Chase Fraser is a Managing Partner at Fraser McCombs Capital, a VC firm that invests in early- and late-stage automotive technology companies. Fraser brings over two decades of experience in the automotive industry. With a keen eye for spotting trends and opportunities, Fraser has been instrumental in shaping the landscape of automotive entrepreneurship.
What We Discuss In This Episode:
Building Great Companies:
Fraser discusses the pitfalls of starting companies solely for the purpose of selling them and advocates for a focus on building great, sustainable businesses. Drawing from his experience, he shares the importance of creating value and attracting buyers organically.
"Let's build a great company. And if we're going to build a great company, someone's going to want to buy us."
The Evolution of Entrepreneurs:
Fraser reflects on the influence of trailblazers like Elon Musk in reshaping perceptions of entrepreneurship in the automotive industry. He highlights the influx of technologically savvy entrepreneurs from outside the industry and the importance of understanding the nuances of the automotive market.
Shifting Focus to Real Solutions:
Fraser discusses the transition from chasing "silver bullet" solutions to focusing on practical, impactful technologies that enhance operational efficiencies and customer experiences. He predicts a consolidation of tech solutions and emphasizes the need for innovative solutions like sensor calibration services.
"Dealers understand technology now. It's not about silver bullets; it's about bits and pieces that combine to make their business better."
The Role of AI in Automotive Workflow:
Exploring the potential of AI in dealership operations, Fraser discusses the application of AI in streamlining processes, such as scheduling service appointments. While acknowledging current limitations, he anticipates AI's role in addressing key pain points in dealership workflows.
"AI is a function of fixing areas in the dealership that are broken. Imagine talking to a computer to schedule a service appointment; that's the future."
Fraser shares his vision for the future of automotive entrepreneurship, emphasizing the need for adaptability and innovation. He cautions against complacency and urges dealers to embrace technological advancements to stay ahead in an ever-evolving industry.
"It's amazing how long things take and shocking how fast they happen. Dealers need to be futurists, not just strategists, to thrive in the changing automotive landscape."
Tune in to gain exclusive insights into the future of automotive entrepreneurship and discover the strategies driving success in the industry.
Connect with David Spisak to Achieve Exponential Growth:
Like this show? Please leave us a rating and review where you're listening right now!