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Michael E. Maroone started his career in the automotive industry as Ford Motor Company's youngest dealer. Today he is president of the largest auto retailer in the world, AutoNation. Until organizations like AutoNation entered the market, automobile dealerships were typically family enterprises. In the interview, Mike relates his family story, the evolution of family operated dealerships, and the consolidating of dealerships into AutoNation, a company with almost 400 outlets and $20 Billion in sales. Mike explains how AutoNation can successfully group dealerships in single markets. AutoNation is the third Fortune 100 Company founded by the ultimate entrepreneur, Wayne Huizenga. Now, Maroone and Chairman Michael Jackson must operate and grow the largest automotive retailer to the next level. Maroone's philosophies on leadership and management can apply to any business, not just the highly competitive automotive industry. Traditionally, auto dealership managers were related to the dealer. Maroone tells how the "glass ceiling" is eliminated and how the best and brightest are attracted to AutoNation through stock options and the potential for career advancement. Through their intensive training program, AutoNation reflects Maroone 's philosophy that "retail is detail."
RICHARD HODGETTS: I think one thing that the readers would like to know is something about your early background. How did you get started in this business?
MIKE MAROONE: Let me start earlier than that. My dad was one of the youngest foremen in the Ford Motor Company system back in 1953, which was the year I was born. He was making 300 dollars a week. Back then 300 dollars a week was big money. He was the first in his family to attend and to graduate from college. Unfortunately, he didn't like his job. He quit the job in spite of having three kids and a mortgage. He didn't know what he was going to do so he ended up getting into the retail automobile business, selling used cars. At the same time, his brother bought a Ford dealership and my dad soon after followed by purchasing his first store in 1954. I was one year old. He bought the store from a widow for $30,000. He didn't have $30,000 or even close to $30,000, so he borrowed money from his father's pension. His father swept floors in...