Overcoming Two Tragedies
When the founder of a South Carolina Chrysler Dodge Jeep Ram dealership died in a motorcycle accident in 2003, his family bravely decided to keep the business going. His eldest son, then only 25, took over day-to-day operations. His wife retained ownership and, recognizing that life can be unpredictable and knowing she needed to start getting the most out of owning the dealership, she chose to create a Portfolio ARC that same year.
By 2008, the dealership had become the No. 1 CDJR store in the Carolinas. And with help from their Portfolio ARC, the family was able to buy the franchise. Then, tragically, that same year, another accident claimed the eldest son’s life.
Again the family pulled together and persevered. The younger sons took over as dealer principal and new car manager. They are now enjoying the benefits of their own Portfolio reinsurance company while their mother’s ARC, now in runoff, provides her a valuable source of retirement income.
“When people ask me how we have overcome these tragedies, I say it comes from our faith, the love in our family and honoring my husband’s legacy, which was always about service to others. That’s what keeps us going,” she says. “But I must add that this is a business too, and having our Portfolio reinsurance companies as a personal wealth asset and source of loans played an extremely valuable role along the way. It was one of the best decisions I made in those early days as a dealer principal.”