Jim Keffer, CEO of Keffer Auto Group, shares how his organization continues expanding through acquisitions while navigating industry challenges by focusing on equity partnerships with talented operators.
• New acquisition of a Chevrolet dealership in Minnesota demonstrates their growth strategy despite retail headwinds
• Keffer's unique business model offers equity partnerships to strong operators rather than focusing primarily on location or brand
• Philosophy originated with Jim's father who received a similar opportunity in 1974 from Charles Johnson
• Decentralized management approach gives owner-operators autonomy to make decisions for their specific markets
• Acquisition targets focus on stores with upside potential rather than already-optimized dealerships commanding premium multiples
• Strong used car operators make ideal partners as they can quickly improve profitability while building other departments
• EV tax credit rollback presents challenges but represents a small portion of total business currently
• Upcoming tariffs likely to further impact vehicle affordability with manufacturers unable to fully absorb the 15% increases
• Industry may need to develop more used vehicle leasing programs to address affordability concerns
• Competitive mindset summarized by Keffer's bear metaphor: "You don't have to run faster than the bear, just faster than your friend"
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