Hartford Business Journal

10 HARTFORDBUSINESS.COM | OCTOBER 18, 2021 On The Record | Q&A By Greg Bordonaro gbordonaro@hartfordbusiness.com J effrey Hoffman has been through six business cycles during his career and while the pandemic may have been the most unique, it wasn't the most challenging, he said. "The most challenging was going back 30-plus years and the major downturn stemming from the collapse of the stock market in 1987 and then from there the collapse of the real estate market," said the 70-year- old Hoffman, who is co-chair of the well-known central Connecticut car dealership, Hoffman Auto Group. "All businesses in New England were greatly affected by it." Hoffman started at his family's privately-held business in 1972. His co-chair brother, I. Bradley Hoffman, joined a decade later. Together the Hoffman brothers have shepherded the business through ups and downs of various markets. They've also transformed the company over the years. Hoffman Auto Group is marking its 100-year anniversary in 2021, having grown over the last century from a single car agency on Route 44 in New Hartford to a diversified automobile company with 10 dealerships (in East Hartford, New London, Waterbury and Avon/ Simsbury), nine brands, two collision centers and even its own insurance agency. But things haven't always been easy. During the early part of the pandemic, Hoffman Auto Group was forced by state decree to close its showrooms, although its collision and service centers were deemed essential businesses and remained open. It received more than $1 million in Paycheck Protection Program loans to help get it through the downturn. And now supply chain issues are posing the biggest headaches. A microchip shortage has significantly slowed the production of new vehicles, leaving Hoffman and most other dealership lots less full. Still, Hoffman Auto Group hasn't stood still over the past 18 months. It recently launched Hoffman At Home, a new website that allows customers to buy their vehicles completely online. That's the future of the industry, the brothers agree. In January, the company also opened a new multimillion-dollar BMW dealership on the Cheshire/ Waterbury line. Hoffman Auto Group is also in the middle of a court battle with Tesla, over the electric-car giant's efforts to open a service center in East Hartford. The Hoffmans have been at the forefront of auto dealership opposition to Tesla's attempts to sell directly to consumers in Connecticut. State law currently forbids the practice, but Tesla has lobbied lawmakers hard in recent years to try to relax Connecticut's dealer franchise law. Amid all that, Jeffrey and Bradley, 61, are grooming the fourth generation — their sons, respectively, Matthew and Jonathan and Zachary and Joshua — to eventually take over the family business. No retirement dates have been announced, at least publicly. Jeffrey and Bradley recently sat down with the Hartford Business Journal to talk about the past, present and future of the Hoffman Auto Group and the industry in general. They said the key to the Hoffman brand's longevity has been establishing trust with consumers and other stakeholders. Here's what else they had to say. Q: How important is the 100- year milestone? Jeff: It's an enormous deal for us. I don't know in the state of Connecticut of another car company that can say they are 100 years old. Also, when you see what's happened in the last 100 years, the changes that have occurred, you realize it's unbelievable. Q: How long do you guys intend to be in charge and what's the plan for the next generation of leadership? Brad: First of all, there are four members of the fourth generation in the company right now. Two of my sons, Zach and Josh, and two of Jeff's sons, Matthew and Jonathan. I look at Jeff and I as coaches or mentors preparing the next generation to take over the company. I really enjoy developing people. I think if I wasn't doing this I'd be a teacher. With our boys they aren't new at this. They've been doing this awhile and they each have different roles in the company. All four of them worked for someone else for at least a few years before they came on board. They each had other jobs before they jumped into the company. Jeff: Brad and I had a brotherly agreement years ago that while something can be a birthright, the reality is our sons had to have their own experiences and successes, either in a different field or in the automobile business, but working in other places. Brad: We also have a five-person leadership team in place at the company who are non-Hoffmans, along with our four sons, and together they will all run the company as we ride off into the sunset, whenever that day should happen. Q: I noticed your company has its own insurance agency. How did that come about? Brad: It's a fairly new venture for us. We got into it maybe five years At 100, Hoffman Auto Group embraces a digital future The Hoffman family members stand in front a Ford Model T. Pictured are (from left) Jonathan, Joshua, Bradley, Jeffrey (standing), Zach (sitting) and Matthew. PHOTO | CONTRIBUTED

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