com/company/serrausa/
Serra Automotive | Website
https://www.serrausa.com/
Thanks for listening to “Driving Performance.” If you enjoyed this episode, please leave a 5-star review, and be sure to subscribe so you never miss any insightful conversations.
#AutomotiveDealershipBrokers #CarDealership #AutomotiveIndustry
Welcome to the Driving Performance Podcast, your go-to podcast for unmatched expertise in the world of buying and selling an automotive dealership.
Join our hosts Jamie Farley and Paul Kechnie as they sit down with industry experts and thought leaders who provide invaluable information from their personal experiences.
Our 3 unique series include:
If you’re looking to gain real-time and relevant insight from the trenches of the buy-sell market, this is the show for you.
