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The First Black Woman To Own A Car Dealership In Colorado Is Educating Women On The Car-Buying Process: ‘It’s My Obligation’

Posted by Aria Bell on Thursday, December 14, 2023 Under: 848FINACE
                   
The owner of a used car dealership in Denver is using her not-so-great experience with purchasing a car as a way to educate others about the process.

The First Black Woman To Own A Car Dealership In Colorado Is Educating Women On The Car-Buying Process: ‘It’s My Obligation’ | Photo: Luis Alvarez via Getty Images

Amanda Gordon, the owner of GOJO Auto, has already made history by running Colorado’s first Black woman-owned car dealership. She recently launched a workshop to specifically help female customers, who are often taken advantage of the most when shopping for a car, according to PBS. Gordon has created a teaching plan that provides students with more insight into budgeting, the importance of credit and aspects of a fair dealer.

“The moment I got my dealer’s license, I knew that I had an obligation to do more than just make money. I needed to make change,” she said in a recent interview with PBS. “And through education is the best way to make that change. There’s a huge disparity in communities of color when it comes to finances in general.”

Unfortunately, decades of research have shown that the Black community, especially Black women, are charged significantly higher prices compared to white males, even if they use the same negotiation tactics. In addition, one study discovered that “Black women were offered the highest prices, averaging $875 per car more than white men,” according to a Los Angeles Times article.

“Forty percent of the American population will never own a home, so this is the largest purchase they will make, and it’s a big deal and I feel as though it’s my obligation to teach and educate through the car buying process,” she told PBS.

Before becoming a successful businesswoman, Gordon experienced firsthand the difficulties of keeping up with a high monthly car note. Due to her having trouble paying her car payments, she dealt with multiple repossessions. The philanthropist’s perspective of money broadened after she began her career in the car industry, which was just supposed to be a short-term job.

“So, when I first got into the car industry 22 years ago, I started in sales. It was going to be a pitstop for me, it was not a career, and I was always looking for a way out,” Gordon said in a PBS video clip. “And then about 15 years in, after it’s absolutely a career, my thought process changed. I dove deep into the industry and that gave me pride, and then I noticed a lack of women and I wanted to do something about it.”

This led the entrepreneur to take several classes on financial literacy, along with attending automotive conferences. Enhancing her knowledge of the industry guided her to start making more financially savvy decisions going forward.

“Being a woman in a male-dominated landscape isn’t as challenging as one might think if you have the right information,” Gordon said.

According to the car expert, the two most important things consumers need to understand are their leverage with purchasing power and pricing comprehension.

“It’s all about awareness,” Gordon said. “If you know better, you do better.”

In : 848FINACE 


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