Episode #25: One of the Most Renowned Innovators in the History of the Car Industry: Eustace Wolfington
Hi everyone! I have a really special guest today, Eustace Wolfington. Eustace is 85 years old and he and his late wife, Marcy, had 10 children, 33 grandchildren, and 1 great-grandchild. He is one of the most renowned innovators in the history of the car industry. Euse tells us his story of how he revolutionized the car industry with his company, “Half A Car.” His concept was to have the customer finance or lease half of the vehicle’s price, then after two years, the dealer would take the car back and resell the vehicle for the depreciated price. I know it’s a little complex so to put it in simpler terms, if you lease a car today, it is because of Euse Wolfington.
So it took nearly 20 years for the rest of the world to catch onto Euse’s idea, given that at that time, the majority of the world was more familiar with the concept of purchasing a car at full price. Although so many people told Euse to give up, he persevered and his “Half A Car” concept was adopted by Ford in 1982 and eventually by the car industry as a whole. From 1982 to 2000, Euse’s “Half A Car” concept expanded to over 18 countries, with more than four thousand dealerships in the system. In 2000, he sold the company for $200M.
Throughout our conversation, Euse not only tells us his entrepreneurial story but also feeds us with an extraordinary amount of wisdom that you will be able to apply to your everyday life. I hope you enjoy!