Identical to his predecessor, new Nationwide Affiliation of Minority Vehicle Sellers President Hugene Fields brings a recent outsider’s perspective to the group.
Fields, 35, who was launched as president in October at NAMAD’s annual conference in Miami Seashore, Fla., has 15 years of expertise in nonprofit organizations. Throughout eight years as an auditor, he traveled to 35 international locations to carry out numerous procedures with nonprofits. Afterward, he labored with nonprofit teams to assist them develop their strategic plans.
The Maryland native has a bachelor’s diploma in accounting from North Carolina Agricultural and Technical State College and an MBA from the College of Maryland.
Damon Lester, who was succeeded by Fields as president and is now NAMAD’s vice chairman, informed Automotive State of the Union’s “In The Grime with ASOTU” podcast that Fields was discovered by means of an govt search agency and was one in every of about 115 to 120 candidates.
How did Fields stand out from the group? Stated Lester: “Solely on vitality, ardour — and he was hungry.”
Lester, who owns Nissan of Bowie in Maryland and in addition has an accounting background, continued: “He jogs my memory quite a lot of me once I began right here at NAMAD about 20 years in the past. I am an outsider. Nicely, what’s an outsider? I got here in with a clear sheet of paper.”
Fields “has a servant management angle about him,” mentioned Lester. “So he’ll take this affiliation to a different degree.”
Director of Content material and Commentary Omari Gardner interviewed Fields, 35, through electronic mail after the NAMAD conference.
Listed below are edited excerpts.
Q: What you on this place?
A: Personally, I’ve all the time had a ardour for vehicles and the automotive world. Rising up, I’d acquire and construct mannequin vehicles. I bear in mind having a toy racetrack that I’d play with and race in opposition to my dad. Professionally, I’m coming into this function with a powerful monetary and nonprofit administration background. Having nearly 15 years of expertise inside the nonprofit sector, I think about myself a seasoned skilled. This place piqued my curiosity because it combines my data within the monetary nonprofit area with my ardour for constructing relationships with folks and love of cars.
What are your first impressions, as a newcomer to the trade, of the automotive retail world?
My first impression is pleasure and the way opportune it’s be within the automotive trade proper now. We’re beginning to see the shift from inside combustion automobiles to electrical automobiles. The emergence of digital retailing gives sellers a chance to reinvent themselves. There may be additionally motion on the federal degree with EV tax incentives and the Infrastructure Funding and Jobs Act.
What are NAMAD’s priorities within the brief and long run?
NAMAD’s twin short- and long-term priorities embrace persevering with to work to extend the variety of ethnic minority-owned new-car dealerships. We’ll proceed to work with our present trade companions and construct new relationships. I plan to extend communication amongst our members and others outdoors of the auto trade to create extra consciousness of NAMAD and our mission. Lastly, we’ll proceed our present relationships with our banking companions and attain out to nontraditional financiers and personal fairness companies to assist us safe financing for brand spanking new or further shops.
How do you and new Chairman Damian Mills complement one another as NAMAD’s leaders?
I couldn’t have requested for a greater chairman to assist information me as NAMAD’s new president. Damian Mills brings a wealth of expertise on the retail and neighborhood management degree, and his calm but authoritative nature might be an enormous plus as we transfer ahead collectively to guide this sturdy group.
What are a number of the greatest challenges confronted by present and potential minority sellers?
For our present homeowners, elevated rates of interest might scale back demand for brand spanking new vehicles. We’re slowly placing the availability chain disaster behind us, however some sellers are nonetheless going through stock shortages. Crucial election years can ship our economic system in both path, so this 12 months’s midterms and the 2024 elections loom giant within the instant and close to future.
For potential minority sellers, the immense value of buying a retailer and entry to capital proceed to be difficult. To be thought of, thousands and thousands of {dollars} in liquid funds are wanted. Though we acknowledge the packages obtainable to assist our future sellers overcome the entry to capital barrier, the problem nonetheless exists.
Have you ever taken the EV plunge, or are you on the brink of?
I have not taken the EV plunge but, within the sense of proudly owning one. However my subsequent car will most probably fall in that class!