Dale Pollak - Like I See It: Obstacles and Opportunities Shaping the Future of Retail Automotive

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Print ISBN: 978-0-9992427-0-4

eBook ISBN: 978-0-9992427-1-1

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First Edition

CONTENTS

ACKNOWLEDGMENTS

I must first acknowledge and thank my colleagues and friends at Cox Enterprises and Cox Automotive for giving me the encouragement, opportunity, and support to write this book. In particular, I am ever grateful to executive leaders John Dyer, outgoing president and CEO of Cox Enterprises; Alex Taylor, incoming president and CEO of Cox Enterprises; and Sandy Schwartz, president of Cox Automotive, for their ongoing friendship, respect, and trust. This book is really an extension of our collective Cox commitment to ensure the ongoing success and vibrancy of franchise and independent dealers and their partners, without whom there would be no retail automotive industry.

I am indebted to a long list of dealers and others in our industry for sharing your insights and perspectives. Youve corrected me when I veered off course, kept me honest, and provided untold assistance as this book has come to life. There are too many of you to name; but you know who you are.

I must also thank the entire vAuto team for their tireless commitment and loyalty to our dealer clients and the business. I view vAuto much like a parent views a child who has gone on to success in life. You cant ever fully let go, and its a beautiful thing to see the success carry on, day in and day out.

I also need to thank two individuals, who effectively serve as my right and left hands, respectively.

The first is my executive assistant, Susan Taft, who ensures I get to where I need to be and meet the people I need to meet, every day. I am able to do the things I do because Susan is always there to cover my back and anticipate any obstacle I might not see.

The second is Lance Helgeson, who once again served as my eyes, ears, and wordsmith as I undertook another book-writing project. Lances can-do spirit and ability to strike the just-right perspective and tone in words continue to be a benefit and blessing for me.

Of course, this book would not be possible without the generosity, love, patience, support, and understanding of my family. More and more, I realize that without them, there would be no me. I consider my wife, Nancy, as the rock that helps me roll. And each of my sons, Austin, Alex, and Samson, stands behind and beside me like a stalwart spirit soldier. Sometimes it seems like they know and understand me better than I dowhich may be the ultimate gift any husband and father can hope for.

Finally, I must acknowledge you, the reader. Chances are better than good you didnt pick up this book by mistake. Youve come to these pages with a purpose. I view your interest and trust in my perspective as a precious gift that I hold dear.

ABOUT THE AUTHOR

DALE POLLAKS career in the automotive industry spans nearly four decades. As a dealer, technology entrepreneur, and best-selling author, Pollak has helped many successful automotive dealers in North America make dramatic improvements in their new and used vehicle operations.

Pollak pioneered the Velocity Method of Management, an operational strategy that relies on live market data and insights to maximize a dealers profitability and return on investment from their new and used vehicle inventories. Pollak crafted this approach during his years as a Cadillac dealer in Chicago in light of his unique circumstances of not being able to physically observe his used vehicle inventory.

This Velocity vision served as the foundation for vAuto, Incorporated, the company that Pollak founded in 2005. Since then, the companys technology and tools have been adopted by more than ten thousand dealerships in North America. In late 2010, Cox Automotive acquired vAuto. Pollak continues to guide strategic product development and integration for vAuto and other Cox Automotive companies. Prior to vAuto, Pollak helped build and lead Digital Motorworks, Incorporated to its successful acquisition in 2002.

Pollak has written three books that detail the application of the Velocity Method of Management in dealerships. The latest, Velocity Overdrive: The Road to Reinvention, was released in 2012.

Pollak holds a bachelor of science degree in business administration from Indiana University, a law degree from DePaul Universitys College of Law, and is a four-time winner of the American Jurisprudence Award. In addition, Pollak received the 2010 Ernst and Young Entrepreneur of the Year Award, and in 2011, Pollak was inducted into the Chicago Area Entrepreneurship Hall of Fame. In 2014, Pollak was named as Poling Chair at Indiana Universitys Kelley School of Business.

INTRODUCTION

I hadnt planned to write this book.

Ive been extremely fortunate that my three previous books, which addressed the Velocity Method of Management, have been so well received by dealers and the retail automotive industry as a whole.

I felt like the books made a real difference. They introduced Velocity principles and fostered a new way of thinking about the used car business. Thousands of dealers took the principles to heart and applied them in their businesses.

For most dealers, the Velocity journey wasnt easy. They butted heads with managers who resisted new ways of doing business. They took significant financial lumps. They sometimes had to let go of longtime, loyal employees.

But the same dealers would tell you the Velocity-based aggravation, extra effort, and pain was worth it. Many are selling more used cars and making more money from their dealerships than they considered possible. They understand that theyve adopted a more resilient, sustainable model for retailing used vehicles that meets todays era of market efficiency and transparency.

The success the dealers achieved gave me satisfaction. I felt like the Velocity books accomplished my goal of giving something meaningful back to a business that has given me, and my family, so many blessings over the years. I was proud of the books, and, at some level, I thought they represented all I might say about the car business.