DOYLESTOWN >> Fred Beans, founder and CEO of The Fred Beans Automotive Group, has been named among the Philadelphia Business Journal’s Most Admired CEOs. Beans joined a select group of Philadelphia-area CEOs honored at a reception held Dec. 3 at the Union League of Philadelphia.
Beans emerged as one of the recipients from among a pool of more than 100 nominated CEOs representing a breadth of industries. A panel of editors selected 25 honorees who are established leaders in their respective fields. They looked for individuals who lead companies with outstanding financial performances, who are innovative and who are committed to quality, diversity in the workplace and making contributions to the Greater Philadelphia area.
The Fred Beans Automotive Group is family-owned and -operated, with Fred Beans at the helm after more than 50 years in the business. Three of his daughters, Beth, Barbara and Jennifer, work alongside him in various roles to help manage the business.
Beans entered the industry in 1959, at the age of 21, with a service station that he purchased using a $5,500 loan cosigned by his mother. He began renting and leasing vehicles out of the service station – his introduction into auto sales.
Today, Fred Beans Automotive Group is one of the largest, privately owned automotive groups in Pennsylvania with nearly 2,000 employees and more than $1 billion in annual sales. The company encompasses 20 dealerships, 18 brands, six franchised CARSTAR collision centers, two AutoExpress locations, four AutoRent locations, commercial truck sales, and the largest dealer-owned parts operation in the country.
The company established the Fred Beans Charitable Trust in 2000 to give back to the community, prioritizing among organizations whose focus spans youth and education, human services, arts and culture, and community development. Its most significant contributions over the past year have supported the YMCA of Bucks County's “For a Better Us” campaign and Doylestown Hospital, which named a family waiting area in the new Cardiovascular and Critical Care Pavilion after Beans.
“I always have believed in the philosophy of doing well by doing good,” said Beans. “If we are successful, we not only want our customers to share in that success, but our community to share in that success, too. If we do something every day to make our community better, we ultimately make our business better.”
In 2019, Fred Beans Automotive Group also placed on the Philadelphia Business Journal’s Best Places to Work list and was recognized among the Philadelphia Inquirer’s Family Owned Business Award winners.