EP. 115 Muffy Bennett — "You Cannot Do It Alone"
About this episode
Muffy Bennett, the CEO of Bennett Automotive Specialists, shares her inspiring journey from a paralegal to a leading figure in the collector car auction industry. She emphasizes the importance of community and mentorship, recounting her experiences of overcoming challenges as a woman in a male-dominated field. Muffy discusses her passion for cars, the significance of surrounding oneself with supportive people, and the necessity of taking risks to achieve personal and professional growth. Her story highlights resilience, empowerment, and the value of pursuing one's dreams.
Muffy is the first lady of collector cars and the CEO of Bennett Automotive Specialists, Inc. After a successful 17-year paralegal career, she shifted gears to become the Operations Director at ASAA Auction Company. In 2013, she opened a retail facility for Barrett-Jackson Collector Car Auctions and in 2017, she led Ritchie Bros' Auctioneers into the collector car auction scene. Join us for her incredible journey in the world of cars and auctions.
Muffy's Contact Info:
Website – www.muffybennett.com
Instagram - @muffy.bennett
Facebook – @MuffyBennett
LinkedIn – Muffy Bennett
Twitter - @MuffyBennett
I am excited to connect with you. I'd love for you to text me at (614) 636-2240 with your feedback about the podcast.
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Bennett Automotive Specialist
"Muffy is the first lady of collector cars in the CEO of Bennett Automotive Specialist. After a fulfilling 17-year career as a paralegal, Muffy took the wheel in the world of cars and auctions."
Bennett Automotive Specialist is a business that works with collectible cars, helping to fix them up and sell them at auctions.
Bennett Automotive Specialist is a company that focuses on collector cars, providing services related to their restoration, maintenance, and auctioning.
ASAA Auction Company
"She became the operations director at ASAA Auction Company, and in 2013, Muffy was called upon to open a retail facility for Barrett Jackson collector car auctions."
ASAA Auction Company is a business that helps people buy and sell collectible cars through auctions.
ASAA Auction Company specializes in auctioning collector cars, providing a platform for buyers and sellers in the automotive collector market.
Barrett Jackson
"...in 2013, Muffy was called upon to open a retail facility for Barrett Jackson collector car auctions. Then in 2017, she led the charge at Richie Bros. Auctioneers..."
Barrett Jackson is a famous auction house that sells collectible cars, often featuring unique and classic vehicles.
Barrett Jackson is a well-known auction company that specializes in collector cars, hosting events where rare and valuable vehicles are sold to the highest bidder.
Richie Bros. Auctioneers
"...she led the charge at Richie Bros. Auctioneers, the world's largest auction company, launching them into the collector car auction niche."
Richie Bros. Auctioneers is a big auction company that sells many different things, including collectible cars.
Richie Bros. Auctioneers is the world's largest auction company, known for auctioning a wide variety of items, including collector cars, heavy equipment, and more.
investment
"I said to him, you know, if you're buying a car as an investment, I said, please don't do it."
An investment is when you buy something hoping it will be worth more later. In cars, some people buy special cars thinking they can sell them for more money in the future, but it's not always a sure thing.
In the automotive context, an investment refers to purchasing a vehicle with the expectation that its value will increase over time, allowing the owner to sell it for a profit. However, not all cars appreciate, and market conditions can vary.
collector car
"Now, there are some cars that will go up, but the whole industry generally speaking is very fickle. If you're going to buy a collector car, buy it because you love it."
A collector car is a special type of vehicle that people buy because they love it and think it might be worth more in the future. However, the value can change a lot, so it's not always a safe investment.
A collector car is a vehicle that is valued for its rarity, historical significance, or unique characteristics, often sought after by enthusiasts and investors. These cars can appreciate in value over time, but the market can be unpredictable.
Mazda Protegé
"I took $247 or so give or take my dog a handful of clothes. And I jumped in my Mazda Protegé and I left."
The Mazda Protegé is a small car that Mazda made for several years. It's known for being a good option for people looking for an affordable and reliable vehicle.
The Mazda Protegé is a compact car that was produced by Mazda from 1990 to 2003. It was known for its affordability and practicality, making it a popular choice for budget-conscious buyers.
V8 engine
"...it's got a V8 car engine in it. This bike is just huge. It's not like a Boss Haas bike..."
A V8 engine has eight cylinders arranged in a V shape, which helps it produce a lot of power. It's commonly found in powerful cars and trucks.
A V8 engine is an eight-cylinder engine configuration where the cylinders are arranged in a V shape. This design allows for a compact engine size while providing high power output, making it popular in performance and luxury vehicles.
car auction company
"...he worked at a really large collective car auction company. He was a general manager at the time..."
A car auction company helps people buy and sell cars by letting them bid on vehicles. It's like an auction where the highest bidder wins the car.
A car auction company specializes in the sale of vehicles through an auction format, where buyers bid on cars. These companies often handle a wide range of vehicles, from classic cars to modern models, and can provide a platform for both private sellers and dealers.
light restorations
"...I used to buy cars and do light restorations and then turn them, resell them..."
Light restorations are small repairs or updates made to a car to make it look better or work better, without completely rebuilding it.
Light restorations refer to minor repairs or cosmetic improvements made to a vehicle to enhance its appearance or functionality without a complete overhaul. This can include things like repainting, replacing worn parts, or fixing small dents.
dealer's license
"...I needed a dealer's license. So I started up a company in 2006 called Bennett Automones Specialists..."
A dealer's license is a special permission you need to legally buy and sell cars as a business. It helps make sure that dealers follow the rules.
A dealer's license is a legal requirement for individuals or businesses that buy and sell vehicles as a business. It ensures that the dealer complies with local laws and regulations regarding vehicle sales.
Ritchie Bros.
"we were asked by Ritchie Brothers to come out and start up a collective car sector for them."
Ritchie Bros. is a company that sells things like cars and equipment through auctions. They let people bid on items, and the highest bidder wins, with no minimum price.
Ritchie Bros. is a global asset management and disposition company that conducts auctions for various types of equipment and vehicles, including cars. They are known for their unreserved auctions, where items are sold to the highest bidder without minimum bids.
auction consulting
"We also do auction consulting. We help folks liquidate cars."
Auction consulting is when experts help people figure out how to buy or sell things at auctions. They give advice on how to get the best prices and make the process easier.
Auction consulting involves providing expert advice and services to individuals or businesses looking to buy or sell items at auction. This can include valuation, marketing strategies, and logistics to ensure a successful auction experience.
Volkswagen Beetle
"who had a Volkswagen Beetle. Now here's your background information. I at one point held a racing license. I ride a motorcycle. I drive an H1 Humvee. At the time, I had a Corvette."
The Volkswagen Beetle is a famous small car with a unique round shape. It was first made in the 1930s and is known for being very popular and recognizable.
The Volkswagen Beetle is a classic compact car known for its distinctive rounded shape and rear-engine layout. Originally produced in the 1930s, it became an icon of automotive design and culture.
H1 Humvee
"I ride a motorcycle. I drive an H1 Humvee. At the time, I had a Corvette."
The H1 Humvee is a tough vehicle that was first made for the military. It's built to handle rough terrains and is also available for regular people to drive.
The H1 Humvee is a military vehicle originally designed for the U.S. Armed Forces. It is known for its ruggedness and off-road capabilities, and it has also been adapted for civilian use.
Chevrolet Corvette
"I at one point held a racing license. I ride a motorcycle. I drive an H1 Humvee. At the time, I had a Corvette."
The Corvette is a fast sports car made by Chevrolet. It's known for its stylish look and powerful engine, making it popular among car enthusiasts.
The Chevrolet Corvette is a high-performance sports car known for its powerful engines and sleek design. It has been a symbol of American automotive performance since its introduction in 1953.
Ford Fairlane
"supercharged from the factory, Ford Fairlane Skyliner. Some say they made 14, some say they made seven."
The Ford Fairlane Skyliner is a special car from 1957 that has a roof that can fold down. It's known for being rare and having a unique design.
The Ford Fairlane Skyliner is a unique model from 1957 known for its retractable hardtop. It was part of the Fairlane series and is notable for its innovative design and limited production numbers.
supercharged
"...that supercharged fair lane that I just told you about. Yeah. I said, where is that one going? He said, well, I got you a number."
Supercharging means adding more air to an engine to make it more powerful. It helps the engine produce more speed and strength when driving.
Supercharging is a method of increasing an engine's power output by forcing more air into the combustion chamber, allowing for more fuel to be burned. This results in greater horsepower and torque.
hammer price
"...what you mean by that. Okay. So when the hammer's lens down at auction, that is the selling price. And then there's an additional commission..."
The hammer price is the price at which an item is sold at auction, marked by the auctioneer's gavel coming down. It doesn't include extra fees that the seller or buyer has to pay.
The hammer price is the final bid amount at an auction when the auctioneer brings down the gavel, indicating that the item has been sold. This price does not include any additional fees or commissions that may be charged by the auction house.
buyer's premium
"...because that includes the buyer's premium. Anyway, so about six months or so later,..."
When you buy a car at an auction, you often have to pay extra money called a buyer's premium. It's a fee added to the final price you pay for the car.
A buyer's premium is an additional fee that a buyer pays on top of the hammer price at an auction. This fee is typically a percentage of the final bid amount and goes to the auction house.
Batmobile
"But yeah, the Batmobile was definitely a highlight. I mean, how many times does someone get involved with a car? Just think if that thing could talk. Just the stories that would tell. I mean, Adam West Grove, it came from the original show. It was a concept car that George Barris bought from Ford for a dollar and turned it into the original Batmobile."
The Batmobile is Batman's car, which has been shown in many movies and shows. It's known for its unique design and special features that help Batman fight crime.
The Batmobile is the fictional car driven by Batman in the DC Comics universe. It has appeared in various forms across comics, television, and film, with the original version designed by George Barris becoming particularly iconic.
DC Comics
"But yeah, the Batmobile was definitely a highlight. I mean, how many times does someone get involved with a car? Just think if that thing could talk."
DC Comics is a company that makes comic books and stories about superheroes, including Batman. They created the Batmobile as part of Batman's adventures.
DC Comics is a major American comic book publisher known for creating iconic characters such as Batman, Superman, and Wonder Woman. The Batmobile is one of the most recognizable elements of the Batman franchise, which is published by DC Comics.
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