I’m writing to you, my fellow automotive industry professionals. I want you to think of a two-year-old playing with a ball. He is surrounded by his friends at a party. And they’re all watching him play, but he won’t share his ball. He has a garage full of balls, but he won’t share. He is holding on to this ball so tightly and creating enemies because of it.
Now what happens next? Correct, his Mom intervenes, takes the ball and gives it to his friends. And she opens up the garage so every child can have a ball. The problem we have is that the parents atop our industry believe it best that we not share.
Scarcity vs. abundance is not a mindset talked about in our community. But these themes resonate in the background. With all our people, as they conduct themselves amongst their peers, their clients, and their bosses. All our businesses are affected. Dealerships – franchised and otherwise, independent repair shops, insurance providers, race tracks, manufacturers, firms that produce automotive technology. We all need to hear this.
TESLA SHARES ITS BATTERY TECH
Let’s use Tesla as an example. Now, I’ve been harsh on Tesla in the past (All Teslas Are Bad, Tesla: Redefining The Automotive Industry). I still have remaining questions and these haven’t helped me make many friends in Palo Alto. But, make no mistake about it, they’re out in front of the rest of you when it comes to scarcity vs abundance.
They’ve turned the automotive industry on it’s head. They’ve introduced disruptive technology and disruptive tactics to an age old industry. And now they’re willing to share their technology with all the naysayers. And their competitors are almost scared to use it. They think, “What’s the catch? Why would Elon Musk do this?”
Because Elon Musk is a genius. He understands scarcity vs. abundance. His company has spent billions of dollars producing innovative technology, and he knows it will benefit its users. Consumers will benefit. Competitors will benefit. The industry will benefit. And in the long term, Tesla will benefit. But only if he shares the technology with others.
This is the essence of scarcity vs. abundance: an open share mindset compared to fearful secret keeping.