Marcus Lemonis Talks 'The Profit' And Tesla
CNBC's newest season of The Profit premieres tonight, and host Marcus Lemonis appeared on Tuesday morning's Squawk Box to discuss the show's second season while highlighting the first episode.
“The used car market's gotten a lot stronger. There'll be almost 16 million used cars sold in this country this year, and obviously that's following the trend of the new car market," said Lemonis. "What's driving it is credit is pretty available and the supply of cars is pretty decent.”
Lemonis teased that despite conflict with the business owner, this episode actually led him to invest $3.5 million into the used high-end car dealership.
“When he applied to the show, he actually called me at my office and said ‘Look, I'd like you to come down. My business is losing almost $2 million a year. I have no idea what i'm doing. And once we got there and the cameras turned on, I actually think he had amnesia,” said Lemonis discussing the business owner that the season two's first episode focuses on.
“He just literally did not — did not remember anything.”
Lemonis also answered on his disdain for Tesla's business model while discussing car dealerships.
“I like the car itself; and I don't even want to, you know, challenge, kind of — the technology behind it, but the beef that I have is that I believe in the auto dealer market. I'm an RV dealer myself. I grew up as an auto dealer. There are boat dealers, motorcycle dealers, and a lot of people believe that, I think Tesla believes that — that they want to actually keep the middleman out of the process,” said Lemonis.
“Well, when that customer needs service or they need to talk to somebody about their tire or they need to buy a warranty or they need whatever it is that they need, this country needs people like auto dealers.”
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