Local Banking Provides Quicker Decisions for Luxury Auto Dealer
A conversation with Kevin Killilea, VP - CFO/COO, Soave Automotive Group
Soave Automotive Group
The Soave Automotive Group is the automotive retail arm of Soave Enterprises, a Detroit-based company owned by Anthony Soave. With 10 sales franchises, the Soave Automotive Group is composed of Aristocrat Motors, Mercedes-Benz of Kansas City and BMW/VW of Topeka.
Kevin Killilea, VP - CFO/COO
What are the biggest challenges you face as a business?
Our business is unique largely due to the market. Since Kansas City is geographically divided by the state border running through the city, most automotive providers view it as two markets. Kansas City became an oversaturated market. Soave Automotive Group operates mostly in the luxury car category, which is represented significantly less, but we must maintain our edge to keep competitors from selling our brands. We provide our customers with high-end vehicles but also face the challenge of having the inventory and presence that satisfies both the customer and the brands we represent.
How did Enterprise help solve these challenges?
Our parent company, based in Detroit, allows us to exercise our expertise in our market and make decisions that put the business on the right path. As the economy took a turn in 2007, we made one of those decisions by choosing to bank locally with Enterprise. Our banking services began with treasury management and led into a lending relationship. With Enterprise, we’ve financed existing locations along with a construction project in Topeka.
What is the impact to your business?
As we grow our business physically, we have been able to speak with Enterprise’s local decision-makers that can address our needs more quickly than others. Building business relationships in our community is a high priority to us and, through working with Enterprise, we’ve been able to establish that connection with them and, additionally, meet other local business leaders. “Through working with Enterprise, we’ve been able to build business relationships in our community. We’ve established that connection with them and with local business leaders.”