Gene Cole

Gene gave us a presentation on the challenges facing business owners in general and car dealers specifically. The two major challenges are government regulations and communication.

Years ago it took $5,000 and one piece of paper to start selling cars. Today over 13 pages are required by local, state and federal agencies just to sell a car. Certainly we can understand the local and state, but why is the federal government involved? Every car buyer is required to provide a social security number. That purchase is reported the Office of Foreign Assets Control (OFAC) which is an agency within the Treasury Dept. to determine if you are on a terrorist watch list.

The SS# is also sent to the Office of Consumer Credit Commissioner (OCCC) to determine if you are current with your child support payments. Of course, none of these required reports are free. Each one adds to the cost of buying a car.

The way we communicate has changed the way business is conducted. Social media is a powerful tool that must be understood to be used properly. Cole’s dealership conducts Common Courtesy 101 classes to young people to help them understand how to use their social media to their advantage. Just as important is to know when not to use it and to remember personal interaction is still required.

In the car buying world, the children of the car buyers are more involved in the decision making process. As a result, McNatt trains their sales force to speak to the child (who is the likely driver) in the room, not ignore them.

Gene also spoke to the dangers to all youth of the dangers in Facebook and other social media. He talked of the fact that parents need to be more involved by using filters and accessing their child’s accounts. He spoke of a number of children whose lives have been changed for the worse by things they did thinking it was innocent fun.

McNatt Auto Group is very active in the Denton community. McNatt Community Support assists in car raffles for organizations. All of the money goes to the organization, usually school groups. As a result, in the past 6 years more than $1 million has gone to DISD to support various causes and events.

They also provide bottled water for any civic event when asked. In addition Mr. & Mrs. McNatt are instrumental in the new animal shelter in Denton which is being named in honor of Mrs. McNatt.

The most interesting fact is that people who like frogs like Hondas. So, all you frog-lovers, get on down to McNatt Honda.