This past November a rogue wave emerged from a deep ocean canyon off the coast of Portugal to find big wave surfer Garret McNamara waiting for the ride of his life. The thrilling fluke was captured on film and now McNamara is credited with riding one of the biggest waves ever surfed, possibly the biggest. Everyone who sees the video footage reacts one of two ways: (1) That is friggin' awesome! or (2) That guy is nuts! Both reactions are valid. Therein lies the secret to sensational success…a little bit of crazy.
Scott Painter
Founder and CEO, truecar.com
Hometown Seattle, WA
Mentors Richard Branson, Elon Musk and Michael Dell
Favorite travel destination Montana for skiing
Favorite local restaurant Capo (Santa Monica)
Favorite song Anything on classic vinyl
Successful innovator, Scott Painter, CEO/Founder of TrueCar.com, agrees that much of his success can be attributed to a piercing focus to execute a vision and a lack of appreciation for failure. Painter relates to failure in much the same way that a normal, balanced person might equate being struck by lightning. Sure it's possible, but it doesn't drive day-to-day behavior.
In fact, Painter's business philosophy is refreshingly different from the rule-driven corporate environment. He is not a big fan of consensus, and democracy has been of very little value to the 37 entities he has helped launch over the past two decades. Painter has a proven track record of delivering value to customers first and then to investors as a result.
As a company grows, it is not uncommon for the decision making process to disperse itself amongst multiple executives, push down to various teams and scatter even further to regional players. While growth is desirable, unchecked growth often threatens the agility of innovative ideas and slows the adjustment process that is critical in the midst of rapidly changing technology and consumer behavior. The best way to avoid this type of drudgery is to appoint a single, inflexible, autocratic leader. Steve Jobs is an apt illustration of this, as his unrelenting drive for perfection frustrated many who worked with him and pleased the many millions more who continue to benefit from, and -- more important -- buy his inventions.
Painter has played the role of both visionary and defector. After participating in 14 automotive ventures, including founding CarsDirect.com, he has now circumnavigated back to his core; creating transparency in auto sales. This concept has obvious benefits to consumers who historically have been subject to the mysterious backroom dealings of showroom managers across the nation. Despite the well-known car salesman playbook, all of us regular folks have been at a disadvantage…until now. In simple terms, TrueCar.com equips car buyers with two incredibly powerful bits of information; 1. an up-front price for the exact car they specify pre-negotiated by TrueCar, and 2. comparable recent sales prices for that exact vehicle from local dealers. TrueCar obtains selling price and other information on 9 out of 10 automobiles sold in the U.S. courtesy of the electronic data highway that is also responsible for transmitting this same information to DMVs, insurance companies and lenders across the country.
The sales prices in the TrueCar database reflect the sale price of actual transactions and, therefore, the information certainly feels much more objective and transparent compared to most other figures fed to us by automotive insiders like "dealer invoice" or MSRP. Make no mistake, auto companies are entitled to make a profit just like any other business; however, TrueCar just tipped the advantage toward the buyer.
That type of transparency is revolutionizing the way consumers approach buying cars (as well as other products), and it remains the driving force behind Painter's preoccupation with taking risks, following his gut, and doing things his way. Be selective about the number of voices and opinions that you "allow in" to affect the execution of an idea, he says. Don't let the core idea be affected by rogue opinions that emerge from deep office canyons such as investor relations, marketing, or accounting…stay true to the vision.