#44 Making millions from Parts & Service, Dealership incentives, Economic concerns, Record profits and Daryl’s favorite auto franchises | Daryl Kenningham, CEO at Group 1 Automotive
12/19/23 • 51 min
1 Listener
In this episode, I'm speaking with Daryl Kenningham, CEO at Group 1 Automotive
This episode is brought to you by:
Cars Commerce - The platform to simplify everything about buying and selling cars. To learn how you can measure and improve your team’s follow-up performance, visit carscommerce.inc/experience
Dealer Image Pro - A car with bad photos sends the wrong message about your dealership. Photo Assistant improves your photos and increases speed-to-market. Head over to makemyphotosgreatagain.com to learn more.
Interested in advertising with CarDealershipGuy? Drop us a line here
Interested in being considered as a guest on the podcast? Add your name here
Topics:
(00:00:00) - Intro
(00:03:08) - The founding story of Group One
(00:05:47) - Moving from OEM to the dealership side of the business
(00:07:52) - What was the driving force behind going international?
(00:12:24) - OEM’s appreciation for dealer networks
(00:14:07) - Consumer feelings about dealerships
(00:16:07) - Incentive programs
(00:17:17) - Daryl’s favorite brands and opportunities right now
(00:18:06) - Manufacturers side-stepping dealer laws
(00:19:21) - Differentiating in service
(00:24:31) - Is there any technology you’re investing in?
(00:25:50) - Pick up and Delivery for Service
(00:29:00) - What do you look for in new acquisitions?
(00:30:55) - Are there brands you’re avoiding right now?
(00:31:44) - Rebranding acquisitions to fit the brand
(00:34:17) - How do you structure your operations?
(00:37:15) - Growing while remaining a community-branded dealership
(00:38:31) - Operating leverage and economies of scale for dealerships
(00:41:17) - Are you seeing an increase in staff turnover?
(00:42:55) - Pricing pressure on cars
(00:48:41) - How are you thinking about your company over the next 3-5 years?
Check out Group 1 Automotive here.
Check out the website for more (https://dealershipguy.com) and follow me on X @GuyDealership! (https://x.com/guydealership)
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
In this episode, I'm speaking with Daryl Kenningham, CEO at Group 1 Automotive
This episode is brought to you by:
Cars Commerce - The platform to simplify everything about buying and selling cars. To learn how you can measure and improve your team’s follow-up performance, visit carscommerce.inc/experience
Dealer Image Pro - A car with bad photos sends the wrong message about your dealership. Photo Assistant improves your photos and increases speed-to-market. Head over to makemyphotosgreatagain.com to learn more.
Interested in advertising with CarDealershipGuy? Drop us a line here
Interested in being considered as a guest on the podcast? Add your name here
Topics:
(00:00:00) - Intro
(00:03:08) - The founding story of Group One
(00:05:47) - Moving from OEM to the dealership side of the business
(00:07:52) - What was the driving force behind going international?
(00:12:24) - OEM’s appreciation for dealer networks
(00:14:07) - Consumer feelings about dealerships
(00:16:07) - Incentive programs
(00:17:17) - Daryl’s favorite brands and opportunities right now
(00:18:06) - Manufacturers side-stepping dealer laws
(00:19:21) - Differentiating in service
(00:24:31) - Is there any technology you’re investing in?
(00:25:50) - Pick up and Delivery for Service
(00:29:00) - What do you look for in new acquisitions?
(00:30:55) - Are there brands you’re avoiding right now?
(00:31:44) - Rebranding acquisitions to fit the brand
(00:34:17) - How do you structure your operations?
(00:37:15) - Growing while remaining a community-branded dealership
(00:38:31) - Operating leverage and economies of scale for dealerships
(00:41:17) - Are you seeing an increase in staff turnover?
(00:42:55) - Pricing pressure on cars
(00:48:41) - How are you thinking about your company over the next 3-5 years?
Check out Group 1 Automotive here.
Check out the website for more (https://dealershipguy.com) and follow me on X @GuyDealership! (https://x.com/guydealership)
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Previous Episode
#43 Building a $1.5B+ digital car auction, Peter’s car market predictions, OPENLANE's acquisition of Manheim Canada | Peter Kelly, CEO at OPENLANE
In this episode, I'm speaking with Peter Kelly, CEO at OPENLANE.
This episode is brought to you by:
Car Dealership Guy Newsletter - Become an automotive insider in just 5 minutes. Get the weekly email that delivers transparent insights into the car market. Be the first to know where the market is moving, for free. Join here: https://newsletter.cardealershipguy.org/subscribe
CarNow - The industry leader in automotive messaging and digital retailing solutions. See how CarNow can make an impact at your dealership by visiting https://info.carnow.com/cdg
Interested in advertising with CarDealershipGuy? Drop us a line here
Interested in being considered as a guest on the podcast? Add your name here
Topics:
(00:00:00) - Intro
(00:02:41) - Peter’s background
(00:06:40) - Were you the first fully digital auction attempt?
(00:07:22) - What is Open Lane?
(00:09:41) - Acquiring Manheim Canada
(00:12:40) - Do you see the future of car buying being all digital?
(00:14:32) - What is the key to a successful auction at your scale?
(00:16:47) - Supply and demand
(00:21:36) - Looking abroad for value
(00:23:03) - Should American dealers be looking to Canada for vehicles?
(00:25:39) - What does the future of Open Lane look like?
Check out more on OPENLANE here.
Check out the website for more (https://dealershipguy.com) and follow me on X @GuyDealership! (https://x.com/guydealership)
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Next Episode
#45 Building a $200M+ car parts empire, Solving the auto repair crisis, Most profitable parts, Using A.I. and 3D printing | David Meniane, CEO Carparts.com
In this episode, I'm speaking with David Meniane, CEO of Carparts.com
This episode is brought to you by:
Car Dealership Guy Newsletter - Become an automotive insider in just 5 minutes. Get the weekly email that delivers transparent insights into the car market. Be the first to know where the market is moving, for free. Join here: https://newsletter.cardealershipguy.org/subscribe
AutoFi's powerful platform helps dealers sell smarter, not harder—online and in the showroom.
Learn more at autofi.com/cdg
Interested in advertising with CarDealershipGuy? Drop us a line here
Interested in being considered as a guest on the podcast? Add your name here
Topics:
(00:00:00) - Intro
(00:01:59) - David’s journey to America
(00:02:54) - Going on Shark Tank *trim up the question*
(00:04:33) - Starting CarParts.com
(00:08:13) - What are you seeing in the economy?
(00:09:53) - Who buys parts online?
(00:10:38) - How do you compete with dealers?
(00:12:06) - What’s been the experience building this company?
(00:19:01) - Are you doing anything with AI?
(00:21:15) - How have interest rates impacted your business?
(00:21:49) - What are your margins?
(00:25:20) - Who is your competition?
(00:26:02) - Why are tires considered separate from the parts industry?
(00:26:49) - Thoughts on EVs
(00:30:02) - Who is your customer?
(00:31:14) - What do you think about manufacturing in the US?
(00:34:31) - What does the future look like for your business?
(00:35:48) - David’s media goals
Check out Carparts.com here
Check out the website for more (https://dealershipguy.com) and follow me on X @GuyDealership! (https://x.com/guydealership)
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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