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Interview with Forrest Heathcott, President, JM&A Group |
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President,
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JM&A Group |
Contact Info:
jmainfo@jmagroup.com
(954) 429-2225
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Forrest Heathcott is President of JM&A Group (JM&A), one of the largest providers of finance and insurance (F&I) products and services in the automotive industry, and EVP of parent company JM Family Enterprises, Inc. Heathcott is responsible for directing, administering and overseeing the activities relating to JM&A's F&I, warranty products and services operations. He also serves as a member of JM Family's Executive Management Team, which oversees the development and implementation of the company's long-range planning and strategies for future growth.
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Ted: Please tell our readers about the history of JM&A Group.
Heathcott: Our founder, Jim Moran and one of his key officers, Dick Knox and the President of JM Family Enterprises at the time, John McNally, came up with the idea of getting into the finance and insurance consulting business back in 1978 to give the dealers support and help them become more profitable in this growing department. Over time, 29 years later, it has become quite a force and our company has grown from that humble beginning to one of the largest F&I providers in America today.
Ted: What are you charged with in your new role as President?
Heathcott: My primary charge is profitable growth and preparing our infrastructure and electronic capabilities to support that growth more efficiently as we move into the future.
Ted: What are the some of the most exciting things you're working on right now?
Heathcott: My timing of coming into the company was really good because we were in the midst of working on a new strategic plan. When you have 29 years of consecutive growth and excellent customer relationships, it is very hard to take an introspective look at yourself and see where you can do things better. But that's what our company did, by going through a few processes and challenging ourselves to do things better.
Ted: What were those processes?
Heathcott: One was called the sales process review. We basically took apart the way we deliver our products and services to dealers and tried to find ways to be more efficient and help our customers be more successful. We came upon three levels of growth that needed some attention.
Our first opportunity was same store sales and how we could help our dealers grow their business. The second is simply dealer retention; keeping the customers that we currently have. In a competitive business like this, there are always other competitors trying to attract our customers. We want to do a better job of retaining the customers that we worked so hard to get.
The third process we investigated is acquisition, bringing on new customers so we can help leverage some of the infrastructure that we've built. We just rolled this component out to our field force, and it's creating a lot of enthusiasm. It has been very exciting to be a part of a project where you put some wrinkles in your offensive package, so to speak, and go to market with a lot more vigor and a lot more strength as we move into the future.
Ted: In your estimation, what's the most challenging thing about working in the F&I business in this day and age?
Heathcott: Coming from the distributor side of the business, the thing that has probably been the most challenging for me is the state-level regulation. The fact that we do business in 50 states makes the business very complex. That has created quite a learning curve for me. The biggest thing facing dealers right now is a soft market. Dealers must make the most out of every profit opportunity they get. Because of this challenging market, dealers need excellent F&I coaching and consulting more than ever.
Ted: Please tell us about your history. What are some of the positions you've held before this one?
Heathcott: I began my career in the retail car business as a student. Shortly after college I joined Nissan Motor Corporation and worked there for 14 and a half years in numerous field and national assignments. I then joined Southeast Toyota in 1993, working on used car initiatives. I worked there for about a year before moving over to our finance company (World Omni Financial Corporation). I was Vice President of National Sales and coordinated their leasing and non-prime credit activities to all dealers outside of the Toyota distributorship relationship. From there, I moved to Southeast Toyota Distributors in December of 1998 to assume the position of Assistant General Manager, and remained there until June of this year.
Ted: Any advice you have for people who want to break into or move up in this business?
Heathcott: My biggest advice (and one of the things that was very helpful to me) is that you have to find a mentor early in the game to lead you and coach you; someone you trust who knows the ropes in the industry. I've had several along the way, which has been invaluable. I think you have to roll up your sleeves and work hard and remember that it is never an eight-to-five job, and it is never a five day a week job. In this business, your customers are open seven days a week and we have to be on call and ready to go seven days a week.
Ted: What do you like to do in your free time?
Heathcott: Based on the answer I just gave you, I generally work all the time! But, when no one is looking, when none of my co-workers can see me, I tend to coach a little baseball, play golf and exercise. I also aggravate my wife and kids at every opportunity.
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Clean Heavy-Duty Vehicle Conference 2008 |
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When: February 20-22, 2008
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For More Information:
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Henkel Names Craig Bell Sales Director for Japanese and Korean Accounts |
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Henkel recently named Craig Bell as Sales Director, Japanese and Korean key accounts for its North American automotive division, effective January 1, 2008. Bell will return to Henkel's Madison Heights, MI, facility after a two-year stint in Dusseldorf, Germany, to lead the Japanese and Korean OEM and automotive component sales teams in North America. Throughout his 14-year career with Henkel, Bell has held management roles in Henkel's chemical management and marketing organizations. He currently serves as Automotive Marketing Director in Dusseldorf, responsible for global strategy for the powertrain and components marketing segment.
www.henkel.com
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Vic Doolan Providing Strategic Counsel to Fisker Automotive |
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Fisker Automotive, Inc. had appointed senior automotive industry executive Vic Doolan to lead the charge in global retail development. Doolan will provide strategic counsel and input to the retail practice of Fisker Automotives overall growth objectives. His impressive automotive industry track record spans some 38 years and includes senior executive positions with BMW, Volvo and the Premier Automotive Group. Doolan developed and implemented winning strategies as President, BMW North America. More recently, Doolan led Volvo to record sales in the US and Mexico during his three year tenure as President, Volvo Cars North America.
www.fiskerautomotive.com
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Richard Luceri Joins JM Family as VP, Medical Services |
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JM Family Enterprises, Inc. (JM Family) has announced that Dr. Richard Luceri has joined the company as Vice President, Medical Services. Dr. Luceri has nearly 30 years of experience in healthcare. In his new role, he will oversee JM Family's Medical Services, and spearhead innovative programs that will benefit all associates and their families. Wellness and prevention will be his primary goals, along with excellence in medical evaluation and treatment. JM Family currently staffs on-site medical clinics at five locations in three states. The Medical Services team includes physicians, nurses, selected specialists, physical therapists, and a dietician and varies by location.
www.jmfamily.com
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Al Ver Retiring from Ford, ACH |
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Al Ver, a Ford Motor Company VP, and the CEO and COO of Automotive Components Holdings (ACH), has elected to retire at the end of the year, after a 35-year career with the Ford Motor Company. Ver joined Ford in 1972 as a manufacturing process engineer at the Mt. Clemens (MI) Paint Plant, and has held a number of engineering and manufacturing positions within Ford and its component operations during his career. Ver will be succeeded by Bill Connelly, who has been named Chief Executive Officer, ACH.
www.ford.com
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Jeff York Named GM of ADESA Sarasota |
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ADESA has named Jeff York General Manager of ADESA Sarasota. York worked most recently as auction manager at Manheim Orlando. York began his career as owner of his own reconditioning franchise.
www.adesa.com
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Shira Goodman Elected to CarMax Board |
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CarMax, Inc. recently announced that its Board of Directors has elected Shira Goodman, EVP of Marketing at Staples, Inc. to membership on the board. Goodman, 46, joined Staples in 1992 and has held a variety of positions of increasing responsibility in general management and marketing prior to her promotion to EVP in 2001. In her current role, Goodman is responsible for the strategic, creative, operational and financial aspects of all Staples' marketing, advertising, public relations and charitable giving programs.
www.carmax.com
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Loud, Positive Buzz for New Malibu |
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'One for the Road' seeks each week to find, feature and share a quote from a leading automotive executive that is timely, insightful and substantive.
"Word of mouth is becoming more and more important and the Internet world is having more of an impact on what people think and on the formation of opinions. It used to be, as an automaker, you could rely on print ads and TV ads to form an initial opinion on a launch."
-- Jesse Toprak, Senior Analyst, Edmunds.com
Sourced From: Detroit News, November 19, 2007
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