Early Life
Terry Taylor's journey in the automotive industry began in Daytona Beach, Florida, where he worked alongside his father in a used Ford shop. This early exposure laid the foundation for his future entrepreneurial endeavors. Taylor's father, Warren Taylor, was a Marine Corps veteran who opened a used Ford lot. Taylor started working at the dealership in his teens, which gave him an early insight into the business.
Rise to Success
In 1982, Terry Taylor purchased his first new car dealership, selling Fords in Daytona Beach. From there, he expanded his holdings through careful acquisition and consolidation, building a vast network that today consists of over 120 dealerships nationwide. By the 2000s, Taylor had started to move upscale, with luxury car brands like Mercedes, Lexus, and Porsche occupying a growing portion of his empire, and his bottom line. A key strategy was offering his general managers equity in the dealerships, typically around 25%, fostering a strong sense of ownership and commitment.
Key Business Strategies
A distinctive feature of Taylor's management strategy is offering general managers a minority equity stake, typically 20-25%, in their respective dealerships. In order to facilitate this strategy, Mr. Taylor will offer to finance the buy-in. This practice allows Taylor to maintain majority ownership while incentivizing the general managers to ensure high performance at the ground level. High-end dealerships often generate revenues twice as high as their consumer brand counterparts, according to auto industry analysts.
Philanthropy
While details on specific philanthropic initiatives are limited due to Taylor's preference for a low profile, his business practices suggest a commitment to long-term partnerships and community involvement through the success of his dealerships. He also has a penchant for the good life, spending at least $180 million on lavish homes and owning a private jet.