There was a world before 2020 – a pre-pandemic world – where life at various dealerships was different than it is today, in 2022. Back in 2019, CFADA had a brief discussion with board member Randy Parks, and he was happy to share with us his insight on the industry, his dealership and being a board member of CFADA.
This article was originally published in 2019-2020 Issue 2.
To begin, describe your education background. What did you study?
I have a BBA from the University of Miami, School of Business, and an MBA from Rollins College, Winter Park, Florida.
So how did you become a car dealer? Did you always aspire to be part of the automotive industry?
I always had a liking for the auto industry. I was raised around it. I did pretty much anything and everything in the business growing up. My dad, Jack Parks, was a dealer, and while I loved my dad very much, I never really wanted to work for him. I worked as a property and casualty agent for a while – had my own agency – and worked with a lot of dealers. I enjoyed it, but I was still intrigued by the auto industry. But I felt very strongly that if I entered the auto industry, I wanted to do it on my own. In the fall of 1979, with some friends and partners, I purchased Longwood Lincoln Mercury. That was more than 40 years and 11 locations ago. And I can’t imagine a better career.
Do you have family members in the auto industry?
My brother, Ron, works in the family dealership. My dad passed in 2012. (In 2019, when the interview with Randy was conducted, his son was working with him and to that point, had worked with him for about five years.)
Did any specific individuals have a major impact on your career?
My dad, Jack Parks. I learned a lot from him.
What are some professional moments that make you the proudest?
I would say that I am still here. I had a bit of an unusual start. In 1979, when I bought my first dealership, the economy headed straight south. The prime rate was 23%, and inflation was at 15%. Trying to make it as a new dealer was beyond tough – in fact, words like “tough” and “hard” don’t do the years between 1979 and 1982 justice. It was brutal. There were many days when I didn’t know if there was going to be a tomorrow. But what I did know was that failure wasn’t an option. We took each day as it came – and every day was pretty much an eight-alarm fire drill. I look back at those years, and there was little fun or enjoyment. Calling those years the worst economic times in memory seems pretty trite and trivial to many of us who ran dealerships and came out the other side. In the mid-1980s, “Reaganomics” kicked in, and when interest rates finally fell below 15%, we all felt we could breathe easier.
If you could describe your best day in this business, what would it look like?
Anything that doesn’t resemble the years between 1979 and 1982!
Based on your experience and all you’ve been through in this industry, what do you think will be some of the dominant trends within the auto industry in the next five to ten years?
There are a lot of industry disruptors right now. There’s a lot of discussions as to what it all means and the place of dealers in all of it. I believe in the franchise system – I think it makes sense. The auto industry is entrepreneurial at its core, and I think that whatever comes, we’ll be here selling it.
If you look back at your career and life, what would be three things you have learned that you would pass onto a younger member within the auto industry?
I think realizing that nothing is easy would top the list. Also, it’s lonely at the top. Running a successful business is hard work, and it’s about commitment, all while making those tough decisions. It doesn’t get easier.
Was there ever an “aha” moment in your career that defined you?
I think the elusive “aha” is a moving target. I think this business is too humbling to get too comfortable.
Through your dealership, are you involved in any civic or charitable organizations?
Yes, we are. We do a lot with the Boys and Girls Clubs and Toys for Tots, as well as youth and high school sponsoring throughout our area. My wife and I also are pretty involved with our church.
Describe your all-time favorite vehicle (it can be one you’ve owned or something on your wish list). What are you driving today?
I think this is going to sound a little strange, but I’m not really a car enthusiast. I am more of a widget and people kind of guy. But I will say that my first car, a 1969 Ford Galaxy 500, was pretty cool.
What is the biggest impact of being a CFADA member? What makes it beneficial?
CFADA provides a level of security in a capital-intense business. As dealers, we have invested substantially into our businesses – we have everything on the line in many cases – and knowing that CFADA is there, along with our state and national association, is very comforting. Our industry has a lot of moving parts beyond just running a business. We’re heavily regulated. The industry requires training to keep up with new laws and mandates. Our franchise rights are constantly under attack and being scrutinized. CFADA provides that level of security and advocacy that we as dealers need to be successful.
What can you tell us about your family?
My wife Linda and I have two children. Our daughter, Cameron*, is married and works as an attorney. Canden, our son, is single and works with us at Parks Motor Group. Linda is a tax CPA and owns her own practice. And no, I don’t get my business returns done for free, I am a paying client. (*Back in 2019 when CFADA interviewed Randy, Cameron was pregnant with the couple’s first grandson!)
What is your favorite way to spend your free time? Any unusual hobbies?
I play golf at a fairly high level. I am an avid sports enthusiast in general, but in the end it’s all about family time. Nothing unusual. I take every opportunity I can to spend time with my family.
Before we wrap this up, tell us what the most rewarding part of your career has been thus far?
I would say improving people’s lives. Seeing their growth from entry-level positions to management is very rewarding. It’s a daunting responsibility to be an employer, and it’s something that I have never taken lightly.
