Learning from Leaders

In the Groove

David Prinz uses his drive and passion to make every lap count for GoFast Solutions.

It’s a classic formula: A kid with a passion for car audio gets a job at a stereo shop and, years later, opens a successful business of their own. It’s exactly what happened for David Prinz, the CEO of Middletown, Conn.-based GoFast Solutions. He recalled the makeshift stereo system in his pickup truck, and how he used to drive to a local business—the Sound Company—and talk with the guys who worked there.

“I asked what it took to get a job as an installer,” he said. “They told me I needed a general understanding of electronics, so I went to Gateway Community Technical College right after high school and did a one-year certificate program in electronic technology.”

He ultimately got the job and became a salesperson and installer. From there, he went to a computer manufacturer/ distributor and built computers for several months until the owner switched Prinz into sales, thinking it might be his strength. For the next five years, he acquainted himself with the distribution business.

The next opportunity was to build his own business. “My best friend, who had also been at The Sound Company, let me know they were going out of business,” he explained. “He wanted to open his own retail store in the same area—Orange, Connecticut—and was hoping I would partner with him.”

Prinz considered the options. “We opened a Boomer McLoud franchise,” he said, adding, “which evolved into Sounds Alive when the franchise dissolved.”

Recognizing Opportunity

In 2004, Prinz joined MRI, a northeast car and home audio distributor, where he spent the next 15 years. He dug deep into merchandising and managing until the next inspiration came along from an unlikely source: his six-year-old son. “He started racing cars, quarter-midget race cars,” Prinz said. “We would go to all these racetracks, but there were no spare parts available. These kids would just wreck the cars and crash them into each other, and from there, I saw there was a need for parts at the racetracks.”

In 2016, GoFast Solutions arrived on the scene. The company started out small. Prinz was still working full-time for MRI, but talked to the owner about what he was doing on the side. “He said maybe we could turn the distribution into something that was rolled up with our current lines,” Prinz said. “I had his blessing and soon business doubled and then tripled. Year after year after year, it grew.”

When MRI was acquired by SnapAV in 2019, Prinz was again presented with an unexpected opportunity—to buy out the 12-volt division of MRI.

The overall feeling, he added, was that they’d lost focus and had become more invested in home audio and video. Prinz wanted to focus heavily on 12-volt, bring in additional lines and get everyone motivated and excited for car audio again. “We hired most of the MRI staff on the car audio side and came on board with GoFast Solutions,” he said.

Prinz opened a 30,000 square-foot warehouse in Middletown, Conn., and brought in all the MRI inventory after the company sold it to them. All this happened over a weekend. “We didn’t skip a beat. The dealers and our entire staff sense the passion I have, and there’s been a lot of loyalty from our dealer base as a result.”

Embracing Diversification

Prior to COVID, 12-volt business was perceived as slowing overall, according to Prinz. Then the pandemic hit and the challenges really began. “I owned a retail store during 9/11,” he said, adding, “I had three years left on a five-year lease. This time I opened business in 2019 and COVID happened. I couldn’t believe it.” Instead of losing sleep, Prinz felt inspired to turn things around. He said his instinct was to fight even harder to get above water. “I just dug in deeper and I said we’re going to come out stronger.” One of the best solutions for his store during 9/11, he explained, was to diversify into several other categories.

“I started window tinting because there was more of a need for that than car stereo at the time,” he said. “People were protecting their homes with window film and so were businesses. I got into marine electronics, too, because there weren’t enough cars coming into the shop.”

The same philosophy carried him through COVID-19 with GoFast Solutions. Back in 2000, he said, he preached the message to diversify. “It’s the same message now,” he added. “Our dealer base has money again, so it’s the right time for them to try different things.” Detailing is one example, and so is window tinting. Prinz noted that if dealers are willing to

spend the money to send an employee for additional training, another category can be brought in-house.

Marine audio and accessories, he noted, also holds promise. “Those same customers who come in to a dealer to get their remote starts done on their cars are the same customers who may also have a boat,” he said. “It makes sense to let them know we also window tint boats, install stereos, detail boats and provide oils and lubricants for boats. We want to find everything and anything we can possibly sell to our dealer base so they can then sell to the customer who comes into the shop with their car.”

Another favorable category, he continued, are ceramic coatings, which he said a fairly capable person can learn to do very well. According to Prinz, the category sells well. Additionally, paint protection film can be applied to prevent scratches. “We’re trying to educate our dealers about all these opportunities and pique their interest,” he added.

GoFast’s method of outreach has always been primarily focused on phone sales, Prinz said, though things have looked a bit different recently due to COVID. He noted he’s seen a lot of new shops open in his area, which might be the result of people being laid off and opening new businesses out of necessity to make ends meet.

“We shut down our showroom during Covid, but we still want to have the opportunity for our dealers to see products, so we’re doing YouTube unboxing videos,” Prinz said, adding that he’s also relied on virtual meetings for trainings, including a recent virtual expo. “Once we’re able to go live again, hopefully in the fall, we’ll have a starter summit.” The new goal is to continue to integrate the virtual platform for dealers who may not be able to travel several hours to be there in-person.

Fine-Tuning the Art of the Sale

With over 30 vendors in the mix, GoFast Solutions has a diverse group of brands and products. Prinz said the company is continually evaluating to make sure it’s on the cutting edge. A lot of it, he added, is category-driven. “We go out and try to find the leaders in those categories,” he said. “We’re also part of the EDA, the Elite Distributor Alliance, so there are several top brands we’ve been able to bring in through that association.”

Finding new categories, securing brands and introducing products to dealers are things that energize Prinz each day. Each morning, he said, he’s excited to go to work and bring this excitement to the sales team, the merchandizing department and the dealers. The art of the sale is, indeed, something special. Any chance Prinz has seen The Wolf of Wall Street? “I know it’s one of these movies I’ll love,” he said, adding, “but I’m just waiting for the right time to watch it. I’ve seen Boiler Room, so I am sure it will move me.”

Prinz said he learns from his sales team every day, taking in their varied perspectives and approaches. “They pick up on certain things. We all feed off one another. At the end of the day, we’re trying to do the very best we can to ensure the successful future of our dealers because they’re our lifeline. If they’re not winning, it’s hard for us to win.”

As for the rest of 2021, Prinz is optimistic and open-minded. “The only areas where we have plateaued is where we couldn’t find inventory. As long as we keep pushing as hard as we can into diversifying, the sky’s the limit.”

Diversification, he said, creates new opportunities and ways for dealers to do the same—branching out into new categories and exploring fresh ideas and ways to reach new customers and reconnect with previous customers.

“If we keep creating new opportunities, then it won’t matter what one small category is doing or how it’s performing because there will be so many other categories to balance it,” he explained. “As one dips, there may be a home run in another.”

According to Prinz, the dealers who were successful during the COVID crisis took every opportunity to reinvest in their stores, reassure customers and diversify into new categories.

“They are much stronger than they were,” he said, adding that he’s also excited about the new dealer portal on the GoFast website because it ties into how the business is getting in front of dealers. During the pandemic, the company focused on heavily reinvesting into its website.

“We went from something that none of our sales team wanted to mention we had to what we have now—and it’s become a silent salesperson for us,” he said, adding, “We’re getting great feedback from our dealers and seeing a lot of new orders come through there.”