#525 - 🧰 Leadership Toolkit

TOGETHER WITH

Can you feel it? The subtle chill in the air, the soft crackle of leaves underfoot, the inviting aroma of fireside gatherings. Fall has officially arrived, and with it, a gentle reminder to pause and reflect.

As the days begin to shorten and the holiday to-do list begins to lengthen, let’s remember to cherish and enjoy all the simple pleasures that this season has to offer.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

TODAY’S LOT WALK

• MTCM: Diversity leaders are honored at the 2023 NAMAD Awards Dinner. 🏆

• DATA & INSIGHT: Critical tactics for your leadership toolkit. 🛠️

• BUSINESS: More autoworkers furloughed at Stellantis and Ford, Ferrari accepts crypto, and Tesla disputes legal fees. ⚖️

• CULTURE: Rolls-Royce reveals its own eclipse. 🌙

Reading time: 4 min and 33 sec

MORE THAN CARS MOMENTS

2023 NAMAD Awards

In an evening filled with pride and gratitude, the National Association of Minority Automobile Dealers hosted its prestigious Awards Dinner last week honoring remarkable individuals who have significantly impacted the auto industry and their communities.

Since its inception in 1980, NAMAD has played a pivotal role in fostering the careers of exceptional dealers from diverse backgrounds. The event was a tribute to the founders and attendees alike, acknowledging their contributions as entrepreneurs, community pillars, and mentors. And the winners are…

⭐️⭐️⭐️ Lifetime Achievement Award Winners ⭐️⭐️⭐️
 

👏 Congratulations to all of this year’s winners! 🥳

DATA & INSIGHT

Leading From The Front

In Friday’s riveting episode of David Long’s All Things Used Cars, the secrets to exceptional leadership were revealed. Here’s what you’ll need in your toolkit:

🧰 Vulnerability: Leaders must embrace wins and losses openly. Transparency and resilience forge unbreakable team bonds, establishing trust and authenticity.

🧰 Communication: It's not about talking, it's about connecting. Through open, two-way dialogue, leaders can create an environment where voices are heard, friction is addressed and relationships are forged.

🧰 Accountability: Owning both victories and defeats is non-negotiable. Leaders must maintain unwavering standards, anchoring their teams with consistent responsibility.

🧰 Adaptability: Rigidity has no place in leadership. Leaders must be willing to adapt to change and welcome new ideas (even if it means abandoning your pride). Adaptation fuels progress.

🧰 Results-Driven: Exceptional leaders aren't just talk; they're action. They deliver outstanding results and push their team to succeed.

🧰 Sincerity: Leaders should epitomize integrity, ensuring promises become actions. A leader's credibility is their most valuable currency. Without it,

🧰 Emotional Intelligence (EQ): Empathy isn't a weakness; it's a superpower. Be sensitive to the struggles, needs, and motivators for each of your individual team members. Be sure you’re using the rights tools at the right time with the right person. Strong relationships built on trust and mutual understanding are the foundation of robust leadership.

🧰 Motivational: Successful leaders radiate positivity and encouragement. That energy is infectious, eradicating complacency and inspiring others to join the hype.

🧰 Decisiveness: No one wants a follow wishy-washy leader. Hesitation is the enemy of progress. Leaders must learn to make decisions swiftly and with conviction. A swift "no" trumps a lingering "maybe" every time.

TOGETHER WITH TRUECAR

Diversity Over Adversity

Thanks to our pals at TrueCar, Paul and Kyle were able to present The Automotive Troublemaker live from among the palm fronds in Miami for this year’s NAMAD conference (and even managed to snag a quick chat with new President, Perry Watson IV). 🤝

TrueCar has been leading the conversation on diversity, equity, and inclusion within the auto industry for years, constantly examining the unique experiences, opportunities, and challenges faced by traditionally minority populations (like here and here). 🙌

Not only are they first to champion inclusivity and mentorship, but they are also quick to celebrate all of the big and small wins of the community (like here and here). 🥳

Get linked up with the thoughtful group at TrueCar to harness the power of their insight and integrity today! ✨

BUSINESS

Industry Round-Up: Furloughs, Ferraris, and Fees

😥🪧✋

Stellantis and Ford announced Friday that they will temporarily lay off 1,250 employees due to the impact of the UAW strike — 700 from Stellantis and 550 from Ford.

In total, Ford has furloughed 2,480 employees and Stellantis about 1,340.

🤑🏎️⛓️

Following requests from wealthy, tech-savvy customers, Ferrari has begun accepting cryptocurrency for its luxury sports cars in the U.S. and will likely extend the option to Europe soon.

How come? Ferrari's Chief Marketing and Commercial Officer said cryptocurrencies made sense for two reasons —

1. It will contribute to efforts to reduce their carbon footprint through the introduction of new software and larger use of renewable sources, and

2. They want to accommodate (mostly younger) investors who have built their fortunes around cryptocurrencies, or traditional investors who have looked to diversify their portfolios.

😡💰👩‍⚖️

On Friday, Tesla urged a Delaware judge to reconsider the $230M in legal fees requested by a team of shareholder attorneys who won a settlement in a dispute over director pay.

How ‘bout $64M and call it even? Tesla's attorney argued the shareholder's attorneys exaggerated the value of the settlement — and by extension their requested fee — by pegging its value to the cost to directors (~$10,690/hour per director) rather than the benefit to the company.

Kathaleen McCormick, Chief Judge on the court heard about two hours of arguments but declined to mention when she would ultimately be issuing her ruling.

CULTURE

A Total Eclipse in a Car

In a perfectly-timed reveal to coincide with the solar eclipse, Rolls-Royce unveiled their highly exclusive Black Badge Ghost Ékleipsis Private Collection on Friday.

This limited-edition beauty blends aesthetics with innovation to mimic the same sense of awe experienced during an eclipse, with the “Lyrical Copper” finish perfectly capturing the ethereal glow of the transiting light.

Get ‘em while you can. Though this stunner features countless mesmerizing details, there will only be 25 of them to go around.

Quick Hits

• Beavers are getting their English accents back after being reintroduced to west London for the first time in 400 years. 🦫

• Netflix is making plans to open at least two retail locations in the US by 2025. 📀

• Opening weekend of Taylor Swift’s “Eras Tour” movie brought in about $96M, earning it the title of highest-opening concert film of all time. 🎤

History

• 1793: Marie-Antoinette, queen consort of Louis XVI, meets the guillotine. 🗡️

• 1923: The Walt Disney Company is founded. 🐭

• 1958: Chevy introduces the El Camino. 🥇