#69 - Setting Goals for 2020

You are listening to the Independent Dealer Podcast with hosts Luke Godwin and Jeff Watson. Thank you so much for tuning in. Let's do this.

Hello and welcome to this episode of the Independent Dealer Podcast. We are starting out season two, 2020. Luke, how was your holidays? How'd things go?

Oh, man, Christmas. It's just, it's too much. It's too much traveling, too much eating. I am probably 10 pounds heavier. I've got to get into shape. I've been drinking too much. I'm shutting that off for a little bit. You know, just, just normal stuff, man.

Good, good, good, good, man. So 2019 went out with a bang. I hope you had an awesome year, man. Let's talk about it, Luke. Let's review our 2019s. Let's look forward to 2020. Maybe do some planning, some goal setting, a little bit of strategizing with everybody. How was your 2019, man? Tell me, what were your, what were your broad goals for your dealership in 2019?

So in 2018, which is funny, is we saw a decline in car sold and I can't really tell you why that happened in 2018, whether I pulled back myself or what happened. But our goal going into 2019 was to sell more cars. I know that's probably everybody's goal, but in our business, you have to do it a little strategically and me kind of knowing the numbers that it takes to do it. That's what we did. We changed our advertising philosophy, we went all digital and we reduced our investment in advertisement but saw a bigger gain. We had some at the beginning of 2019. We had a little bit of a self induced employee issues across the board. Some self induced, some not. But we, we continue to hire and hire the right people in 2019. We're up probably about 30 cars over the year. So we hit our goal. We did what we were supposed to. We continued to grow our portfolio at about 8 and a half to 9% in accounts. And that's what, that's our plan for the next couple years. So did we hit our outrageous, you know, our big goals? No, but we really, we hit our attainable goals. And I think that's what, that's really what matters. If you put a goal out there that you really think you can get to and you get to it, that's what we did. And I'm happy for it. You know, there were some places we need to do some improvement on. We might talk about those in a minute. But overall goals, we hit the attainable goals and that's, you Know, that was great for us.

Yeah. Let's talk about in the. We'll go into this later in the episode of setting those goals and how you set them and how you track them and the way I do it as well. But let's look at 2019. Let's look at the KPIs, you know, our key performance indicators we had for last year in 2019, you know, I look at, obviously we could talk about sales. And I always kind of shut down just a little bit when everyone's like, oh, my sales are up. I'm doing this, this, this, this. And I'm kind of like, well, yeah, sure, I could triple my sales tomorrow if I wanted to. But let's talk gross and let's talk net. To me, those are, you know, kind of your key indicators of how healthy your car lot is. Are you keeping your gross ups and at the end of the day, net income, Are you putting more in your pocket?

Because always remember out there, y', all, you can sell your way out of business. Mm. And just because you're selling more cars doesn't mean you're making more money. So the goal typically would be to find the sweet spot. Right, Jeff?

Yeah.

That you're selling X amount of cars and making more money. So remember that that should be your goal is bottom line.

Right. And there's definitely a sweet spot. And I like, preface my, you know, too many sales. But, but again, you know, there is a turn. You know, it's the sweet spot. You do want to turn your inventory. And if you sell five cars and make the same amount as selling one car, sometimes that's okay too, because you had five opportunities at trade ins. You had five new people who are out there, you know, evangelizing for your dealership. And you have five good Google reviews instead of just having one, even though you may have grossed the same, you know, you got to look at that too. And what's your opportunity for servicing come down the road? So I do get that there is that balance between trying to hold out and get that top dollar for that car because, you know, it's worth 20 grand and you're not going to take a penny less. But at the same time, you know, you also don't want to give away your grosses up front. So, Luke, where Were you in 2019? What's our benchmark for gross profit margin? And let's talk about where you and I both fell in.

And I think we need to kind of look at the benchmark for 20 group numbers, and that's really the best place to find these. And if y' all aren't in 20 group out there listening monthly, we have to put our financials into a spreadsheet essentially, and Everybody in our 20 group gets to look at them. And benchmarks are created out of the whole, the whole group, internal group, and all the other groups in Niada. 20 group. And gross profit benchmark is 20%. And Jeff, you beat me out here, buddy. 28% for the year. And I was at 26%.

Well, and we both have different philosophies. We know why that is, right?

Yeah, yeah, yeah, yeah.

I'm a little stronger on buy here, pay here and the cheaper stuff. And you're a little stronger in the more expensive stuff, which doesn't quite lend itself to as much of a gross profit. And my gross profit was actually down about 7% from the year before. I know that's because I'm chasing more credit union outside finance type deals. So the banks are forcing me to give up a little bit of that front end, you know, and this is.

A, this is an interesting number because you're right, it depends on your business model as to what this number really means. So my selling a higher priced car and taking a less front end profit and hopefully making it up on the back end. So my gross profit is going to tend to run lighter than most buy here pay here stores. But I still think we both did really well in this category.

Yeah, yeah. And I think when you're. And again, guys, let's give you the calculation for gross profit. Well, you're going to take your cost of goods, which is everything it takes you. Well, let me rephrase that. In my opinion, and we've argued this, sometimes everything it takes you to get that car frontline ready. That's how I calculate it. And I subtract that from my total sales volume, dollar amount. So that's gonna give me a gross profit. Then you take that gross profit number, divide it back into your total sales.

And you'll get a number.

Yeah, gross profit percentage, which is your overall percentage. And you want to do this for the year, for the month. Obviously this is a number you want to be calculating and tracking constantly because it shows you how strong you are at making front end gross. And then the second piece of that puzzle, Luke, is your net, right, because again, you could gross crazy numbers up front. And if you're a buy here, pay here, you want to do this as a blended number between your dealership and your RFC to know what you're actually holding. At the end of the day, and that would be Luke's argument is his cars are a little nicer. He's less likely to be repoing as much because they're nicer cars, people are going to pay for them longer. Whereas maybe, you know, if you're in a cheaper type vehicle, you might have some fat grosses. And I've had dealer buddies who had these crazy ridiculous upfront grosses but at the end of the day they didn't. They had a huge repo rates and weren't collecting on it. So you do got to balance that out.

Yeah. And one thing about that is, you know, I won't go down this rabbit hole too far, but my argument is you're going to, you're going to pay a lot more in taxes with the front end gross because we're in a cash accounting business and you're going to collect if you, if you make less on the front end, hopefully you're going to collect more on the back end and it should even out. So if we look at the net numbers, benchmark is 18%. Jeff, you're at 12%. I was at 18%. So you know where you beat me in the other category, it started to even out there. And so these are the things you need to look at. If I sold a little nicer car, made a little less front end and am I going to collect more interest? And so you know, that should start to blend. And if you're in the just straight retail, it could be you cut expenses or. Well with this. Yeah, this would, this would talk about expenses and things like that. So you may, you may want to, you know, to sell the car a little bit less, make a little more in service, make do this, that and other to get that net profit up. So there's different ways to get to this number, but the number I think we're all probably shooting for is around 18%.

Yeah. And the way you get to that, again, you take your total sales, your gross profit, right. You're going to subtract out all your overhead, your, your fixed expenses, your variable expenses, your operating overhead. You're not going to take out, leave your taxes in there, you know, income tax, not, not property tax or sales tax. But you're, you don't, this is pre tax dollars. At the end of the day you're going to divide that again by your total sales and that's going to give you your net profit.

And that's ROI, I would assume, right, Jeff?

Yeah, I think the similar net operating income is going to be your bottom dollar. But, yeah, you take your noi divided by your total sales. If you're a buy here, pay here. You don't you want to add that discount back in because you're going to treat your RFC as separate. So the way Luke and I look at it is you could look at his business and where we were kind of similar. I was even stronger on my gross profit at 28%, but my net profit was 6 points lower than him at 12%. You look at that operation and you say, well, Jeff is selling a cheaper car. It takes more people. Also, my business structure, where I have, you know, kind of multiple chiefs and a lot of hands in the pot, and I'm a little more hands off than Luke is, I do have more personal expense, and I think that's where we'd see the difference between our two businesses. And so I can kind of dissect that and say, why am I so much lower than Luke? Is it by design or is it by accident? And then I think I probably got some overhead expense I could look at.

You know, I think it's possible overhead, but it's also my interest in income's a lot more than yours, and that's because I have more accounts, and my account per account is a lot bigger than yours. So I'm just making it more on the interest side, I think, too, is what that is, too.

Okay, so once we get to that point, where are we going to want to be as far as our overhead per car sold? We know there's a benchmark for that. Where does that put us? I mean, do we need to know, hey, for every car I sell, I should expect to pay X amount in personnel or overhead. What are some of those other things we could look at if we're just trying to dissect our 2019?

Well, you really. You really need to know that, because, again, you can sell your way out of business. Right. If your overhead per car sold is, you know, $1,200 like mine, and you're only making $600 on the car, you're not doing anything right.

Mm.

So you got to. You got to make sure you keep that overhead in a manageable position. And retail operations take a lot less manpower than a buy here, pay here operation. So you should really. You should really know your numbers and not necessarily go. Go by our numbers.

Yeah. Make sure you're comparing them apples to apples. That's for sure. You know, you've got some one man, two man shops where. Yeah, you could. You could still sell 20 or 30amonth with two guys. You know, when you're doing prime stuff or retail, or maybe you have a structure set up, that you've got a system, or maybe you're working nine to nine every single day and every single weekend, and that's okay because that's where you're at in your life. The other thing that, you know, some of us should look at year over year, you know, obviously, buy here, pay here, guys. You want to look at your portfolio growth. Have you grown your portfolio and reduce your debt? You can grow your portfolio, but if you grow your debt disproportionately, you didn't get anywhere. You know, that's a real important thing. Yeah. If you're a retail guy and you look at it and you say, okay, you know, I'm a little less on my flooring line, I've actually reinvested some profits back into myself. I've paid down the debt on my building. I've paid down my flooring line a little bit. I own a few more cars out there. I'm making some progress in that avenue. And if you're not, that's okay. But is it by design or is it by accident? Are you eating up your cash to keep your operations running?

That's so important? Again, you can sell your way out of business. So make sure you have an idea of what it's going to take to run your business from a cash flow position and make sure you're not getting in over your head. It's real easy to do with floor plans and with borrowing money against your portfolio. If you, you know, if you got in with the bank and they said, hey, I'm gonna front you 70% up front, and you're taking all that 70% and you bought a piece of property here and property there and, you know, Ferrari and this, that and other. Next thing you know, they call you and they say, hey, we're gonna have to drop that down to 60% and you owe us a million dollars. You're gonna be in trouble. So make sure you know what you're doing when you get a floor plan and make sure you know what you're doing when you get a line of credit on your receivables.

Mm. Absolutely. Any other KPIs we need to look at for 2019, Luke, that you think would. Would apply to us or things. Calculations we should be doing regardless of. I guess we didn't even preface all this, and we spoke about it in previous. Previous episodes. But you gotta have an accounting system, make sure you're using QuickBooks at the minimum, if not a full scale, DMS to make sure you're tracking these numbers. You're not just taking a stab and looking in your bank account thinking you made money or you didn't, or, like, just QuickBooks is like 30 bucks a month. Put every single deal in there. I mean, just. You got to be able to search these things quickly. If this takes you all day long, you're not going to do it. But if you can jump into QuickBooks and print out some reports and do some quick math, it's going to be much easier. So, anyways, what KPIs do we need to do, Luke?

So, I mean, you've got. You've got to do anything else we missed. Yeah, you got to go overhead, but you also got to know what your tax liability is, Jeff, because I think my dad told me years ago, you know, he. And this was a guy who always ran his business out of his bank account. You know, how much money do I have in the bank? You know, that's the way the old school people did it. And I remember him telling me, hey, I made. In 1986, I made $150,000. Whatever it was, it was a good number for back then. And then his. His CBA calls and said, you owe $75,000 in taxes. So he wasn't expecting that. And he had already had some of that money spent. Right. So it got him behind the eight ball. So you need to have a good idea and just. We're business owners. Just remember, it's going to be about 30% of your net income, so that's a good number to go off of 0.3% of your. Of your net income. You're going to have to pay in taxes. Make sure you're paying quarterly number one, so you don't get hit with these huge fees at the end of the year. You know, you hear some people, I didn't pay my taxes until. So, October 15th. What that does is they hit you with a fee, and that fee can be astronomical. You want to have those paid by December 31st. Now, some people can't, but that's where you want to have them. Or by January 15th, you want to have those. Those. Those tax payments in. Because if you don't, it could cost you 30 or $40,000, depending on your tax liability to float that money. So just make sure that you know what you're doing. Mm. Well, I see you grinning.

I see you see me frown at that, because that's not my strategy. And I don't know what my penalty is, and I should definitely look into that. But.

I looked at some penalties that my dad had paid, and this was probably when I first started really getting into the numbers of the business. So this was probably 8 to 10 or so. And I looked at the amount of penalties he paid, and I said, why haven't you paid? Why'd you pay these penalties? Well, I couldn't pay it. You know, I couldn't pay it on April 15. I couldn't pay the quarterlies. And I said, what? Have you ever tried?

Yeah.

Well, no. I said, well, let's make an effort to try. So, I mean, he had paid literally. I mean, I can't remember what. It's 60 or $70,000 in penalties over just a few years, and we fixed that problem. And that's. That's real money in your. In your pocket. So there's always ways to. To pay them. If you can't pay them because the irs, their interest is a lot more than your bank's interest.

And the best thing is you're not gonna get surprised come April 15th that you owe, you know, 50, 60, 100, 200, 300 grand. You've been paying that out of the checking account, so you don't feel the pain as much. That's probably the worst part about this is, you know, tax time hits it the same as tax time, so you're already stretched thin. All your cash is in inventory, and then you got to pay Uncle Sam.

And that's a real big problem in our business. So make sure you're preparing and being after the first of the year, there's a lot of things you can still do, but there's some things you can't do. So I can't really. I can't really tell you to go back and do some things. And if last year, if 2019 is gone, you can't do them. So let's prepare for 2020. Right, Jeff?

Yep. And reducing tax burden. That's a whole nother thing for another episode. Something that, to me, is super interesting. We're always so worried about making more money, but we spend very little time trying to keep the money that we made, obviously, legally, but there's some options, and we need to go over that again sometime.

Just real quick. Number one thing is set up a reinsurance company. If you don't already have it, go back and listen to the Tim Burton episode, and that will save you more tax money than about anything you can do in our business.

Yep. Awesome. Luke. Hey, let's transition now. Let's look forward to this year, 2020. It's going to be a great year. I think we're all pretty excited for it. You know, strong economy or not, we're going to get through. Everyone here listening to the podcast, you guys were all solid owner operators. We've got contingencies, we've got plans, we're getting out of debt, we're keeping our leverage ratios low. What else can we do in 2020? Or maybe more specifically, Luke, what do you've got on the horizon?

So we always forecast, Jeff.

We.

We start our forecasting and our budgeting in November, and we go, what is it going to take to get to the next level or to the next. To the level we want to get to this year. And I start. And I know this is. This is weird. I'm not. I'm not good at budgeting. That's what Alexa does. I know the numbers. I just.

It's.

It's hard for me to. To figure out how to reduce them. But I always look at sales and when I forecast, I forecast my sales numbers because if I can forecast those, everything else can come down. So what I do is I go, okay, we sold this many cars this month, this many cars last month where we were low on inventory. I look at the whole picture and I forecast for this year. And I don't go month. I mean, I go month by month. But what I want to see is an increase across the board and a level out. I used to get these huge spikes in certain times of the year that were really. They were stressful on me, they're stressful on my shop, they're stressful on accounts. So how can we even our trajectory out over the year? And this year we did it. 2019, we did it, which I was really excited about. And this year we want to see 35 cars a month consistently. And so when I start forecasting, that's the number I'm going to go to, and I break that out as well. So with 35 cars, I'll have 27, probably buy here, pay here. I'll have eight retail deals, and I'll go across the board. And I know from historical data what I'm going to make per car. Right. Well, do we. Are we going to increase that this year? We're not going to increase it. So I put all those numbers in. And then I also know how much we collect per account that we have through the year. Right. So I project our collections for the year. I know how many repos we've historically done over the years. So I look at those, and I know how much money I'm losing per repossession. So I'll put those numbers in. And this is how you forecast, and this is what everybody should have already done. Now it's not too late. It is the second day of January, so it's not too late. Do it today, do it this weekend, get it down on paper. And it may not be perfect this time, but it's a good start just to go ahead and get it done. And actually, Jeff, you know what? I've got a spreadsheet. Can we share that on the notes?

Yeah, I think so.

They can just plug it in and kind of look at what they got.

Yeah, we'll give it a shot.

Okay. Anyway, that's the way I would plan my goals. A big goal for us this year that I committed to at the last 20 group is cutting some expenses. When times are good and you're rolling, you don't look at those expenses, and next thing you know, you're paying, you know, $500 a month for this and $500 a month for that. And that stuff adds up. So a big goal of ours this year is to cut expenses, I think, by 8%. So we're going to. We're going to go after it. Now. We may not hit 8%, but we're going to try our best to get it done.

Yeah. And to speak at the goal setting the numbers, I sometimes cringe. I know I have to use historical data. And I go back and I have a little board on my wall right here. And I go back. I've got seven years now that I can visually see the number of cars I did. And I know it's important, you know, keep it digitally. I like it visually where I can stare at it. I don't want to use that as a hindrance.

Do you do that every month or.

Yeah. So I've got. I've got seven years and 12 months down on my little chart here that just, you know, is a real quick abbreviation of number of sales, gross profit, total finance dollars. So just.

That's a really good idea there.

I like visual that I can see. I can look at that. But what I try not to do is use it as a crutch.

Yeah, sure.

Oh, man. September last year, we only sold 25 cars. So we're at 22. That's pretty darn good. You know, like, I would use it.

As a challenge, though. Don't use it as a crutch.

Yeah. So no we're not a 20 car lot anymore. You know, we're 30. We're a 50 car lot. And if I treat us and our guys and our team like we're a 50 car lot, well, we've always sold 50 car lots cars. And you guys know I've never sold 50 cars. So if I, if I can start thinking like that. And just like our episode last week with Brittany, she had mentioned you've got to sell to. I think it was two weeks ago, you got to sell or advertise to what you want to sell. You know, that's a goal for me to say, hey, if I want to get to this number, not only do I got to reduce some expenses like Luke said, but I also might have to increase some expenses, you know, and.

Let'S talk about that for a second because it's so important, Jeff, and that should be part of your goal setting. So if you know how many cars you want to sell and you know how much it costs. Purse car sold, right. Advertising. Well, it's easy math, right?

Yeah.

So. So if it's in. In theory, it is. If it's costing you 250 per car sold and you want to sell 50 cars, well, you're gonna probably have to spell spend 12, 5amonth. I mean, that's what it's gonna take. And it might take a little bit more because those first 25 may come in easy. Those next 25 may cost a little bit more. So if it were me, and I knew I wanted to increase my sales from. From 25 to 50, which is hard to do in one year, don't get me wrong. Oh, yeah, but if I knew I was spending, you know, let's say 62, 50 advertising for those 25 sold, which is probably kind of high number, but let's just say that's pretty close. And if I wanted to jump real fast, I'm going to spend $10,000 a month. I'm just going to have to do that. I've got to get that in my mind, and let's see if it works. And so make sure those are part of your goal setting as well. You got to know your numbers. You got to take your historical data and you got to extrapolate it.

And let's break that down too, Luke. You're going to take those goals and you're going to say, I want to sell, but. But you're going to break it down by month. You're going to break it down maybe by week, by day, you know, and you could, you Know, you could really get that granular and say, look, guys, we want to do 50 cars this month. That means we got to do X amount a week. You know, that means that our goals need to be this. And on top of that, it's not a set it and forget it, Luke. You're going to revisit this every single week. Every single month, you're going to revisit those goals and get back in your spreadsheet or your board on the wall and say, how am I doing? That's probably one of the biggest things with goal setting is it's not just set it and forget.

Can't be. You got to have a plan. Once you set that goal, you got to have a plan. You know, what you were talking about using that as a crutch. We would have these weird months. And I just want to tell a quick story. We would have these weird months during the year, several years ago where we would sell 10 or 12 cars one month. And I'm looking back right now to see the actual numbers. July of 18, we sold 12 cars. You know, I'm sorry, 11 cars. And I kept having those tight months, and I. And I was like, we just can't do this. You know, that's bringing our whole average down. That's really messing us up. So how do we fix that problem? And what I noticed, I always blamed it on, oh, it's just July. It's just this, it's just that. Right. It's not. It's not. It's us because we're using that as a crutch. So go back and figure out why those months that was happening. Well, I figured it out. It was inventory. I didn't have enough inventory on my lot. So once you figure that out and once you spin properly, you can fix those problems. So don't use anything as a crutch. Oh, it's, you know, it's. Yeah, it's.

You're out of the office in July.

Yeah. Oh, yeah, of course. Yeah. So there's always ways to fix problems. So make sure when you identify a problem or identify a month that's bad, figure out how to fix it. Right?

Yeah.

And make that part of your goal for this year.

Put in that contingency plan of. All right. How am I not going to let the dog days of summer get me? You know, I'm going to make sure my inventory is good. I'm going to make sure I'm staffed right. Maybe I'm going to run some promotions, and that's going to be When I double down on the advertising, you know.

And don't do this because I see it happen all the time. Don't get on our Facebook page, the independent dealer Facebook page, and say, hey, is everybody slow right now? All you're wanting to do is feel good about yourself because you're slow. Don't do that. Figure out why you're slow and fix the problem.

Yeah, Misery loves company, right?

You'll never see me comment on those things because it drives me insane.

There's definitely something comforting when you can find one dealer out of the 200,000 in this country to tell you that they are also slow. And now you can sleep easy at night knowing that it's okay that you were slow in July.

Yeah, it's not okay. Yeah. Fix the problem before.

Yeah.

Set the goals. Do it.

Yeah. I'm just thinking about, you know, when you run into those dealers at the auction, right, Your local competitors. And we've always kind of had a philosophy of, you know, I like to be a straight shooter as much as possible, but I never. Things are never going good. You know, when I talk to you.

You'Re a poor mouth. You're a poor mouth.

I'm throw them off the scent because if another dealer in the local market comes to me and is like, we are killing it, man. We had the best December ever. And I look at mine and I say, crap, I need to kick it in gear. And I start getting motivated to work harder and do more. But if they come to me and they're like, oh, December was crappy, and blah, blah, blah, blah, I did all right. I'm doing good. Better than the guy down the street. You're gonna rest on your laurels anyway, so just remember, it's never the way it seems on the street. It's only the way it seems between your ears. So keep that mentality, right? But moving forward with our goal setting and our projections, we're setting our cash needed. And that's going to be a big thing, guys, right? Especially if you're a buy here, pay here again. Not only can you sell yourself out of business by having low grosses, but you can also sell yourself into the poor house in a real tight cash situation, right?

Real fast. And Dave Keller told me something years and years and years ago, which everybody needs to take to heart if you're. You ever find yourself in a bad cash cash position in our business, just stop buying cars in the buy here, pay here industry because you're going to start collecting. So if it means not going to the Auction. That's what it means. You need to know your cash position. January 2, 2019. You need to know it right now. And you need to know how many buy here, pay here, cars you can do a month. Because that's a dangerous situation, especially if you don't have a lot of accounts. Me? Yeah, I can not buy cars a month, and I'm going to be fine. But I have a lot of accounts. Somebody would with 10 accounts or 50 accounts, you can't do that. So make sure you know how much cash you set aside to do buy here, pay here, or how much cash you've set aside to stock your lot and hold yourself to it. Don't go over it because it will lead to dangerous situations.

Yes, very tempting this time of year to quote, unquote, stock up. Because you know that you're going to be paying more for OEM in February and March and April than you are at the end of December, 1st of January. But you got to make sure that you planned for that and you've got the money set aside so that you're not looking around at yourself end of January, thinking, well, how am I going to meet payroll, all my payroll sitting out here in the lot, you know?

Yeah, and that's a, that's a, that's a, that's a bad situation. Put yourself in a bad situation to put your employees in. So know it. Know it. Just today, if you don't know your cash position for the year, sit down and figure it out.

And to wrap this conversation up, Luke, one other thing we haven't talked about, but I do think we need to be setting these goals is setting your personal goals. You've got your business, and that's something you're going to do with your management and your other owners or whoever, share those goals with everybody. But you also need to set your personal goals for your business to keep your business healthy. Right. What time are you taking off? What time are you going to be with your family? Are you going to come to convention? Are you putting that on your calendar to get out and meet other dealers and get educated and put it on the schedule now and plan for it. Don't think, well, I can't be out of the office in March, and I've got a really good buddy that I'm trying to get to join our 20 group, and that's tax time. I can't leave for a 20 group meeting in the middle of March. I'm like, come on, man, it's three days. If you guys can't handle you being gone for three days, that's a problem, because you got to get educated. So make it a priority to keep your mental health.

Yes, for sure. And personal goals should be, you know, faith, family and fun.

Finance and fun. Yeah.

So these are the things that we really need to work on. Cardios. We can get really wrapped up, but, you know, our family and our faith should be. Should be one or two.

Right.

And the rest of it should be taking care of our business and taking care of our. Of our staff and the people around us and making sure that you're taking care of yourself. Because, you know, unfortunately, 2019, we lost a couple of friends in the car business, and, you know, this business takes a toll on people. So make sure you're taking care of yourself, making sure you're taking care of your family, because the personal problems can really mess up a dealership.

Yes. And make sure you're subscribing to this podcast. 2020, moving forward, we're going to double down. We're going to be bringing more episodes, more education, hopefully more value and more entertainment to you guys. So put this in your goals.

This should be one of your goals, Jeff. Every week you should listen to our podcast and you should share it with a friend and you should rate it, and you should. And you should do all those type of things.

Yes. Excellent. Luke, great talking to you, man. 2020 is going to be great. We got some good episodes coming up. Anything else you want to leave with us?

Just guys and girls, set your goals. Stick to them.

Write them down.

Yeah, write them down. Let's achieve great things this year.

All right.

Thank you for joining us today. Hope this episode inspir inspired you to take positive action. Remember to subscribe so you get each episode the day it comes out, and we would love your help spreading the word. Leave us a review and share this podcast with your dealer friends. Dealers helping dealers learn and grow together.