At 21, Joe Laham sold his first car, and now, as the President of Premier Companies, he’s running dealerships that have been negotiation-free since 1995. On today’s episode of Inside Automotive, we’ll explore how his stores operate today and get his thoughts on the industry’s current state and Stellantis, whose profits have recently taken a hit.
Key Takeaways
1. Joe Laham’s two sons, Chris and Nick, are actively involved in the business, learning the ropes and preparing to grow the dealership group. He emphasizes the importance of family involvement and leadership development, positioning the next generation to drive future growth.
2. Since 1995, Premier Companies have operated under a negotiation-free pricing model, a pioneering approach in the industry. Laham highlights that removing commission-based pay structures helps foster long-term customer relationships, promoting transparency and trust.
3. Laham candidly discusses the challenges faced by Stellantis dealers, particularly around product pricing and leadership decisions. He acknowledges Stellantis’ missteps but advocates for collective dealer solutions rather than public criticisms, focusing on internal fixes and long-term partnerships.
4. Despite industry volatility, Premier Companies are expanding with new BMW and Jeep points, including plans for a BMW Motorrad dealership. Laham explains that staying debt-free and maintaining a strong market presence are keys to their growth strategy.
5. Reflecting on how the industry has evolved, from CRM systems to digital marketing and BDCs, Laham underscores the importance of embracing technological advancements to stay competitive. His sons, representing the next generation, are well-positioned to lead the dealership into the future, catering to the digital-savvy buyer.
"Negotiation-free is simple, but you have to be really good about it. The key is giving the client all the information necessary to make a good decision and asking them to reward us with their business." – Joe Laham
