Hendrick Motorsports is a motorsports organization that fields four full-time Chevrolet teams on the NASCAR Cup Series circuit. They include the drivers Kyle Larson, Chase Elliott, William Byron and Alex Bowman. It was founded by Rick Hendrick in 1984. The beginning of the story really starts in 1976. Hendrick came from a humble beginning in the small community of Palmer Springs, Virginia on a farm. He went to North Carolina State University. While in Raleigh, North Carolina, he participated in co-op work-study program with Westinghouse Electric Company. He opened a local used car lot under an established dealer. This was the first big step in his entrepreneurial journey. At the age of 23, he earned the status of general sales manager of a new-car import operation under the dealer. According to his website, “In 1976, Hendrick sold off his assets to purchase a struggling franchise in Bennettsville, South Carolina, thus becoming, at 26, the youngest Chevrolet dealer in the United States. His influence sparked a dramatic sales increase as the once troubled location soon became the region’s most profitable.
Rick Hendrick took this small startup to more than 140 retail franchises across 14 states. He runs the largest privately held dealership group in the country, now operating collision centers and accessories distributor installers as well. According to his website, “Hendrick Automotive Group generated a company record $9 billion in revenue in 2016 after selling more than 200,000 vehicles and servicing over 2.6 million cars and trucks. Hendrick leads the organization, which employs more than 10,000 people, as its chairman.” This endeavor now employs more than 600 employees and occupies a 430,000 square foot workspace on 140 acres of land in Concord, North Carolina. Rick Hendrick is a leukemia survivor and has now engaged in philanthropy that has donated over $15 million since 1997.
http://www.hendrickmotorsports.com/
I think it is amazing that he was able to take a struggling business, make it profitable and then turn the surrounding community into a thriving economic area.
It’s amazing that he was able to perform such a turn around. He is an example of an entrepreneur who innovates not by making a whole new company but by turning around an existing one.
Rick’s story is so interesting! It is very inspiring how he took a chance on a struggling business and was able to turn it into the largest privately owned dealership group in the country! This story is the perfect example of what you can achieve with hard work and determination.