Obama Good for Business: Carmax Co-Founder
Former President Bill Clinton may be the highlight of Wednesday’s Democratic convention speakers, but a number of business leaders, including Carmax co-founder Austin Ligon, are also giving speeches to address whether the economy is better off under President Obama’s leadership.
“None of us are happy with where we are but we’re much better off than any developed country in the world,” Austin Ligon, former CEO of Carmax, told CNBC’s "Power Lunch."
“What people forget is how bad things were and how much we had to do to simply stop the collapse,” Ligon said ahead of his convention speech.
(Read More:Is the US Better Off? Costco Co-Founder Says Yes.)
Ligon, who co-founded the country’s largest used car dealership , points to auto industry’s turnaround as an Obama success story. The auto industry was on the edge of the abyss early in the Obama administration, Ligon noted.
“The Obama administration took rapid and decisive action to restructure GM and Chrysler,” Ligon said, including firing management. “Within a fairly short period of time these companies were working effectively again.”
That has led to a strong rebound in auto industry growth, with sales climbing nearly 50 percent, according to Ligon.
(Read More: Are You Better Off? Here Are the Numbers.)
Ligon expects the fiscal cliff to be addressed after the election. “I think after the election we’re going to need to sit down and have more Simpson-Bowles type discussions,” he said, referring to Obama’s ignored deficit commission. “Sensible people from both parties can get this done.”