Commitment

Wow! How glad were most of us to see 2009 in the record books? No doubt, a rhetorical question. However, the pity party starts and ends here in this sentence. It was what it was; let's move on.

 We have to ask ourselves, “Are we just involved in special finance, or are we committed to it?”

Mike Leach, head football coach at Texas Tech, paraphrased an old saying to define the difference between involvement and commitment. “Think of breakfast, bacon and eggs in particular. Now, the chicken is involved in the meal, but the pig is committed!”

Now, I am not advocating we should commit a self-sacrifice, but it is a humorous way of expressing how far many of us have dived into special finance. Finance companies failed, and many dealers folded their tents. It was a real shame considering there was still good money to be made.

None of us did all we could to make the very best out of a bad year. Many convinced themselves they fought the good fight, but darn it, the recession won. Unfortunately, bad news often becomes a self-fulfilling prophecy. There is a big difference between holding the line and crossing the line to surrender. Those of us who are still standing on the dealer side, as well as those still standing on the finance company side, refused to surrender. We may be a little tattered and torn, but we're still standing. Other dealers wavered in their commitment to special finance,  and their bottom line suffered because of it.

Commitment, as defined by Webster, is “an act of obligation.” It is not an act of “maybe.” If special finance was the way to go during boom times, it is still the way to go during tough times.

Dozens of finance sources dried up over the last two years. Many more cut off many of their dealers, especially independents. It has become more and more difficult to place subprime and near-prime paper, yet it is still being done in large numbers every day. The true believers in special finance still have their cash cow in the barn. It's not as beefy as it has been in the past, but it's still alive and contributing.

If you and your dealership’s commitment to SF has waned during these tough economic times, then it is time to recommit to the idea that it is up to us to stand tall and help those hit hardest by this economic mess. The average national credit score three years ago was 660. Today it’s 580! It’s not a matter of whether SF will blaze a new trail through the automotive sales industry; it’s just a matter of when. Commit right now with personnel, inventory, finance sources, etc. Be on the new cutting edge of our industry’s future. Don’t wait for someone else to take the lead. Commit all you have to running out front. You will never regret it.

Remember the definition of commitment—an act of obligation. Obligate yourself and your resources to the idea that special finance is the knight in shining armor for dealers and buyers. Can you imagine losing as much as so many have lost in the recent past, then hearing that no one can help you provide safe, reliable transportation for you and your family? We have to commit ourselves to working harder, studying more diligently and practicing our craft to the best of our abilities. We owe it to the buying public that is waiting for us to be their knights in shining armor. We owe it to our families, and to ourselves, to never give up on the incredible successes and careers that SF has provided. Work smarter, be tougher and commit.

For many years, I have had on my desk a framed excerpt from a speech given by one of our greatest presidents, Theodore Roosevelt, and I read it every day. I offer it to each of you as genuine inspiration as you consider committing yourself to your greatest year ever, professionally and personally, in 2010.

“It is not the critic who counts, not the man who points out how the strong man stumbled, or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena; whose face is marred by the dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions and spends himself in a worthy cause; who at the best, knows in the end the triumph of high achievement, and who, at worst, if he fails, at least fails while daring greatly; so that his place shall never be with those cold and timid souls who know neither victory or defeat.” – Theodore Roosevelt