On the latest episode of Founder Focus, Steve Greenfield speaks to Brian Reed with Digital Auto Advisors. Since 2009, Reed has focused on solving problems in the automotive technology space. This earned him J.D. Power’s Pioneer of the Internet in 2006 for establishing auto finance on the internet.
Reed begins the conversation by discussing the spark that got him started in his career. Reed says that most of his career has been focused on solving problems or creating something new. He then discusses the auto finance platform that he built alongside Mercedes-Benz. It was during this time that he realized he wanted to get out and build something that was all his own.
He then talks about the business venture he built called Intersection Technologies, which became widely known around the automotive industry as F&I Express. The platform grew on the concept of digitizing the finance and insurance aspects of dealerships.
Reed says his urge to become an entrepreneur developed over time. He says over the course of five years, he took time to learn and sort out what business he wanted to take on. The hardest decision he ever had to make was selling the company. When Cox Automotive made a great offer, Reed and the company’s board had several meetings to think through if it was in the best interest of everyone to sell at the time or to hold onto the business and try to sell at a higher price later. In the end, they agreed to the deal from Cox and were very happy with their decision.
Reed concludes the conversation by saying that he doesn’t have any regrets about his entrepreneurial journey. He tells aspiring entrepreneurs to always chase after what they believe in. He tells them to not be afraid of failure, but to use it as a motivating tool to help catapult them to their goals.
Did you enjoy this episode of Founder Focus with Brian Reed? Let us know your thoughts in the comments!
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