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Acquiring Minds
How to Buy & Transform a 120-Year-Old Manufacturer
Feb 20, 2025
Lucas Philips, the owner of Newark Auto, shares his journey of transforming a 120-year-old manufacturer into a thriving DTC e-commerce business. He discusses how his startup mindset helped him navigate the challenges of acquisition and staff motivation. At just 23, he made bold decisions, including modernizing operations with AI and investing in technology, while learning to trust his instincts. Lucas also talks about strategic acquisitions, expanding into the Porsche market, and highlights the emotional complexities of managing a legacy workforce.
01:43:36
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Quick takeaways
- The guest's transition from a dealer-focused model to a direct-to-consumer e-commerce platform revitalized customer engagement and expanded market reach.
- Significant operational improvements, including modern cloud ERP systems and CNC machinery, transformed Newark Auto's efficiency and scalability in production.
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Transformative Vision
The guest of the episode outlines his ambition to not only adopt typical digital tools like CRM and ERP systems but to fundamentally transform the manufacturing business model for Newark Auto, which specializes in vintage automobile upholstery. This company was traditionally a dealer-focused operation, selling replacement parts through intermediaries. By establishing a direct-to-consumer (D2C) e-commerce platform, the guest aimed to enhance customer engagement and broaden market reach. This move reflects a strategic pivot to adapt to modern consumer buying habits and capitalize on the growing trend of online shopping.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode