Cycling Success
One outdoor passion for Jim was competing in cycling races across the country . He is a past Masters National , Pan American and World Champion in the 3,000-meter pursuit . He served as captain of a four-man team that won the Race Across America in 1992 , setting a world record . In 1994 , the same team finished second , establishing a new American record . Jim was also one of five athletes named to the United States Cycling Federation Masters All-American team and was honorary chairman of the 1993 , 1994 and 1995 Bike Tours of the National Multiple Sclerosis Society ’ s Georgia Chapter . In 1997 , he was named honorary chairman of the Tour de Cure cycling event benefiting the American Diabetes Association .
When asked about his cycling success , Jim pointed to one aspect he liked about athletic competition versus his professional career : “ No one could accuse me of getting help from my family .”
Carpool Priorities
At one point his home life crossed over with his business life when , in 1992 , he made the first personal communication service ( PCS ) telephone call over cable technology . The first call was to Federal Communications Commission Chairman Alfred C . Sikes . Jim said : “ Chairman Sikes , this is Jim Kennedy of Cox Enterprises placing the first PCS phone call ever made through a cable television system . This is a historic moment .”
Jim ’ s next call was to his wife , Sarah . Jim described the conversation this way : “ I said , ‘ Hey , Sarah , I ’ m making you the second official phone call ever using cable infrastructure .’ And she said , ‘ Look , I ’ ve got to run carpool , I ’ m too busy to talk to you ’ — click — and hung up .”
Approach to Leadership
This pioneering investment in PCS ushered Cox into the telephone business and took place a few years after Jim became chairman and CEO of the company in 1988 . Jim remembered those days as challenging , but they set the stage for how Cox approaches the future today .
“ In the first few years as chairman and CEO , I was very fearful because of all my responsibilities and the many people depending on me ,” said Jim . “ I had to overcome that and not be afraid to try new things . That ’ s what has really fueled the growth of the company . We have these tremendously mature businesses generating the resources for us to do new and different things .”
One of those “ new things ” he tried was when our Manheim auto auction business acquired Ford Motor Credit Co . and General Electric Capital Corp . in 1991 .
Jim described the events this way : “ GE Credit and Ford Motor Credit announced a partnership called GECARS to compete with us in the auction space . I spoke about it with the Manheim president at the time , Warren Young , and others about what we were going to do . Warren said , ‘ Those guys build jet engines . What do they know about the automobile auction business ?’ Then he said , ‘ You let us be auction guys and we ’ ll succeed .’ A couple of years later , the head of GE Capital summoned me to their headquarters and said , ‘ Young man , I ’ d like to buy your little auction company .’ We weren ’ t sellers , but I told him for a certain price — which was 20 times what it was worth — he could have it . He just laughed and said , ‘ We ’ re GE and we ’ ll be No . 1 .’ A couple of years later , we bought their little automobile auction , and that was a good one .”
It was a bold move that allowed Manheim to become 46 auctions strong with 7,000 employees . It was a big moment under Jim ’ s leadership . “ The combining of these two efficient and successful automobile auction companies will offer better service to all customers ,” said Warren . “ We are confident the venture provides additional opportunities for all Manheim and GE employees .”
This decision and others led to Cox meeting a 1993 challenge Jim issued to the company to double annual revenue in five years . It accomplished this goal in 1997 . Overall , since Jim began leading Cox in 1988 , company revenue has grown from $ 1.88 billion to almost $ 21 billion in 2021 .