Our “guest speaker” in class last Thursday told an entrepreneurial story that probably seems “highly improbable” at best to most hearing it for the first time.

Half a million dollars in sales of used racing car parts on E-Bay each year? Shipped from here in Monmouth to buyers all over the world? Nearly 7,000 items for sale at any time? Feedback of over 25,000 with 100% satisfaction? Thirty-to-fifty percent profit margins on sales? NO WAY!

YES… I assure you it is all very true…

It is the amazing entrepreneurial story of former Monmouth College “Green Army”—building and grounds crew—supervisor Rod Smith (E-Bay username: a-1performancewarehouse) whose success, it can be said, led him to not be able to be physically present in the class this year. You see, Rod’s extraordinary success has enabled him to live out a dream and buy a home near Daytona Beach, FL where he spends roughly four months of the year; playing lots of golf, going to races, etc. We were, however, able to both share his story second-hand and to have him answer questions via speaker phone. This amazing, improbable entrepreneurial story is told below by class blogger Madeline Poole. Enjoy (and be inspired)!

Prof. Gabel

————————————————————————————————–

Guest Speaker Rod Smith was unfortunately unable to make it to class this year for his annual talk about his business. Students were informed of Mr. Smith’s business by Professors Gabel and Connell; followed up by a speaker-phone call to Mr. Smith to ask further questions.

Mr. Smith is the owner and operator of a-1 Performance Warehouse, which he has grown with the help of his wife, other family members, and interns the last several years. He buys and sells high quality used NASCAR racing car parts. He travels to North Carolina to buy those auto parts every 4 months directly from NASCAR drivers and crew chiefs and then he sells the parts through eBay to people from all over the world. He even hires people to sometimes pick up the auto parts for him.

Before Mr. Smith was a successful entrepreneur, he had to build his way up to live the life he wanted as an entrepreneur. He worked at Monmouth College, starting off as a janitor, then moved his way up as he became a maintenance mechanic, which is a part of the tradesmen. Then after a while he had an opportunity to be the custodial and grounds manager. After work almost every day as a hobby he would build and race cars on a small scale. He became very good at racing and he would win money for it. Shortly after, he started selling auto parts and found that he was good at it. So he continued to do that for a short time while still working at the college, then later as full time. He met the right people while buying and selling the parts and got connected to the NASCAR racer and racing teams. From there he started buying and now just recently selling to the NASCAR drivers.

Mr. Smith shared with us that the company grew so much, he was able to employ his wife and sister. When he buys his auto parts, he cleans them up, takes a picture, then lists the item on eBay, then boxes the item and ships it when it is sold. Mr. Smith has a return policy that returns the buyers’ money if they receive the item and find that they cannot really use it. But he guarantees 100% that his customers will like what they buy from him. He also used to have eBay set to auctions, but Mr. Smith found that to require too much attention, so now buyers have the options to buy the items now. Sometimes he is told by NASCAR that he cannot sell some of the auto parts right away because it is a “trade secret.” In these cases he may have to wait several years to sell the items. In other words, the parts that he buys from NASCAR are used once, then tossed aside. Sometimes those parts are still experimental. It also helps to let the parts sit for a couple years before listing and trying to sell the items because most people (buyers) won’t recognize those experimental parts.

The main problem he comes into with using eBay, is that customers don’t always read the full description of the items he sells. But he answers all questions from customers personally. His buyers buy for any range of cars. He has had “feedback” over 25,000 times on eBay with 100% positive feedback.

Currently, Rod has 3 buildings full of items waiting to be listed and sold. The main business operation is located in Monmouth IL. but most recently Mr. Smith has opened a second location close to where he lives for four months out of the year in Florida, while also still having a house in Monmouth.

Mr. Smith’s company is not slowing down any time soon, and neither is he with the continuous growth of his company. He plans on doing this business for the rest of his life, with hopes that a family member will take the business over. Mr. Smith expresses “first mover advantage” by being one of very first sellers of high-end racing car parts on eBay who saw a market that he enjoys and grew it to continuously be successful. He found his niche in the market and took hold of that talent by progressing that market. Mr. Smith has a long successful entrepreneurial life ahead of him.

Madeline Poole