“In any endeavor you are involved in it’s important to surround yourself with value creators, opinionated people and those skilled in their area of expertise. You want to make sure you don’t make the common mistake of building a team full of “Yes Men”, people with the same skill sets as you, or those who bring the team down with their negativity. – John Wooden
Bob Sexton and John Pico are students of the industry. Over the course of five decades, Mr. Pico has participated in over a thousand automotive transactions, assisting dealers, lenders, investors, accountants and attorneys in a plethora of circumstances ranging from out of trust situations, mergers and acquisitions, to lawsuits, meditations and arbitrations.
Mr. Sexton has served as both as Director of the Auto Industry Division and as Executive Secretary of the Motor Vehicle Dealer Licensing Board at Colorado Department of Revenue.
Their experience and knowledge could save clients thousands of dollars by helping them avoid illusory solutions and duplicating research.
In one instance where the District Attorney filed a civil suit against the dealership, its owner and a former sales manager, the Deputy District Attorney stated at a press conference on June 29th, that he “investigated more than 35 separate complaints in a probe which began in January.” And that he found the “unfair business practices date as far back as (3 years).”
After just two depositions, the case was dismissed and in a press release 90-days after the suit was filed, the Deputy District Attorney in charge of the consumer fraud division stated that: “witnesses who had earlier told what they claimed were unfair business practices recently changed their testimony.”
The fact is, the witnesses did not really change their testimony; they were just asked specific questions based upon a thorough understanding of the industry and, when framed in the correct context, their answers did not support the charges.
MEDIATION / ARBITRATION
Too often people undertake automotive transactions with mediators and arbitrators that do not know the definition of PMA, never read an SSA, never heard of PV, PP, or QCP and has no idea what it means when someone mentions MSO, beater, or Paragraph 3.
If you find yourself in that situation, you all can save a lot of money having the parties go into the hall and flip a coin to decide the case. The odds are 50/50 you would get the same result.
Even if you do it right and get opposing lawyers and a judge or jury that are students of the industry, lawsuits can take from two to five years to come to trial, can cost hundreds of thousands of dollars, and can place untold stress and strain upon you and your business. So why not save yourself time, money and aggravation by getting an unbiased, educated opinion about your case, in a reasonable period of time, and for a reasonable fee?
Nearly forty-years of hands-on experience per arbitrator, means two things to you: (1) you do not have to pay to educate a judge about the car business; and (2) you get a decision / recommendation that is practical.
Our people have mediated such matters as dealer / lender disputes, divorces, valuations and partnership disputes. They have also supplied litigation support in those areas.
“An industry savvy mediator can make a difference in the rest of your life –– and so can a rookie.” John Pico
*Click for a summary of State Mediation Requirements
*Click for a summary of New Car Dealer Laws