--- title: "Michael Wimmer: Scale Arises From Calculated Financial Risks and Uncompromising Company Culture" url: "https://authoritymag.co/articles/michael-wimmer-scale-arises-from-calculated-financial-risks-and-uncompromising-company-culture" publisher: "Authority Magazine" author: "Jason Hartman" authorUrl: "https://authoritymag.co/authors/jason-hartman" interviewee: "Michael Wimmer" company: "AutoLenders" category: "Business" datePublished: "2022-08-29T09:33:55.859Z" dateModified: "2026-11-12T17:07:34.590Z" tags: "Business" --- # Michael Wimmer: Scale Arises From Calculated Financial Risks and Uncompromising Company Culture *The founder of AutoLenders shares how transitioning from a small finance operation into a multi-state automotive empire required relentless vision, strategic timing, and a family-first workplace culture.* > I knew I was ready for a career outside of General Electric and had always known I wanted to be an entrepreneur. --- As*a part of our series about 5 Things You Need to Run a Highly Successful Family Business, I had the pleasure of interviewing Michael Wimmer.* *With over 45 years of experience, Mike Wimmer is a trailblazer in the automotive industry space. His career highlights include founding*[AutoLenders](https://www.autolenders.com/)*, New Jersey’s #1 pre-owned car dealership for over a decade, and Certified Automotive Lease Corporation (CAL), and AutoLenders Go (ALGO) both wholly owned subsidiary of AutoLenders.* --- **Thank you so much for joining us in this interview series! Before we dive in, our readers would love to learn a bit more about you. Can you tell us a story about what brought you to this specific career path?** Looking back, I never thought I would be in the automotive industry. I started my career with a dual major in biomedical and electrical engineering thinking I would go into marketing and business. After school, I was recruited by General Electric for a select program within its medical division — a program I owe much of my success to. The program was in Wisconsin and after a few years, I was ready for my next adventure — not to mention that my father-in-law, who ultimately became my best friend, was ready for his daughter and I to return home to the Northeast. During my time with GE, I became well-versed in leasing. I led the Northeast division and was responsible for managing the division’s capital and leasing equipment to hospitals. It was this experience that allowed me to jump into the automotive world, specifically the banking and financing side of our future operations. With that, my father-in-law always wanted me to join his company — a four-person, service-based company in automotive finance that provided funding to new car dealers. I didn’t agree until one day, a bank in North Jersey gave my father-in-law an opportunity to open business in and service the area. I knew I was ready for a career outside of General Electric and had always known I wanted to be an entrepreneur. Thanks to my experience with GE, I knew I had a skillset and the expertise to help my father-in-law and his company take on this new venture. It took some convincing, but I finally agreed. Today, this company is known as AutoLenders, with CAL Automotive and ALGO as its subsidiaries. **Can you tell us a bit about your family business and your role in it?** AutoLenders is a high-volume, high-margin pre-owned car dealership that offers the highest quality, one-owner, off-lease vehicles on the market. AutoLenders operates a family of companies that provide auto leasing services and retailing for used and off-lease vehicles known as [CAL Automotive](https://www.calautomotive.com/) and [ALGO](https://algonation.com/). CAL Automotive, our auto leasing company, establishes a growing pipeline of hand-selected vehicles that provides low-mileage leases to super-prime customers. ALGO, our auto purchasing division of AutoLenders, buys vehicles directly from their owners for AutoLenders retail inventory and it sells wholesale inventory nationally at various Manheim auctions. However, the success of our family business is because of my father-in-law’s finance company — it is the nucleus of everything we are today. Let me explain. In the late 70s, I joined my father-in-law’s company and brought it into consumer leasing. Over time, this became a bigger part of the company framework. In 1984, I took over the company full-time. Here, we became a full-service company and took the risks that brought us to AutoLenders, together with CAL and ALGO. The first major risk I took was founding Hann Financial in 1985 as a provider of automobile financing and leasing products. Over the next five years, I came to realize we shouldn’t rely solely on car auctions for inventory. This led to my founding of AutoLenders in 1989 as a way of capitalizing on the residual value of Hann’s off-lease vehicles. In 2000, we sold Hann Financial to Susquehanna Bancshares, but AutoLenders continued its sourcing partnership with Hann. For the better part of the next two decades, we saw exponential growth and opened a new dealership in New Jersey almost every year. In 2015, we transitioned AutoLenders away from Hann Financial after BB&T acquired Susquehanna Bancshares. This led to our next risk: founding our own finance company. I started from scratch, but in 2016, I created CAL Automotive as AutoLenders’ leasing arm. Finally, in 2017, my son, Brad, and I founded ALGO as an online car buying service that offered at-home appraisal. To summarize, when I first joined the company, myself, my father-in-law and just four other employees made up the entire staff. The office was based in Bridgeton, New Jersey and I agreed to stay with him for just one year. Within six months of when we started, our presence within North Jersey outgrew its South Jersey presence and within a year, the company was twice as big. Today, we have showrooms in three states; more than 500 hundred employees; a finance operation in 5 states; and a virtual buying company in 15 states — not to mention that CAL Automotive has a portfolio in excess of 1.5 billion dollars and over 50,000 customers. **Can you share the most interesting story that happened to you since you began this career?** The most interesting story that has happened since I began this career was the day we made the decision to branch out from a service, marketing-based company and become a full-service automotive finance operation. I remember the first day we opened, it was a Monday. I was so eager to open the doors and have our first day of business that I got to the shop at 5 a.m. Since it was the 80s, the leasing applications would come through via fax machines. So that morning, I walked to the back of the office to our six fax machines to see if we had any business. I was pleasantly surprised when I saw the bins underneath each machine overflowing with applications. I don’t know what I would have done if they were empty. Branching out of our business was a big risk and seeing so many applications come through meant we had done something right. **Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?** When I was 26 years old, I was beginning to hit my stride in the automotive leasing world and had befriended a fellow industry leader in the area. One day, this friend invited me to dinner with a high group level of executives at a very high-end restaurant he selected. At the end of the dinner when the check came, I grabbed it; however, as I gave the waiter my card, he informed me it was a cash-only establishment. Dinner was expensive, and when I looked in my wallet, I did not have nearly enough cash to pay for the bill. I turned to my colleague, but he just laughed and said he would take care of it. This became not only a longstanding joke between us about me trying to be a “hot-shot,” but also a valuable lesson for me to always anticipate and prepare for all situations. Needless to say, now, I never leave the house without enough cash to cover lunch or dinner. **What do you think makes your company stand out? Can you share a story?** Aside from AutoLenders’ extremely unique business model, our people and our work ethic are what make us stand out. This company is rooted in the values that formed when my father-in-law and I had just started working together, namely compassion, trust and culture. When I joined, we were just a team of six. Today, we have showrooms in three states and hundreds of employees. I attribute our growth directly to our culture. As you grow in a family business, you aim to treat everyone like a family member. At AutoLenders, this means leading by example, not fear, as well as holding each member to high expectations. When you do this, you know that you will learn from your mistakes, survive the hard times and celebrate the good moments, together. This was especially true for AutoLenders amid both COVID-19 and the global chip shortage. In March 2020, like many companies, we were shut down. Though we weren’t sure how or when we would be operating again fully, what mattered most was taking care of our people. We checked in on each other, like family does, and in doing so, became even stronger. This allowed us to work hard and shift our entire business model. By June, we were back up and running. Later, as the chip shortage grew, we were the only pre-owned car dealership not afflicted by a lack of inventory because of our business model. Still, our ability to continue business as usual was because of the strength of our employees and the trust they have in us as a company. Overall, it is well-run companies with a strong culture, like AutoLenders, that succeed in difficult times because they find and seize the opportunities that exist, not dwell on the problems that exist. **Are you working on any exciting new projects now? How do you think that will help people?** We are excited to be opening new locations in Florida. Though we are thrilled for our company to grow, what we are looking forward to most is creating new opportunities for our AutoLenders family. As we branch into the Tampa, Jacksonville and Orlando markets, we are always looking for the best talent to manage all aspects of our newly acquired stores. However, it is important to us that we support family, which is why we offered our existing AutoLenders teams the opportunity to relocate and progress in their careers through managing these openings and spearheading these initiatives. Family takes care of family, and for our AutoLenders team members looking for new, fresh or different starts, we are thrilled to offer them a chance to do so in the “Sunshine State.” **None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?** Throughout my career, I have worked with several individuals who have all helped me become a better manager and leader in different ways. Each of these individuals has helped me set a higher bar and standard, both personally and professionally; however, of all of them, my son, Brad, is the person I am grateful for the most. Brad, now President of AutoLenders, is the individual who has helped push me to take the company to another level. Not only am I proud of all the wonderful things he has accomplished, but of the person he is. Brad joined the AutoLenders team on his own volition, and since then, I’ve watched him flourish, develop his own identity and help cultivate the next generation of AutoLenders. **How have you used your success to bring goodness to the world?** Community and philanthropy have guided AutoLenders’ success. That said, as the brand has evolved, so has our commitment to not only ensuring Autolenders’ employees and customers feel valued, but that the communities across its East Coast footprint feel seen and supported. For example, [AutoLenders partnered with Make-A-Wish Philadelphia, Delaware & Susquehanna Valley](https://www.prnewswire.com/news-releases/autolenders-supports-wish-heroes-campaign-with-a-10-000-donation-to-local-make-a-wish-301546719.html) and donated $10,000 to the April Wish Heroes Campaign to support a child’s wish in observance of April’s Distracted Drivers Month. AutoLenders is also partnering with the [Vorhees Animal Orphanage](https://www.vaonj.org/) for their “Pit Ball” in December of 2022 to raise money and increase awareness for this local shelter that supports rescued animals until they are in better care. We are so grateful to the Pennsylvania, New Jersey and Florida communities that have given us so much. That is why we created the Wimmer Family Foundation in conjunction with AutoLenders. I’m proud to share that foundation’s most recent efforts include returning to our South Jersey roots through sponsoring youth sports programs in the six townships that create AutoLenders’ original footprint. My son, Brad, President of AutoLenders, and I wanted to not only share our family’s love of sports, but help these communities grow in the ways they helped AutoLenders to flourish. Being involved in sports, especially at a young age, prepares you for the real world. I am a firm believer that you have to learn how to compete, but you also need to learn how to do it gracefully — and with a team. We are thrilled to give back to the place where we grew up and look forward to continuing to give back to the communities across our entire AutoLenders footprint. **Ok thank you for that. Let’s now pivot to the main parts of our interview. How do you define a family business? How is a family business different from a regular business?** How do you just become a regular business? At one point in time, most businesses started as a family business. The truth is, when you are creating and running a business, you spend a lot of time away from your family to be with this other family, so you want to make your time well worth it. The key to a family business is culture and making sure your culture stays the same as your business grows. Really, your culture needs to be contagious, starting with the leaders at the top. Your business shouldn’t ever be “regular,” it should be a special business that people are excited to come to work for. When that happens, your people will be there for you no matter what because they know that all your good days together will surpass all obstacles in the marketplace. **In your opinion or experience, what are the unique advantages that family-owned businesses have?** The unique advantage of a family-owned business is that you know how the leaders of your organization make decisions. As a business grows, there is a need to make decisions faster with each opportunity that comes your way. From experience, I’ve seen that the family businesses that know how to make decisions quickly can act nimbly and therefore, are the most successful. **What are the unique drawbacks or blind spots that family-owned businesses have?** The hardest part of a family-owned business is maintaining a successful culture as your company grows. Culture is the key. If you can maintain a good family culture, and you are able to cultivate a special mentality among all your employees and strive together for the same goal of doing better. **What are some of the common mistakes you have seen family businesses make? What would you recommend avoiding those errors?** Often, the biggest mistake a family business can make is getting wrapped up in family politics. Sometimes, if not every family member is equal within the business, feelings can get hurt. On the other hand, preferential treatment can also cause rippling effects on a company’s culture. That is why family businesses must treat every family member involved like an employee with their own specific set of talents and skills. If this family member is not a key decision-maker, it does not mean they’re not important. Instead, it means that they have strengths in other places, and it is important that you help figure out their specific path in the company. I’ve seen companies lose excellent opportunities because of family-related business issues. It is a shame, but that is why every family business needs an exit strategy, as well as a system of checks and balances. I always say that when it comes to leading a family business, what you discuss at Sunday family dinners is up to you. But, once you set foot inside the workplace, it is all business. Check all politics at the door. That said, you must establish expectations for family members involved in the business. If they are leaders, they need to be motivators to your employees, not just family members along for the ride. If leadership is not their strong suit, that is okay, too. All you need to do is help find them a spot to contribute to the organization with their specific set of skills. **What advice would you give to other CEOs or founders of family businesses to help their employees to thrive?** To other CEOS or founders of family businesses, my biggest piece of advice is this: As you look at new, current and prospective employees, find their strengths and put the right shoes on their feet. If you want your business to succeed, you need to make sure that your people, your family, succeed — it is your responsibility. Work ethics and passion are the keys to employee success, but it is on you to help them achieve this. Your business is your home, and the last thing you want to do is see your guests fall on their faces. **How do you define “Leadership”? Can you explain what you mean with a story or example?** Leadership is the ability to know how to read people, get to know someone’s strengths and weaknesses and put them in the right position. In terms of leadership within a family business, not everybody is going to work hard or be a superstar, but that doesn’t mean they don’t have a place in the company. When you lose the compassion part of leading, you lose all the other parts of a business, too. To be a good leader means to have people look at you with an understanding that they work with you, not for you. There’s nothing more rewarding than seeing people and their families do well. **Here is our main question. What are the “5 Things You Need to Run a Highly Successful Family Business”? Please share a story or example for each.** The five things you need to run a successful family business are compassion, vision, culture, trust and transparency. Compassion is a leading ingredient to the success of a family business. You must lead by example, not by fear. When you lead with compassion, your employees know they work with you, not for you. This is what differentiates good companies from strong and successful family businesses. Vision is the shared common goal you and your employees have together. It gives your team purpose, direction and motivation. Without this, there is nothing to work for at all. Trust is the glue that keeps a business together. When you have trust, you find success quicker because you know that you are surrounded by people who will work tirelessly to make sure your mutual end goals are achieved. Likewise, transparency is the value that empowers your peers and employees. When you’re transparent, your teams feel confident to put their trust in you and ultimately, define your culture. That said, culture is the ingredient that pulls success together, and it should be contagious. When you have your culture, you and your teams know that nothing is impossible. Culture allows you to pivot and change as you need to, and you know you can do so with the support of your family. **We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them** I would love to spend a morning with world-renowned tennis player Rafael Nadal. Aside from being a big fan of the sport, I admire Nadal because he embodies what it means to be a self-contained businessman. He is 36 years old, has been in the game for 20 years, holds 23 major titles, but most of all, when he is hurt, he comes back. He plays the way I believe a business should be run, by being methodical, passionate and always being two steps ahead. Nadal is very compassionate about what he does. Though he is the best in the game, he is extremely humble. He is a role model. **You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger.** If I could inspire one movement, it would be a movement of honesty. Whether you’re speaking with family, friends or strangers, always be honest with people. To be successful in business I learned that you need to be honest. When you tell the truth and break complex topics down, good things happen. More than that, when you tell the truth, the rest will fall into place because you’re in good company, you’re surrounded by others who all work together as a cohesive team. Though the truth can sometimes hurt, it’s always better to be truthful. Ultimately, it makes you a smarter and better person. **Thank you so much for joining us. This was very inspirational.** --- Source: https://authoritymag.co/articles/michael-wimmer-scale-arises-from-calculated-financial-risks-and-uncompromising-company-culture (Authority Magazine, Business). Interviewee answers are first-person statements of the guest. Index of all pages: https://authoritymag.co/llms.txt