EP 9:11 Dealer Principal Shares Strategies For Creating An Unfair Advantage In Your Store

Millionaire Car Salesman Podcast

In this latest Millionaire Car Salesman podcast episode, hosts LA Williams and Tianna ‘T Got Your Keys’ Mick sit down with Tracy Myers, Dealer Principal of Frank Myers Auto Maxx, and pioneering figure in the automotive industry, to uncover his transformative journey and invaluable insights! Tracy shares his unexpected path from a reluctant car dealer's son to a respected industry leader, offering lessons learned along the way! This episode is packed with practical advice for salespeople, managers, and leaders, emphasizing continuous learning, effective networking, and building meaningful relationships to drive success.

Starting with the importance of networking and continuous learning, Tracy underscores how relationships and educational events shape successful careers. Plus, don't miss the chance to take your dealership to the next level by attending the Unfair Advantage Automotive Mastermind Group on August 1st in Myrtle Beach, SC for FREE! Register now and use promo code SYNERGY to unlock this exclusive offer. Learn from the best and gain actionable tips to enhance your dealership's performance!

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Key Takeaways

• Networking and Relationships: Building a robust network is crucial as your network is your net worth.

• Continuous Learning: Always be a student. Attend educational events and read voraciously to stay ahead.

• Positive and Structured Training: Daily training on follow-up, sales processes, and positive affirmations can significantly impact sales team performance.

• Empathy in Leadership: Understanding your team’s personal and professional struggles fosters a positive and productive work environment.

• Trust and Delegation: Trusting trained and capable employees allows leaders to step back and ensures business continuity.

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The Power of Networking in the Automotive Industry

In the realm of automotive sales, one maxim holds true: “Your network is your net worth.” This simple yet profound statement encapsulates the importance of building and maintaining strong relationships within the industry. Tracy Myers, a pioneer in the automotive field, emphasizes this point fervently during his discussion with LA Williams and Tianna Mick.

“The more people you know that are in influential positions of power, money, knowledge, that’s the more successful you will be,” Myers asserts.

Myers recounts how traditional face-to-face interactions, such as attending Chamber of Commerce meetings or Better Business Bureau gatherings, have significantly contributed to his success. These interactions are not solely about expanding one’s circle but about deepening relationships, understanding consumer needs, and ultimately enhancing business reach.

In an era dominated by technology, it’s easy to rely solely on digital connections. However, Myers advises against this:

“The circle, now, if they’re not careful, it’s just on their phone. Once again, that’s a good extension of your network, but it shouldn’t be your network.”

Balancing digital connections with in-person interactions creates a robust network that is more likely to yield positive business outcomes. For instance, meeting potential clients or business partners at car shows or community events and then connecting with them online helps sustain and grow those relationships.

The Significance of Continuous Learning and Training

Another pillar of success that Myers stresses is the importance of continuous learning and regular training.

“We do train. I’m a firm believer in training. We train our leadership team daily,” Myers notes, emphasizing the structured training regimen his dealership adopts.

Training in Myers’ dealership is comprehensive and diversified to cover various aspects of the business. For example, Mondays and Thursdays are dedicated to follow-up strategies, ensuring all team members understand the importance of maintaining relationships with clients. Tuesdays focus on the sales process, where the team learns and internalizes the dealership’s unique sales methodology.

Moreover, Wednesdays offer a more introspective approach, often serving as therapy sessions where team members discuss their ‘why’—an exploration of their motivation and purpose. This holistic approach resonates with the idea that effective training goes beyond mere technical skills, encompassing personal development and emotional intelligence as well.

Fridays are reserved for celebrating successes, however small, reinforcing a positive mindset among employees.

“We cheer them on. So there are very specific things that we train on… It’s important to build their library and build them up,” Myers explains.

This continuous education model not only enhances the skills of individual team members but also aligns everyone with the dealership’s broader goals and values.

Effective Leadership and Empathy in Management

Leadership in the automotive industry extends beyond authoritative management. Effective leaders, as Myers suggests, are empathetic and willing to foster a nurturing environment. He shares a personal story highlighting a mistake he made in handling an employee situation, which turned into a teaching moment.

“I handled something entirely wrong. I lost my temper… I knew that wasn’t me,” Myers recounts, emphasizing the importance of recognizing one’s faults and making amends.

This approach underscores a critical leadership trait: empathy. Understanding the struggles and challenges of employees and addressing them with compassion can significantly impact team morale and productivity. Managers should create safe spaces where open communication is encouraged, and team members feel valued.

Additionally, Myers highlights the importance of delegation and trust in effective leadership:

“If I’ve got to micromanage you, then you’re not the guy for the job,” Myers states, quoting wisdom from his father.

Delegating responsibilities to capable individuals allows for personal and professional growth within the team. It also fosters a culture of accountability and trust, essential elements for a thriving workplace.

By focusing on these leadership principles, Myers has maintained a successful, low-turnover dealership, where employees feel empowered and appreciated.

Broader Implications and Continuous Improvement

In the larger context, these insights from Tracy Myers offer valuable lessons applicable beyond the automotive industry. Networking, continuous learning, and empathetic leadership are universal concepts that can drive success in various business domains.

Networking remains a cornerstone of professional growth. Whether you’re in automotive sales or another industry, expanding and nurturing your network can open doors to new opportunities and partnerships. Continuous learning ensures that both individuals and organizations stay relevant and competitive in an ever-evolving market. It’s essential to create a culture where learning is prioritized and celebrated.

Leadership, anchored in empathy and trust, fosters a positive work environment where employees feel motivated and connected. Such leadership not only improves retention rates but also cultivates a culture of excellence and innovation.

Final Thoughts

Tracy Myers’ approach to the automotive business provides a roadmap for success rooted in timeless principles. Building and leveraging a strong network, committing to continuous learning, and leading with empathy are not just strategies but mindsets that can transform businesses. As you navigate your professional journey, remember to cultivate meaningful relationships, never stop learning, and lead others with compassion and trust. This holistic approach will not only propel your career forward but also create a legacy of positive impact within your industry.