Joey Logano has recently elevated his Ford partnership to the next level through a calculated diversification strategy by entering the automotive retail space, acquiring an ownership stake in a Ford store in Huntersville, North Carolina. The store operates as a dealership within the Krause Auto Group, and Logano will collaborate closely with operating partner Stacy Cowan, the store’s general manager.
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Logano recounted that he cultivated a relationship with his hometown dealership staff over the years by borrowing cars for marketing events and partnering to give away vehicles through his charity. Given that he had been contemplating investing in the car dealership business, Logano spent the past year or so educating himself on the retail industry so he could get in with both feet.
The Team Penske driver acknowledges that he competes in racing and not dealership operations, which is why there’s considerable ground for him to cover. But he also believes he can bring noteworthy value to the business.
“As a race car driver, you have an unfair advantage in business because I’m able to pretty much connect with about anyone I want to connect with, which is a great tool to have,” said Logano per Autoweek. “The goal here is to take what Huntersville Ford already is in the Krause Auto Group, that’s grown an incredible business, and try to add a little bit more to it…”
Logano’s knowledge of Ford’s product line will serve him well in the dealership world. Beyond that, given his proximity to the OEMs through NASCAR, he feels, “My tool and my resource that I’m able to bring to the table comes from winning on Sundays…”
“I’m not going to go in there and completely change the place and tell everyone how to do everything, but use me as a little bit of fuel that can be on the fire that’s already there,” he continued.
Cowan can see the enthusiasm in Logano for the new venture. Logano asked early on to spend time in each department, including service and sales, to grasp every detail of how the dealership operates, and he appeared genuinely interested in every aspect. Logano is not expected to be a silent partner either.
The #22 Team Penske driver reinforced this belief, stating that his normal day job will have to take priority during NASCAR season, but added that how he performs on the track might help boost sales for the store.
Furthermore, the dealership plans a rebranding and other marketing initiatives that leverage Logano’s name and image. The dealership currently sells 1,500 to 1,750 new vehicles annually, but expects sales to increase with Logano’s involvement.
