Jimmy Berg grew up with the entrepreneurial spirit. A Baltimore native and 1980 graduate of Randallstown High School, Berg worked from an early age — his first job was cutting neighbors’ lawns — and always knew business was his career path.
“I always aspired to be a business owner,” says Berg, 58. “I didn’t grow up with a lot of money, so I always worked hard to earn what I made.”
A University of Maryland graduate, Berg has spent the past 36 years working in the retail automotive business. He started his career in Baltimore, spending more than two decades with Len Stoler Automotive before branching out on his own.
Now, Berg owns three car dealerships in New York, is a partner in AutoBuy, one of the country’s largest car buying companies and sits on a handful of nonprofit boards.
Jmore recently caught up with Berg, who will appear Tuesday, June 15, from 4:30-6 p.m. at a virtual panel discussion about entrepreneurship presented by Jmore. Joining him on the panel will be Jonathan Ehrenfeld of Blue Ocean, John Shmerler of Radcliffe Jewelers and Harel Turkel of SOS Technology Group.
Jmore: Why did you always want to be an entrepreneur?
Berg: I was always business-oriented and enjoyed the rewards it brought. But I always took that success and gave back a lot as well.
It’s not just about the money in business. Making money is nice, but making a difference in people’s lives is what’s important. Putting smiles on people’s faces is the best investment you can make. Being in the business world makes it possible to make those differences in the nonprofit world.
What advice do you have for aspiring entrepreneurs?
If you’re looking to start your own business, you must be willing to live and breathe it 24 hours a day, seven days a week. Entrepreneurship is not a 40 hour a week job. You have the constant pressure of being successful.
You have employees and customers relying on your decision-making. You have big decisions that need to be made on a constant basis.
I also recommend focusing on your employees. I am very focused on my employees because if you have happy and satisfied employees, you have happy customers.
How do you succeed in business?
You must acknowledge you don’t know everything. It’s important to have a good group of advisors around you, whether it be your attorneys, your accountants or friends you respect in business. That way, you can bounce ideas around and talk to them. Others have been through things, so you need to a have a good core group of people you can rely on for advice.
But in the end of the day, it’s your decisions that are going to make or break you.
You’re a partner in AutoBuy. Can you tell us a little about that?
I became an investor in AutoBuy three years ago and we have grown substantially, becoming one of the largest independent cars buying business in the country. We are a disruptor in the industry and supply-to-used car retailers nationwide. We buy anywhere from 800 to 1,000 cars a month from consumers, and sell them to dealerships and online.
How is AutoBuy a disruptor in the car-buying industry?
Because of our network of buyers throughout the country, we can offer consumers the highest price for their car. We have 11 locations in Florida and buy virtually as well. When we buy cars virtually, we do a virtual appraisal, pick up the car within 12 hours and send customer an e-check. It’s seamless.
How did the pandemic impact you as a business owner?
What we went through over the last year created incredible amounts of challenges. Not only in protecting business, so we could be successful in the long run, but protecting our employees and customers when business came back.
In the beginning, COVID was scary, an existential threat. When it first hit, we were shut down. I didn’t know if I would still be in business. Fortunately, we were able to persevere, and the car business was one that prospered after the initial shock of COVID-19.
What’s your favorite thing about running your own business?
The fun part now is having my two sons work in the business with me. One is general manager of the dealerships and the other is working with me to develop a completely virtual online used car dealership.
I always made sure my kids worked and got a good education. The best way to teach your children is to lead by example.
For information about Jmore’s 2021 Entrepreneur Event, visit jmoreliving.com/entrepreneur2021
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