In this episode of Building Billions, I sit down with Craig Jackson, CEO of Barrett-Jackson, the world-renowned collector car auction company. Craig shares his journey of transforming a family business into a global brand, discussing the challenges of scaling, the importance of innovation, and the need to build a strong, loyal team. Learn how Craig’s passion for cars, customer experience, and philanthropy shaped Barrett-Jackson into an iconic lifestyle brand. Plus, discover his insights on entrepreneurship, leadership, and building a lasting legacy.
All right. Hey, it's Brandon Dawson here with another episode of Building Billions. I am with the remarkable Craig Jackson of Barrett Jackson. This is going to be a fun interview. You know, all day long we interview entrepreneurs that have created remarkable things. And this business, it's a global brand.
People come from all around the world here, all around, televised everywhere. So yes.
A family business.
It is a family business. Start as a family business now I have partners, but yes, start as a family business was a family business for 50 years.
So now it's my second or third, second generation, second generation.
My kids didn't want to run it, so I brought partners in so that it'll have a much longer life to it, hopefully forever. It's forever. It's a name brand.
Absolutely. I mean, anywhere I go in the world, people know the name Barrett Jackson and they all know it's an exciting event. How fun is it to build a business that's not only creates the economic opportunity to have the life you want, but it's an iconic brand.
You know, it was a lot of fun. Uh, you know, being an entrepreneur. Every decision, you know, ends up at my desk. And I always thought, what is best for the brand? What is best for the hobby? This hobby is my business. But it's both ways. So I care very much about the brand and my customers and the cars. And, uh, that's what our whole transparency and integrity and the cars are what they need to be is as they're described. And the experience when you come here needs to be more than you expected. And that goes to the brand. And the brand is number one. And my wife manages the brand and she's very protective of it, as was my mother. So I have that helping me.
And so taking a family business, it's hard for the first generation to build a successful business, but for the second generation to step in and actually blow it up and make it even a bigger version of itself and get to work with your spouse. I work with Natalie, my spouse, and we've been going on trips together, what, probably ten years now? Yeah. And so seeing you guys together, you're you're definitely a powerhouse and having your family and your spouse to be able to work with you and protect the brand, blow the brand up and really be a steward of the future brand. Because you guys with this transaction you've done is to lock in your legacy. Yes. And to make sure it flourishes and prospers. What? When you think of the next ten years, what excites you? Just getting bigger or is there some other things that excite you about this?
Why?
You know, I had quite a few suitors when we had the investment bankers and brought some great companies. And at the end of the day, it was all the tentacles of WME, me. That is basically if you look at everything in my business plan, and I told Ari, Ari Emanuel that I'd met Mark McCormick 20 years ago when he was doing the tennis tournament here. We shared the same PR person, and he told me his philosophy, and I go, that's a great philosophy. And that was diversification. You control the brand and all the revenue streams off of the brand, but that everything needs to complement everything else as you build it out. So when you look around here, we, we sell cars, but at the same time we sell real estate. We're in the vendor business, you know, we sell food and beverage. We have multiple revenue streams. That all goes to the lifestyle. So the decision early on and when I got into this when I was a kid and I grew up learning from basically running the trash cruise, to running the drivers, to building the tents to computerizing the company back in the 80s, early 80s when I took computer programming and I always wanted to make things better, even though I was in the third position, you know, fourth with my mother, but my father, he fell ill with colon cancer. So I started taking on more of the ops away from my brother early on. So I got a taste of everything, every segment of this company. Back when we only ran one auction a year, we only had three employees plus the family. So my assistant also booked all the travel. And you really learn to do it from the boot straps of a budget to, you know, you you run one auction a year. I would restore cars the rest of the year and sell them here. When my brother fell sick, he got sick at Monterey and he died six weeks later, so I had never planned on being in the number one spot. I figured he'd run it forever. I had other companies, some I probably shouldn't have sold. I had a company where I wrote a computer program to order food from the internet and deliver it to your house. Oh, no. And I sold that, uh, pretty lucrative business nowadays. But, uh, you know, I needed to focus on Barrett Jackson. I said, I'll sell all my other companies. I'm an entrepreneur at heart. I see something, I see a niche. I don't see anybody doing anything. All right, here's an opportunity. I was a bachelor, and I didn't like to cook, so I said, all right, we need a restaurant delivery company to your house, and we should use the internet to do it. So I've always been innovative, I think, and looking at how technology can change things. So when I took over the company, the first I had already put us on the internet in 94 before my brother's passing in 95, we wrote the first app to bid via the internet. Wow. Which was way ahead of the curve. Uh, did online streaming. Tying in online bidding, which was way ahead of the curve, brought in live television. So from 96 to now, we've been on live television. So my goal was, how do you get out of a niche market into a much broader mainstream market and bring new people into the hobby? And that's basically been the formula. And then when they get here, how do you entertain them all day long? And I did that by asking my customers what they want. And we made an announcement this morning based on input from doing questionnaires, I did questionnaires, endeavor did questionnaires on what your customers want. And we announced we're going to do two scottsdale's we're going to do one in October, and we're going to do one in January. And they like the festival, the lifestyle more than they like just going to a convention center.
Yeah. It gives it gives people something to do. It brings in a lot of people into into the marketplace here. A lot of consumers. It's an environment. I mean, it's to me it's Disneyland for adults. It is for car guys.
I mean, it's part country. You know, it's part fair with the fair food. It's high end. You know, we have on location serving very high end luxury. So it's we start off the week with family day. You know, this year we added an element, we added foreigner. So we added a concert to it. Then we went into Family Day, which is all about getting youth involved. We created a car show that is just for, uh, 80s cars and up. So it's all getting influencers and YouTubers to be the judges bring their cars. That was on Saturday. We had 50 of the world's greatest hot rods in the main auction arena. They're all going up for a cash prizes, so it's slicing it into different demographics, different days, different things to do. It's not always the same thing and we program it. You've got live music down on one end. Down here. This is the place to sit and watch all the cars come across the auction block. You've got 140 some food vendors on property, anything you want to eat. So if you come here, you can spend the whole day. And every day is a little bit different. The types of cars, the prices, the ancillary things that are going on.
And it's a it's a family environment. Little kids can be here. They love it. They get to see all this amazing stuff. You know, being an iconic brand builder. Right. So which is what what you are you innovated a family business to be in an iconic brand that has the systems, the people, the operations. It's a hard step for most entrepreneurs to make because they get stuck in just doing the same thing over and over and over.
I'm bored. So full disclosure, I'm extremely A.D.D.. As my wife says, I would get bored in an avalanche.
So that's a good thing.
Though, right? I don't do the same thing every day. Um, you know, it's it gets monotonous. And I don't like monotony. I like structure, but I like creativity. And people around me that think outside the box. And how we debrief a debrief after every auction is not to be taken personally that I'm picking on how can we do things better? What's the feedback from the customers? How do we improve the systems, and then what should we add to it?
Yeah, the tenacity for the client journey, right. The the experience, the overall experience. What I find with a lot of businesses that struggle is the business owner gets so consumed doing the work, they don't actually have the headspace or time to maintain that level of tenacity. And then the discipline with the team to understand it's not personal. It's part of the brand experience that we're trying to build. When you think about your leadership because there's there's several things you're known for in this community, not only building an iconic brand. You and I have been going on charitable organizations for, I don't know, ten, 12 years together. You're a huge proponent of charitable and giving back. And, and then the leadership position that you've been able to take with moving thousands and thousands of people around the world because you move your show around to what what in your mind, if you were to narrow it down? For entrepreneurs listening to this, what would you say is the top three things as a business owner, that you should stay focused on making sure you do in order for your business to become like your business, an iconic experience.
You know there's so many, but your your core, you got to build a great team around you. You have to learn to delegate. But check in, don't check out, uh, train. Great people. I have some people who've been with me. 30. The number one employee, 38 years. Wow. Uh, my ops guy here is going on 35 years. Train them. Let them do their thing. Uh, now I walk around, I see stuff, I bring it up, you know, and they're like, yep. Saw that. Usually they've seen the same thing and we adapt. And you know, when weather changes or rain's coming, you adapt. So building out a great team, going to other events. And for me it's going to other events and seeing best practices. I encourage them to go to other events. Some of my team work on Super Bowls and work on other large events and see how they improvise and do things and implement also. And then what is the goal and objective? You know, as we say, if it doesn't make dollars, it doesn't make sense to do. We don't do things for an exercise. We do things that make money and bring pleasure to our customers. And if it's making money but our customers don't like it, they will vote with their feet and they won't come. So we listen listened to them and take the feedback and we adapt and then always innovate, you know, and you're constantly having to a technology nowadays. And we're just getting ready to do a whole revamp on the website and our, our back office. We're re-implementing that and you've got to keep going as to how, you know, CRM, we wrote ours years ago. Well, now we're going to use one that's more modern CRM, and you've got to constantly keep putting money back into your company to keep it going forward and make it so that it is easier for the consumer to work with you.
And when you look at lastly, I'll just talk a little bit about how much you give back to the community. You're very passionate about giving back. So with your charity, with your charitable donations and the stuff you do activity wise with your wife in the big picture of like building into the community here in Arizona and around the world, what are some of the things you're most passionate about when it comes to giving back?
Well, it's this started as a charity car show, and it was to fund the Scottsdale Library and the Arts in downtown Scottsdale. So a lot of the big art you see in downtown Scottsdale was the arts committee back in 71, 72, 73, actually back in the 60s before that. But then that's when it all got purchased and put into the library and all that, that whole civic center area. Then my dad and my mom were on several different charities, and that really has been part of Barrett Jackson. What we look at is my brother died of colon cancer. So we're big sponsors of Tgen. Um, we're very blessed with the medical things that we have here. And, you know, Barrow Mayo, those are big part. My wife chaired the the heart ball. So we're very tied in with the American Heart Association, our veterans. We're big supporters of our veterans, and how can we make their lives better? And the way we came across, I would say the secret sauce is when we started working with the OEMs to get the Vin number one cars donated and working with them. JDRF is another one of our big charities. Or sell a car Saturday night. The Vin number one dark horse for Ford. So working with our corporate partners and aligning our philanthropic desires and theirs, and we've raised $154 million net for charity. We sell the cars. We don't take any, uh, by fee. Sell fee. You write the check right to the 501 C3. Then we donate VIP packages at charitable events to come up and be in my skybox or come up to an on location skybox. And. But it also brings in new customers. When we're doing that, they get a taste of what it's like to be at Barrett Jackson. And if they like it, they get hooked.
It's a system, right? It all feeds what you said. Building connected businesses within the business that feed each other, that feed each other.
And in endeavor, they call it the flywheel. We didn't come up with a name like that, but you got all these different things that one needs to help the other, not hurt the other. And they all need to flow together. And that's that's the organization. And, you know, at times I end up doing a lot of it. I didn't have a COO for quite a while, and I was doing ops and vision, which isn't always the best thing and running day to day, but I'm fairly hands on, but I might, as I say, I'm a person that's A.D.D., so I'll hands on and I'm focused on what's the next thing, what's the next thing?
Well, that's the job of a real entrepreneur is to not be bogged down in doing the same thing. It's to create the new thing, which I'm 82 and it's it's a blessing to me because it is. I can move on pretty easy.
I hear interviews with Musk and I'm like, yeah, I got that same bad trait.
I think a lot of big entrepreneurs do because it's what keeps us moving forward, right? And that lack of concentrating.
It's also not wanting to get something. If you can't figure something out, you just stay till you figure it out. Yeah. And once you figure it out, it's like, ah, finally, I'm not building rockets or anything like that. I'm building a venue. But there's just different things that you try to figure out and it doesn't work. You're like, what didn't? Why didn't that work? And you, you I'm one of those guys. I'm always thinking in my head, ten steps ahead. What? How does this work? How do I figure it out? How do I integrate? And if you're bogged down too much in day to day, you can't do that. But you need to not distance yourself from day to day, keeping your finger on what's happening, getting, reporting, understanding, adapting and changing. And that's what it takes over.
The over the course of your whole career. Can you think of one single moment where you thought to yourself, oh shit, this is not going to be good? And what did you do to overcome it?
Well, there's a few, um, you know, we had a huge storm here in 2010, and we I tracked it on the computer all the way here, and we made a lot of changes. And then one of my competitors, tinsel, blew down. And, you know, about an hour before the first wave, which the first wave was nothing compared to the second wave. Second wave was 100 mile an hour winds. Wow. And we had buttoned this place down and we never went off live TV. We didn't lose one tent. Nothing got injured because we planned. That's an event when you have something happening. Bigger picture. Who would have thought about Covid and that when you're in the live event business. So we had to go strictly to digital and then figure out how do we get back to live. And, you know, now being an endeavor talking to Dana White, how they did it and PBR, how they did it. And when I first met with Ari, he's like, because I met with Ari before Covid, and then I met with him after. And he goes, I like entrepreneurs that figured it out and still made good EBITDA that year. So you're in.
Great company with Ari and that team because you got Dana at WWE. You got you. I mean, they've amassed an enormous amount of iconic brand businesses with forward thinking leaders that know how to build. I have the privilege of working with some of those guys as well. Um, and you are definitely in that arena. So I know you've got a very busy week. I do. You've built an incredible company. You've built your family's legacy. I know they all would be very proud about what you've been able to do and how you've built it even bigger and better and positioned it for the future. I appreciate you taking a little bit of time to come. Share with my listeners and what it actually takes. Everything that you talked about, I just so resonate with it. And it's the thing that people struggle with. They get bogged down and then they don't know what to do. Then they get afraid and then they make bad decisions.
And I would say to anybody, don't be afraid to fail. If you fail, you figure it out. Don't go back in your shell. If it you know, if something doesn't work, you know, I listen to Musk on, you know, the third rocket. If it didn't go, he was out. But you got to have the tenacity to keep going forward. But learning and figuring it out as you go and just dusting yourself off and going, well, that sucked. Maybe we won't do that the next time. Or why didn't it? And we'll do it again. And that's the basic thing. If you got to have the confidence in yourself to think, I can figure it out and we will move ahead, that's the bottom line of being an entrepreneur.
Spoken from a true leader. Courageous. Resilient entrepreneur. That's what it takes. Thank you for joining me on this episode with Craig Jackson of Barrett Jackson of Building Billions with Branden Dawson.
Thank you. Craig.