When dealing with the COVID-19 pandemic, serial entrepreneur Tom Maoli says, “the barrier became the blessing.” Tom is the President and CEO of Celebrity Motor Cars, LLC, a New Jersey and New York-based auto group that includes several high-line dealerships. With major OEM plants shut down for weeks or months, depending on their location, new car inventory became tight. Tom believes that’s not necessarily a bad thing.
“It’s supply and demand. It’s business 101,” says Tom. “Our margins are out of the roof because our inventories are low. Margins are up, and just to add to that, people don’t want to shop multiple stores because of COVID…[Customers] want to come in, they want to make the right deal, they trust us, and they’re out the door.”
Tom also discusses President Trump’s crisis management plan saying that dealing with a crisis of this caliber will never be perfect. However, he praises the stimulus package and subsequent PPP money that saved many businesses, and he’s confident that Trump has a shot at winning his re-election later this year.
As for Celebrity Motor Cars, their sales are up 10% year over year, only using 35% of their original marketing budget. Many dealers across the country are seeing similar results, and Tom says that dealers are resetting their overhead expenses and re-evaluating their staffing needs.
In addition to Celebrity Motor Cars, LLC, Tom Maoli is the president and CEO of Real Estate Opportunity Investments, LLC, a residential and commercial real estate development and investment company, along with being founder and CEO of Joe Zone coffee company. He is also the host of the popular Go Big Or Go Home radio show.
Tom Maoli Asserts COVID-19 Created a ‘perfect storm’ for Auto Retail