2010 Lacrosse – M Roster
POSITION : Attack/Midfield
WEIGHT : 235
HOMETOWN: Fairmount, N.Y.
HIGHSCHOOL: West Genesee
As far as he knows, Joseph Pompo hasn’t ever met with a customer to discuss a car purchase in terms of pricing, payment schedule, or other financial aspects in person. A 26-store dealership group’s finance director may think that’s a problem. The automotive retail superpower of Pompo, on the other hand, is his ability to solve difficulties using Excel spreadsheets..
Having worked as a CPA for years, Pompo and Fuccillo Automotive Group have benefited greatly from this ability.
Using his accounting and payroll skills, Pompo discovered a multi-year fraud scheme perpetrated by a long-serving third-party agency, which resulted in the business receiving millions of dollars in a settlement, he claims. As part of his work, he overhauled the retailer’s strategy for the division.
As a result, Pompo helped devise an incentive programme for the group’s 23 New York stores (the other three are located in Florida) that used the group’s Paycheck Protection Program stimulus money to promote morale and performance.
Two years into Pompo’s automobile retail career, he says he is just getting started.
The multiple roles Pompo fills at Fuccillo in Syracuse, N.Y., are testament to his versatility. A brief summary of his responsibilities: Make sure business can concentrate on its strengths.
As the second youngest of five sons, Pompo had great admiration for his father’s ability to make ends meet on an income as an accountant. A lacrosse fanatic, Pompo decided to get a degree in accounting at the University at Albany (State University of New York) before moving on to law school. In 2012, he received an MBA and passed the CPA exam.
Pompo accepted a job at PwC in Buffalo, New York, and worked for two years auditing huge firms there. The next year, he relocated back to Syracuse to work for the family business. His primary focus was working with small enterprises. In addition to filing tax reports, Pompo also served as a de facto CFO for local firms, advising them on how to best prepare for the future.
But Pompo’s heart wasn’t in it, and Fuccillo was looking to hire a director of taxation and finance. He tried something new and failed miserably.
“It came back to my ambition to join a team,” he remarked.
Pompo realised that the company’s service contract profits didn’t match the amount of contracts sold after going over the dealership group’s finances. Pompo made contact with the third-party agency with which the organisation had been dealing for the past two decades. He was repeatedly stymied at every stage.
“There is a term in auditing known as the fraud triangle. “Pressure, opportunity, and rationalisation form the three corners of the triangle,” he remarked. “With as much money at stake as there was, I was unwilling to let it go.”
As soon as Pompo had the reports in hand, he found out that the third-party administrator had overcharged the group for services. There was a $3.5 million transaction between the corporation and the dealership group. Lawley Automotive Dealership Solutions was also sued by the dealership group on June 11 for allegedly concealing profit from the retailer. Courts are asked to decide punitive damages, but Fuccillo claims it is entitled more than $10 million.
Pompo hired a new third-party agency and created a partnership focused only on training, compliance, and income generation. F&I profit per car increased by 56% to $1,538 as a result of the shift, and Pompo was given responsibility for the F&I division.