'Auto Trends’ Talks to a Former Editor of Two Iconic Black Magazines About Life, Legends, Career Pauses and More (Two Shows)

 

Tanisha A. Sykes (Photo Credit: TAS)

In recognition of Women’s History Month, Auto Trends with JeffCars.com, a weekly multicultural syndicated automotive program, goes one-on-one with Tanisha A. Sykes.

Sykes, a veteran journalist, currently serves as the editorial director of finance for T Brand Studio, a sponsored content arm of The New York Times. Before landing her current high-profile assignment, Sykes established her footing in the magazine industry with such Black household staples as Essence and Black Enterprise, serving as the money and finance editors. During the two-part conversation, the gregarious and gifted storyteller revisits how the show's host, Jeff Fortson, became a national automotive writer under her mentorship. 

Auto Insurance: Myths And Realities

Two years ago, the editor, Jeff Fortson, wrote an article which appeared in Black Enterprise Magazine dealing with the myths and realities of auto insurance. If you haven't shopped your insurance coverage recently, you may find that you are paying too much.

Auto insurance coverage can be costly. The average annual expenditure for auto insurance came to $785 in 2009 (the most recent data available at the time the article was printed), but premiums can sometimes cost thousands. That same year, the highest average expenditure, in Washington, D.C., came to $1,128, according to the National Association of Insurance Commissioners. You've probably heard the myths out there about what lowers insurance premiums and what doesn't. Here's the truth about four auto insurance myths.

Myth: Red cars cost more to insure.

Auto insurance coverage can be costly. To read the article in its entirety, click here.

Editor's Black Enterprise Article: New Ways to Maximize Your Auto Insurance

In case you missed the editor's article which appeared earlier this year in April's Black Enterprise  magazine related to the myths and reality of auto insurance,  don't fret. The free online version just became available. As we all know, auto insurance coverage can be costly. The average annual expenditure for auto insurance came to $785 in 2009 (the most recent data available), but premiums can sometimes cost thousands. To find out some new ways to save on your auto insurance, click here.

Could Auto Insurance Loyalty Cost You?

When was the last time you switched auto insurance carriers or just simply just shopped around? Jeffrey Gibson, a 45-year-old retail consultant from Yonkers, New York could have saved a lot by just simply shopping around. Gibson was paying $3,390 annually on his 2004 Nissan Maxima before totaling out the vehicle in 2010. After shopping for a replacement vehicle online, Gibson stumbled across a State Farm ad.  After making connections with them, State Farm was able to shave-off approximately $1,241 annually on the 2009 Infiniti M35 he purchased, bringing his premium down to $2,148 annually.

Ironically, prior to Gibson replacing his Maxima, he had been with the same carrier, Geico, since inheriting a car from his late father’s car in 1994.

According to J. D. Power 2011 U. S. National Auto Insurance Study reveals that Gibson is not alone when it comes to changing carriers. Only 13 percent of customers switched carriers over the past 12 months. Now while we're not endorsing one insurance carrier over another, we do recommend that you shop carriers to make sure the price you're paying is inline with the competition.

To find out the other myths and realities of auto insurance shared by the editor of JeffCars.com, pick up April's copy of Black Enterprise Magazine.

Editor's Pick: May's Top 5 African American Auto Stories That Flew Under the Radar

Chrysler pays back government bailout loan early, again. Doesn't everyone wish they had a relative like Chrysler? Where are the critics that wanted Chrysler to go under at the height of the recession? Yes, everybody needs a helping hand -- even the car industry. Once again Chrysler has proven that it really does have nine lives while at the same time President Obama puts another feather in his cap. The auto industry helped to create many African American millionaires and was the root of the African American middle class.  And for those black pundits criticizing the Obama administration for not doing enough for the community, what would have happened had Obama not funded the auto industry? How many minority factory workers, suppliers and dealership employees would have been steered to the unemployment lines and forced into foreclosure?

                                    

Yes, the seats in your car could not only have the imprints of an African American, but also be built by Ronald E. Hall Sr. company, Bridgewater Interiors. Hall's business was named Black Enterprise Magazine's Industrial/Service Company of the Year last week. Hall's company pulled-in over $1.6 billion in revenue in 2010, up from $1.1 billion in 2009. By hitting the $1.6 billion mark, this makes Bridgewater Interiors the second-largest African American company in the world and one of four companies to top the billion mark last year. 



Robert Johnson, one of the richest African Americans in the country, may be out of the basketball game, but he continues to reign supreme -- as the number one new-vehicle dealer in the country -- according to Black Enterprise Magazine. Johnson is on track to become the second African American-owned dealer to crack the $1 billion mark. Last year his stores pulled in $893 million in revenue. This is up from the $641 million he raked in for 2009 at a time when many dealerships folded. 

seat.   Jenell Ross, a graduate of Emory University and the CEO of the family-owned dealership, Bob Ross Automotive, is Black Enterprise Magazine's Auto Dealer of the Year. Ross' father passed away in 1997 and her mother died suddenly last year.  Ross' family became the first African American Mercedes-Benz dealer in the country, before it was even fashionable for automakers to award dealerships to women and minorities. Ross' daughter, who is only 37, took over last year after her mother suddenly passed, managed to increase sales by 10 percent. Ross is a testament to the second-generation of African Americans being able to successfully run the family business and remain in the driver's

An Insider's Perspective: Black Enterprise Honors Top 100 Businesses

Earl "Butch" Graves Jr., president and CEO of Black Enterprise, and Jeff Fortson, JeffCars.com's editor, taking a few moments to connect at the 100s Awards Dinner.

Earlier this week I had an opportunity to attend Black Enterprise Entrepreneurs Conference and BE's 100s Anniversary Celebration and Awards Dinner, which was held in my hometown, Atlanta. While I've intermittently worked with the magazine since 2005, providing automotive content, this is the first time I have actually had an opportunity to attend one of their conferences.

Boy, was it a life-changing experience! Over the two-day period I had an opportunity to be inspired by Lisa Nichols, a well-known motivational speaker and one of the featured teachers in The Secret, to hear savvy business advice on the four stages of branding one's business from the founder of FUBU and reality television star Daymond John and to learn step-by-step strategies to keep one's business afloat after a setback from twin brothers Shane and Shawn Ward, co-owners of SHANE and SHAWN shoe company.

And this doesn't begin to scratch the surface of all of the other educational forums I wasn't able to work into my hectic schedule. There was also two days of  entrepreneurial workshops specifically designed for kids, too. Now that the event is over I regret I didn't have an opportunity to drop in on the kids. 

Get Rewarded for Driving Less

Rising gas prices might be causing you to drive a lot less than you used to. If that's the case, you could be in for some serious savings on your car insurance. A growing number of insurance companies are helping consumers lower their rates with pay-per-mile or low-mileage discount programs, which is similar to leasing an automobile. If you're racking up less than 15,000 miles annually, it might be time to contact your agent. Each mile you don't drive is less risk for you, as well as the insurance company. If you stop driving to work or decrease your mileage in other ways, you may see savings up to 30%, says Bob Hunter insurance director for the Consumer Federation of America.

Like auto leasing, under the pay-per-mile or low-mileage discount programs, drivers pay only for the miles they drive. To qualify for this type of program, companies such as Progressive, which offers this low-mileage discount in four states, require a small monitoring device to be installed inside your vehicle to track your mileage. General Motors Acceptance Corp. (GMAC), which currently offers low-mileage insurance in 34 states on 2004 and newer GM vehicles equipped with OnStar technology, will automatically monitor the mileage of its insurees.

Just for signing up for these low-mileage programs, new Progressive drivers automatically receive a minimum 5% discount, while new GMAC drivers receive a 26% discount. Furthermore, GMAC drivers accumulating less than 2,500 miles annually on their vehicles could receive a whopping 54% discount.