Tim’s incredible career has not come without its challenges. Tim has demonstrated fortitude, determination and remarkable initiative in helping the industry navigate financial storms. “As an auto dealer, I have endured three financial crises during my career. The first, when the banks failed in the late 1980s, was really tough. In Kerrville, out of the seven banks in the town, all failed but one. Back then, dealers were on recourse with their financial institutions. We were getting billed for cars that were repossessed and sold at auction,” Tim recalled. Things became tight financially, and there wasn’t a clear path forward. Around this time, Tim decided to visit his friend and mentor, Jim Yawn. Jim was a dealer out of Alice, Texas, and a long-time friend of Milton’s. Tim explained to Jim, “I’ve tried to go to Chrysler Financial and GMAC to get off recourse because, they keep repossessing these cars, and send me a bill for the difference. I’m running out of cash.” Jim replied, “Have you talked to your dad yet?” Embarrassed, Tim replied, “No, I have not.” Jim said, “First thing tomorrow, tell your dad how bad things are. And then call the zone manager.”Tim said he would but asked why he would tell Chrysler how bad things were. “Because I’m in the same boat,” Jim said. “And you’re a good dealer; they’ll get you an emergency loan for operating capital.” Tim followed through, received a loan and weathered the crisis. Tim faced the second crisis during the Great Recession of 2008-09. “A few months before the crisis was official, my banker from Wells Fargo walked into the dealership and said, ‘Tim, I need to talk to you. Can we go to your office?’ We went to the office and shut the door, and he told me that $9.3 million of the ad associations’ money was frozen.” In shock, Tim replied, “What?!” The banker said, “Well, there’s a liquidity crisis going on.” An emergency meeting was called, and the head of Wells Fargo flew into Dallas to meet with the Advertising Board. The bank was initially willing to give a loan for $0.50 on the dollar. After much negotiation, they finally got a loan for 95% of the frozen money and paid the same interest as they were getting. It kept the advertising going in Texas for the dealers. The pandemic of 2020 took the world by surprise. “We were required to react quickly to an unprecedented health crisis from both a cash flow perspective and public health perspective,” Tim reflected. Having learned a lot from past crises, Tim was able to pivot calmly and quickly. He immediately stepped into action, cutting expenses nonrelated to staff, applying for loan programs and implementing safety measures so no employees had to be furloughed or terminated. This was a huge feat: to keep his staff employed amid a pandemic that resulted in over 1 million job losses across the U.S. Crenwelge Automotive Group has stood strong for over 98 years, keeping its family values and consistent nature. The Group has spanned three generations and three automotive dealerships in two adjacent counties. Today, they hold the title of the longest-standing dealership in the Texas Hill Country and the oldest Jeep dealer in Texas. If all goes as planned, a fourth generation of the Crenwelge family will be ready to take over when the time is right, carrying the family legacy forward. Looking ahead, Tim has goals as TADA chairman. “This is a legislative year, and there are going to be a lot of bills introduced that may affect our industry in addition to the bills that we’re going to have. There is so much happening with the FTC, changes in EVs, selling direct and more. I intend to be very active and vocal about what is happening and what is good for the industry.” Tim encourages members to get involved and, when they can, go to Austin when the hearings take place. “I can’t express enough the importance of staying informed and involved. So please read your emails and respond. We are stronger when our voices are united,” he said. 13 DEALERS’ CHOICE
RkJQdWJsaXNoZXIy MTg3NDExNQ==