Tag Archive | "steve burke"

New Portfolio Edge Program Reinsures Service Drive Warranties


Lake Forest, Calif. – Portfolio, one of the nation’s leading reinsurance program managers for automotive dealers, has launched Portfolio Edge, a program to extend coverage on the manufacturer’s parts and labor warranties for repairs in dealership service drives, and then reinsure the extended coverage contracts to the dealer’s Affiliated Reinsurance Company.

Portfolio Edge comes with two options for the dealership: a limited warranty that is included in the customer’s payment of the repair order, or a service contract covering the repair paid for separately by the customer. The coverage can be extended for 1-4 additional years not to exceed 5 years total coverage. All consumer documents will be generated electronically.

“With reinsurance being a vital part of most dealers’ business strategy, we have recently been asked for a service drive product that can be reinsured,” observed Steve Burke, Chief Executive of Sales. “We believe this is the first program of its kind to meet that dealer need. Plus it boosts wholesale parts sales and helps with customer satisfaction and retention.”

To achieve a seamless technology solution for the dealership, Portfolio partnered with PartShield, which created a similar extended warranty program for OEMs such as Ford Motor Company. PartShield developed a Portfolio private labeled website and will assist in implementing this technology in the dealership. The website facilitates the sale and distribution of the Portfolio Edge product for the consumer documents (electronic contract) and determines part eligibilities. The website integrates with most major DMS providers to more easily install the program in the service department.

Posted in Auto Industry NewsComments Off on New Portfolio Edge Program Reinsures Service Drive Warranties

Portfolio’s Ryan Hanlon Recognized as Young Industry Leader


LAKE FOREST, Calif. – Portfolio, one of the nation’s leading reinsurance program managers, is proud to announce that Ryan Hanlon, National Reinsurance Specialist, has been recognized in Agent Entrepreneur magazine’s “40 Under 40” survey and feature article on young leaders in the industry. The magazine is the leading publication for independent automotive finance and insurance professional agents.

Steve Burke, Portfolio’s founder and Chief Executive of Sales, observes, “Ryan is a special talent who brings passion and energy to his role as National Reinsurance Specialist. He understands the business thoroughly and works equally well with dealers, agents, and our administrative offices. He is vital to closing new business across the nation. I could not be happier having him on our business development team. He is worthy of this recognition.”

Hanlon commented on the news of being selected. “First I want to thank Tony Troussov of Automotive Development Group (ADG) for nominating me. Working with professionals at ADG and similar agencies is one thing that motivates me to raise the bar on my own performance expectations. And I would be remiss if I didn’t also thank the Portfolio leadership team- Steve Burke and the regional Managing Directors, Graye Wolfe, Mark Geweke and Greg Hoffman- who have given me my opportunity to succeed in this dynamic marketplace.”

The call for nominees and review of them by the magazine’s editorial staff took place over several months this summer. It was recommended that nominations be submitted by a professional in the industry who has direct experience working with the person. The nominees would then be evaluated based on their accomplishments, their interviews, and standing in the industry.

Over 100 nominees were submitted for consideration. “The process of weeding through all the nominations and getting to that final 40 was an incredible challenge. We are all part of an industry that strives to meet whatever obstacle is thrown its way and is comprised of individuals willing to do whatever it takes to keep up with its ever-evolving landscape,” said Kate Spatafora, Senior Production Manager.

Posted in Auto Industry NewsComments Off on Portfolio’s Ryan Hanlon Recognized as Young Industry Leader

Portfolio Repeats Top Diamond Ranking in Annual Dealers’ Choice Awards


LAKE FOREST, Calif. – Portfolio, one of the nation’s leading reinsurance program managers for automotive dealers, has again been ranked as the top Diamond provider of Vehicle Service Contracts‐ Reinsurance in the annual Dealers’ Choice Awards national survey sponsored by Auto Dealer Monthly magazine.

This is the fifth Diamond Award for Portfolio, matching its achievement from 2008-2010 and in 2014. Portfolio has never been ranked less than Platinum, the second-highest award.

”Let me start by saying how honored we are that dealers have given us their vote of approval as the top reinsurance program once again,” said Brent Griggs, President and CEO. ”Being recognized by our clients in this way motivates us to do even more to make their Portfolio experience rewarding in every way.”

“I know our entire company comes to work each day with the goal of making the dealer’s decision to sign up with Portfolio the best decision he or she could make. Serving the dealer is a comprehensive mission,” Griggs elaborated, “from handling a claim to funding the premiums weekly, and from helping install a new product to structuring a loan from the reinsurance company for the dealer’s business development goals. Everything we do is designed to deliver on our brand promise. Our people embrace this mission with trust and respect for our clients.”

Steve Burke, founder and Chief Executive for Sales adds, “I share Brent’s sentiments, and would add my thanks to all of our agents who service our shared dealer clients. Their work in the stores every day contributes greatly to the dealers’ favorable view of the Portfolio program.”

“I am confident that we deliver the best reinsurance structure with its inherent ownership benefits,” Burke continued, “and I know how much good having a Portfolio reinsurance company has done for our dealers in both growth times and slow times the past 25 years. The personal wealth created has even kept some families in the dealership business for succeeding generations. But I also know that without our local agents and reinsurance specialists engaging the dealer face­‐to‐face regularly, we would never be worthy of this top ranking in the Dealers’ Choice Awards.”

The survey was conducted over four weeks during March and April of this year in an audited process where hundreds of dealer principals and other dealership personnel scored their satisfaction with providers in 29 categories of products and services. Survey respondents are asked to cast votes only for providers with which they have firsthand knowledge and experience.

In addition to identifying their primary providers in each category, respondents must rate their providers in four areas: (1) the product or service provided; (2) customer support and service; (3) the overall value for dollars spent; and (4) whether the dealer would recommend the provider.

The complete list of winners, as well as any provider or finance company that rated higher than the group average score in any category will be published in the July 2015 print issue of Auto Dealer Monthly magazine and online at www.autodealermonthly.com. Award winners will be honored at the Industry Summit in Las Vegas in September.

Posted in Auto Industry NewsComments Off on Portfolio Repeats Top Diamond Ranking in Annual Dealers’ Choice Awards

An Interview with Steve Burke


Steve Burke entered the automotive world as a teenager, working in the retail car business. By the time he reached his 20’s, he was a dealer. He says the real-life education he received then has had a long lasting impact. In many ways he says he still thinks like a dealer, and brings in former dealers and General Managers as his top marketing executives at Portfolio.

Looking back, Burke says his move into the finance & insurance sector of the automotive business in the 1980s was based on the entrepreneurial opportunity it presented. “Managing F&I products was still somewhat new then. Those years were very instructive and shaped my business philosophy. When my partners and I founded Portfolio in 1989, I insisted that we always treat dealer owners as I would want to be treated as a dealer. That seemed to be what most people really wanted in business. It’s not about how much you can take within the deal, but about how much you can give.” Burke says the core mission upon which Portfolio was established continues to be the bottom line – providing every available, profitable and sensible benefit to their dealer clients.

Portfolio operates exclusively in the reinsurance sector and has been in business for 25 years. They offer nearly all risk-related products and programs on a reinsurance basis. Burke believes the company’s philosophy sets them apart from others in the industry. It includes two key missions: creating wealth for dealer owners, and providing a true ownership experience for their clients.

Burke says “true ownership” is reflected in Portfolio’s structure and management policies, as well as their working relationship with dealers. “We listen to the dealer’s long-term goals and immediate objectives. Then we customize the program based on those goals and objectives. Just as dealerships are all different, and any business reflects the owner’s choices, our customized program results in each dealer’s Portfolio program being unique.”

This ownership principle is evident in the unique features and benefits Portfolio provides to their clients ­– things that Burke says other companies do not offer. “Our benefits and policies all fall under the principle of giving the dealer as much control as possible, not imposing the company’s view on them.”

Some of the ways Portfolio helps their reinsurance companies grow is through quarterly reporting and personal meetings with clients to review results and opportunities for growth and improvement. Burke says, “These meetings are the centerpiece of our advisory role in our working relationship. No other provider does this as rigorously as we do.”

If a dealer decides to move on, Burke says Portfolio stands out from their competitors by respecting the dealer’s ownership. “We don’t throw up obstacles. We never forget that it’s the dealer’s reinsurance company we manage, not ours. We learned long ago that helping our clients succeed makes us succeed.”

Burke says Portfolio has a legacy. “We managed reinsurance companies for dealers long before most other companies decided to enter this arena, but we don’t rest on that pioneering reputation. The retail automotive business demands that we remain on the cutting edge of providing structures and programs that are the best in the industry, in terms of meeting needs. We are fortunate to have superb relationships with top insurers, administrators, technology providers, legal counsel and CPAs to help us accomplish these tasks.”

Company Growth and Commitment to Agents

Burke reports that Portfolio has seen spectacular growth since 2009, even exceeding the overall growth in vehicle sales. Burke believes this is the result of delivering the value of true ownership. “The word is out. We have many dealers who actually grew their business during those tough times by leveraging their reinsurance company assets. Many others did the same to stay in business and see a brighter day.”

Portfolio is committed to the professional independent agent distribution system because they believe it delivers the best of both worlds to their clients. “Agents are the most effective way to ensure professional level service with F&I income development coupled with the personal knowledge of the dealership, the local market and the products that work best for the individual dealer. Dealers are entrepreneurs, so Portfolio representatives should be entrepreneurs too. Good agents are exactly that.

Portfolio is continuously expanding its marketing force, growing in various locales around the nation. To accomplish this growth, they are recruiting more professional agents to help. “Providing the value of professional agents has become an even higher priority as dealers request services and expertise to improve their sales, PVR, and operations,” adds Burke.

Burke says their reference list of hundreds of dealers, some of whom have been with them since the 1990s, is evidence of the excellence Portfolio provides to clients. Burke says they are so confident in the consistent value they deliver, that it is their standard practice to invite new client prospects to call any reference on their list to confirm the success and satisfaction current clients have enjoyed with Portfolio and its local representatives.

Moving Forward

Now that times are good, Burke says Portfolio dealers are wisely creating a safety net for themselves. “This is what our mission of creating wealth is all about. But there is even more; the personal wealth in a reinsurance company, outside the dealership financial statement, gives the dealer something extraordinarily valuable they would not have otherwise.”

Burke predicts the days of the impact printer and five-part paper contracts will soon be coming to an end. “We are on the cutting edge of current technology solutions and have implemented integration with most DMS systems, menu systems and production tracking systems used by dealers. We are educating our people and our dealers on how to use the valuable information from these technologies.“

New products are always being developed and launched at Portfolio, as they consider dealers to be among the most creative business people in the country. Their recent new products have been focused on current market trends such as the increase in leasing, the increasing value of certified pre-owned programs, vehicles reentering the market from prior leases, and the longer terms of vehicle ownership.

They are also on the lookout for acquisitions of entities that either complement their current business structure or add to their marketing capabilities. Burke says it is an exciting time to be in our business.

The Far Side of the World

Burke’s outside interests usually turn into passions. He is an avid outdoors person and enjoys trips to “far off places in the world that are as close to ‘wild’ as possible, getting away from cell phones and text messages.” He has been to the deserts of Namibia, the river valleys of Zimbabwe, and the backcountry of Tanzania and South Africa, enjoying the people, the wildlife and the natural beauty. Often he goes with his business partner of nearly 40 years, Mark Powell, who shares his love for this kind of travel.

Burke says his travels have provided an education as nothing else could. Spending time in foreign countries has allowed him time away to “contemplate and to see the world from different perspectives.”

One of his most memorable trips was to a remote village in Zimbabwe. “When we arrived, all the children were let out of school to sing to us, just as a welcome. We gave them some M&M’s, but the most special treat was giving them Polaroid pictures as we took them. They had seen cameras before, but not the resulting photos.

Burke has also been an amateur baseball umpire for many years. “The smell of the fields, the sounds of the game and the competition all get my blood running and require my focus.”

Burke is married and has a daughter and two grandsons who live next door. He is able to see them daily, and says they keep him young and motivated. “The boys are 13 and 16 years old, so I’d better try to be young! It’s awesome to watch them grow and to provide whatever insight, knowledge, even wisdom that I can as a grandpa.”

Industry Issues Looking Forward

In the future, Burke sees a number of things that are or should be priorities. Preparing for the future is something he finds especially important. “It is important for dealers and companies like ours to build their businesses in the great economic times for the not-so-great economic times. It is vital to remember what we all learned during the most recent recession about business management, commitment and the staying power accomplished by delivering value. Also, being responsible to the employees who help you succeed is a must.”

As government and regulation play an increasing role in the automotive industry, Burke believes it is important to try to minimize government intervention and interference by doing the right thing for clients and the consumer. “We should always remember that legislators and regulators get involved in our business when people complain to them. Consumers deserve a great ownership experience, too.”

Burke sees a need for more young people in the automotive field. He says they generate new ideas, easily embrace the benefits of new technology and provide real energy. “They also provide more experienced guys, such as myself, with real gratification as we see them grow, learn and prosper.”

In addition to young people, Burke has made a practice of hiring more bright young women than men, partly to balance out the nearly all-male business he grew up in, but also because they bring valuable new thinking, discipline, and positive attitudes about client service to the table. And, Burke says he has paid them, along with all his employees, well above industry norms for the value they deliver.

The advice Burke would impart to those considering entering the business as agents is, “The road they will face will be difficult but the rewards will follow. I believe both the dealer business and our business are some of the last truly entrepreneurial fields in which the associated risks and rewards are the same.”

He also emphasizes that the retail automotive business is really the personal transportation business. “It will be with us for generations to come. Today’s opportunities may become as antiquated as the concept of saving for years to pay cash for a vehicle. Fortunately most young people seem to embrace that the business world changes rapidly, unlike so many of my peers.”

Ultimately, Burke wants to have fun and enjoy his business. “Doing that leads to a fulfilled and enjoyable life. The hard work should be part of the enjoyment.”

Posted in Meet the ExecutiveComments (0)

Enterprise Building Through Reinsurance


“Yesterday’s home runs don’t win today’s games.” – Babe Ruth

For the independent agency, today’s franchised dealership marketplace is changing rapidly. Large dealer groups are buying up stores nationwide, and other dealers are seeking to expand their number of stores. Even with many dealers reaching the age of implementing their exit strategies, there are fewer franchised stores available than in the pre-recession years.

Just a decade ago, an agency could be considered very successful by having a group of 6-10 loyal long-term dealer clients. Today’s ownership changes present the agency with new challenges. More than ever, a few changes of ownership in the agency’s client base can be the difference between prosperity and hanging on for survival.

Building an Enterprise – Why it Matters

An enterprise is a business with built-in long-term value for the owners, clients, associates, vendors and potential investors.

The truly entrepreneurial agency principal must look beyond the value of the income generated by loyal clients and toward adding to the value of the agency enterprise itself. The reasons for this are three-fold:

  1. To build an enterprise that relies on more than just a few key personnel and their interpersonal skills
  2. To create a business that has the human, procedural and capital resources to serve dealers more comprehensively in a more competitive environment
  3. To lay the foundation of an exit strategy for the agency principal by becoming, beyond goodwill relationships, a company that has value in the investor marketplace

None of us are getting any younger but it is never too late to add value to the agency. Building the agency into an enterprise is a “today” priority. It is not unreasonable to project that just as consolidation is occurring among franchised dealerships, the same will happen to independent agencies.

To profit from this trend an agency must grow in many ways, but the scope of this article is to focus on the value of delivering a premier reinsurance program to the dealer and how that redefines the role of the agent. Once those two aspects are embraced the agency can build its value in other ways to attract new dealer clients and even new partners, investors or buyers.

Our premise is that dealers want solutions that deliver the most income to the dealership and financial success to the owner personally. The latter is the goal of any businessperson. This common-sense premise puts the dealer’s interests first as the best strategy for building the agency’s value. It is about becoming a partner – not just a provider.

Franchised dealers are seeing many of their traditional sources of profit being reduced – finance reserve, new car sales margins and service drive competition, to name a few. More than any other single decision today, a first class reinsurance program enables the dealer to generate more income in the dealership while building a new personal wealth asset outside the dealership.

I was once a Chevrolet dealer, and many people in my company are former dealers or GMs, so we see participation programs as about the dealer having the same profit opportunities, or risks, as those traditionally taken by the factories, big insurers, or income development companies and administrators with their own products. We have seen how much they wanted the dealership’s business, so we have always known there were significant underwriting profits in the risks associated with VSCs, GAP and ancillary products. We believe these providers will never be satisfied with straightforward fees only and their programs will be designed to give the fewest benefits possible to the dealer.

My company’s approach to reinsurance is based on giving the dealer every available benefit. This strategy colors the entire philosophy of my company and the agencies that represent our program, as well as this article’s theme of how a great reinsurance program can transform an independent agency from a vendor into a partner.

Reinsurance is much more than the “back-end benefit” to a retail product sale as it has been presented over the years. It is a fundamental success strategy for the dealer. For that reason the agency must, as a true partner, become an expert on what competing reinsurance and participation programs deliver.

The man who will use his skill and constructive imagination to see how much he can give for a dollar, instead of how little he can give for a dollar, is bound to succeed.” – Henry Ford

The Elements of Reinsurance Expertise

Participation programs are broadly accepted by dealers. Over 70% are in some sort of participation program, from what amounts to retros to legally defined reinsurance structures such as CFC, NCFC, or DOWC. For this reason, odds are, a dealer prospect and professional advisors such as CPAs and attorneys feel as if they are knowledgeable. But, the partner agency must know even more.

Let’s break this knowledge base down into 6 categories:

  1. Structure and ownership
  2. The money structure – fees and costs
  3. Rates, profitability and risk management
  4. Premium flow and trust accounts
  5. Profits and taxes
  6. Products and income development

The documents that a provider gives the dealer after signing up are the agency’s best source for utilizing this knowledge. When assessing a reinsurance or participation program for your dealer, do not begin until you have all the agreements and proposals that describe that program. The things in writing are more important than what someone says.

Structure and Ownership

Whether CFC, NCFC, DOWC or other, the key question is, “Which structure best supports the dealer’s goals to create the most wealth?” That’s why the dealer is in business.

Wealth is the tangible power and the control to get things done. It is not just measurable dollar wealth in the participation entity. Wealth is the power and control to do what is needed in F&I, the service department, store remodeling or elsewhere in the dealership. Wealth helps manage employees and incentivize key managers. Wealth empowers the dealer owner to meet personal goals and obligations to family, community, and his or her future concerns, such as an exit strategy and retirement.

Thus, the partner agency should engage the existing or prospective dealer client to uncover these fundamental needs and goals and then apply that knowledge in finding the best structure to deliver that control.

The Money Structure

• Admin fees • Agent fees/service fees
• Ceding fees • Excise and premium tax
• Incentive fees • Bank and trust fees
• Charter renewal, tax returns • Loss adjustment fees
• Claims/loss cost fees • Risk sharing fees
• Split investment income • Surplus relief fees
• Penalty fees • Start up costs

 

Becoming knowledgeable about fees and costs associated with all programs is the single most important skill the partner agent can bring to the table. These things are not always readily transparent. The partner agency must put in the homework hours to be a credible advisor to the dealer, but we have come up with two shorthand questions that cut to the heart of the matter. The dealer should ask any competitor the following questions:

“If I remit $XXXX, how much goes into my account?”

“If a claim costs $XXXX, how much is taken out of my account?”

The answer goes a long way to making the fine print of many dealer agreements transparent. So does an answer that evades the question.

Rates, Profitability, and Risk Management

Unlike the adversarial days of the walkaway contract, when a dealer owns or participates in the underwriting profits, the lowest rate is not necessarily the best rate. For all products, the question becomes balancing out saleability in F&I, the dealership commission structure, and underwriting profits. A premier reinsurance program should provide flexible strategies for setting rates.

You cannot manage what you can’t measure. Risk management requires measuring how much, when and why of all F&I products’ performance through the expiration of each contract. Reporting on production and the flow of premium into and claims costs out of the reinsurance company must be timely, comprehensive and easy to understand.

A good report will start by summarizing the overall financial status of the reinsurance company or participation entity and then provide the layers of drill-down data upon which the big picture is built. It must be simple to understand. If a provider’s reports require the dealer to be a CPA or actuarial data analyst, it is not a user-friendly management tool and may be obfuscating what a dealer should know.

No matter the quality of the reports, a true partner agent will review them in person with the dealer-owner to deliver added value to the relationship. If action is needed to, for example, adjust rates, product mix, or service drive practices, then this is the best time to get a decision from the top.

Premium Flow and Trust Accounts

Dealer participation in underwriting profits is based on the taking of risk, therefore they have to understand how the reserves are performing and therefore, they must have access to the account where the funds are held. If that participation entity is a true dealer-owned reinsurance company, the dealer’s rights of ownership demand that the dealer know everything about the account.

  • Where the funds are held, and who decides that?
  • Who controls access to the account?
  • What investments are allowed, and what control does the dealer have?
  • Are loans from the unearned premium allowed as investments? Or can the dealer owner only borrow surplus (earned profits)? Loans are an asset of all insurance companies, if properly structured and administered.
  • After the remittance is received by the program manager, when is it funded?

This last question is indicative of the program manager’s view of the dealer as a true owner. Slow funding – more than a week or two – is evidence that the program regards the remittances as their money, and is probably a strategy to earn some of the time value of that money. This is a hidden cost to dealers because they lose investment income during that time.

Many participation and reinsurance programs do not give the dealer clear answers and control on these matters. They seem to treat the dealer as a junior partner, rather than the sole source of premiums and the risk-taker.

Profits and Taxes

The amount and timing of profits distributed to the dealer owner varies greatly depending on the structure of the participation entity. This is a key question for the dealer whose underlying business goal is, of course, to predictably and sustainably receive the maximum possible income. The agency’s best relationship-building strategy is to know how each structure answers the following:

  • When can profits be taken?
  • Who makes the decision to take out profits?
  • Who are they paid to? (third-party, dealership or dealer- owner?)
  • How are distributions taxed?

Legally constituted reinsurance companies are taxed under the special federal tax code for all insurance companies. There are some advantages under that code, regarding unearned premium and investment income. Other participation structures, such as retros and overrides, do not offer this advantage.

The important thing for the agent to know is that they are not a tax expert or licensed advisor, but are there to advise their dealer on a program’s earning potential. The structure and its tax consequences must be considered. Therefore, the agent must be familiar with the taxes incurred by CFCs, NCFCs, DOWCs, retros and other participation structures. The agent’s job is to deliver profits, for without profits to the dealer’s company tax issues are irrelevant.

Products and the Role of Income Development

Many of us have long seen ourselves as delivering products for the F&I department to sell and simply earn a commission from each sale. Our job was to address claims, rates, point-of-sale materials and exceptions. Participation in the underwriting profits was simply a way to sweeten the deal. Years ago, even I thought Portfolio was simply a VSC and ancillary product provider dedicated to the reinsurance model.

Then I realized that our identity was not really based on the facts. Many of our dealers had a reinsurance company worth as much or more than their dealership. A Portfolio reinsurance company owned by the dealer really meant we were in the business of managing the dealer’s company for profit.

VSCs, GAP, and other products are as important for delivering profitable premiums to the dealer’s company as for the mark up commissions earned up front in the dealership. They are interwoven needs. Underwriting profitability is increased because more products’ premiums go into the dealer’s company. A diverse product mix helps stabilize this profit opportunity.

With this in mind, today’s agency must offer all products to find the best fit for these interwoven needs of the dealer – what will allow maximum sales and profits. These include all types and configurations of VSCs, GAP, limited and CPO warranties, theft protection, maintenance, lease protection and many others. It’s about the best fit for the local market and the dealer’s goals. Done conscientiously, the agency will earn all the dealer’s business and keep competitors out.

It goes beyond simply installing the products. Today the dealer expects the agency to not only provide a premier reinsurance structure but to do the income development with key personnel in the dealership to create healthy profits for both the dealership and the reinsurance company. Genuine income development expertise requires that the agency not be a “yes-man” to the loudest voices in the dealership, but strategically works with the dealer owner to create, adapt and sustain what works best.

I believe, that addressing all aspects of income development builds a secure future for the independent agency. An agency builds its enterprise by helping dealers build their’s. The agency’s role is to be the most valuable partner to the franchised dealer’s enterprise in the stores, as well as help in the dealer’s ultimate goal of becoming personally financially successful through wealth building. Reinsurance alone is not the magic bullet.

Today’s franchised dealer’s rapidly changing and challenging business reality is marked by less help and more pressure from the factories, plus competition for factory franchises. Other companies seek to prey on this for their own benefit. The best agency enterprise-building starting point is recognizing that there is an ultimate decision-maker in every dealership – a human being with personal goals and interests. The potential is there for the true partner independent agency to become even more valuable to the dealers than the factories.

“But to be entrepreneurial, an enterprise has to have special characteristics over and above being new and small. Indeed, entrepreneurs are a minority among new businesses.

They create something new, something different; they change or transmute values.” – Peter Drucker

Posted in IndustryComments (0)