Growing up, I always had a fascination with cars. It was like a genetic thing that was in my DNA.
From the time I was in preschool, I remember running to grab this little Corvette toy during indoor recess. This fascination with cars led me to start mowing lawns at 12 years old so I could save up enough money to buy my first car. By 14, I had saved up enough money to buy a 1968 Ford Mustang Fastback. It was advertised for sale in the Dallas Morning News for only $3,500, but it needed a lot of work. With the help of my neighbor and his dad, who were both into old Mustangs, we were able to restore it to its former glory.
That Mustang was the first of thousands of cars that I have bought and sold throughout my life. By the time I was 17, I had bought, fixed up, and sold three cars. This passion for cars continued as I went to the University of Wisconsin for business school. I was not as passionate about anything in the business school as I was about cars, so I ended up writing a business plan for my first car dealership while still in college. I secured a multimillion-dollar loan before I graduated and opened Benchmark Classics before I graduated.
At Benchmark Classics, we only sold classic and exotic cars.
At Benchmark Classics, we only sold classic and exotic cars, and we believed that it would be recession-proof. It was in the business plan that these investment-grade classic cars should continue to appreciate because people who want that type of vehicle to add to their collection generally buy what they want when they want. However, during the Great Recession, we found that that was an incorrect, positive assumption. When the real estate market collapsed and you could get real estate for $0.43 on the dollar, people were spending their money on real estate instead of these classic cars. Ultimately, I had to make the call to shut that dealership down.
As a part of that whole process, I learned hundreds, if not thousands, of valuable lessons. A client told me that I came into Benchmark Classics with a BA in business. But by the time I left, I had a Ph.D. from experience in business.
94% of all entrepreneurs fail within the first ten years of opening their business.
A lot of people tell entrepreneurs to do whatever they can come up with that they’re most confident they’re going to make money doing, regardless of whether or not they’re passionate about that task, service, or product they want to sell. However, I do not agree with that at all. If you end up in a position where your back is against the wall, which is going to happen way sooner than you probably expect, if you’re not passionate about what you’re doing, it’s a lot harder to stay in the fight.
Entrepreneurship is a crazy endeavor. 94% of all entrepreneurs fail within the first ten years of opening their business. However, if you’re confident about what you’re doing, then you should pursue it. And that’s exactly what I did. I went from my first dealership to working in the big-box car dealership world, where I learned the big-box game, processes, and procedures. Then, seven years ago, I went back out on my own.
Now, I own several different automotive businesses, including FAST, which is a new brand for our sales division, Accelerate Auto Repair and Collision, a full-service auto repair shop, Don’t Trade It In, an online car-buying services, and Dallas Car Appraisals, a vehicle appraisal company.
I urge you to pursue something you're truly passionate about.
Since I was a child, I’ve been in love with cars. My passion for everything automotive has only grown stronger over the years. As an entrepreneur, I know that failure is inevitable, but my unwavering passion and expertise in the industry have always kept me going.
To those thinking about starting their own business, I urge you to pursue something you’re truly passionate about. Something that makes you feel alive and gives you purpose. Yes, the road may be tough, but with unwavering passion and determination, you can conquer any challenge that comes your way.
Remember, entrepreneurship is not just about making money. It’s about pursuing your dreams, living your passion, and leaving your mark on the world. So go ahead and chase your dreams. You never know where your passion and hard work will take you. The possibilities are endless.
