The John Clay Wolfe Show Special: Meet Don Baskin

Original Air Date: January 6, 2026
Host: John Clay Wolfe
Guest: Don Baskin

Overview

In this special episode, John Clay Wolfe takes listeners on a deep dive into the life, business philosophy, and colorful stories of Don Baskin—owner of one of America’s largest car and truck collections in Covington, Tennessee. More than just a collection, Don’s automotive empire and his unconventional path embody the grit, risk-taking, and trading savvy of a quintessential American dealer. Throughout the episode, John and Don share anecdotes, financial strategies, and candid opinions on everything from auction margins to family drama—capturing the essence of old-school car trading and a way of doing business that’s increasingly rare today.

Key Discussion Points & Insights

1. Don Baskin’s Background & Start in Business

• Don started young, quitting school at 14 to begin buying and salvaging big trucks, using a $500 loan from his father (06:48).
  • “The first 500, my daddy credited me enough to buy a truck, a big truck that was burnt...and made like 7 or 8,000.” — Don Baskin (06:48)
• Early experiences learning the ropes from his father, building trust, and leveraging relationships laid the foundation for Don’s independence and business acumen.

2. The Car and Truck Trading Game

• Don’s operation includes nearly a thousand insured vehicles, mainly trucks, stored in multiple warehouses (01:49).
• His approach favors volume and speed, often buying, repairing, and selling high-mileage, big trucks for tight margins.

3. Business Philosophy: All Cash, No Banks

• Don has always operated on a cash-only basis, never borrowing from banks or taking out floor plans (04:07).
  • “It may hard for you to believe this, but I’ve never borrowed one dime from a bank or no financial institute. If I didn’t have the money, I didn’t buy it.” — Don Baskin (04:07)
• Both John and Don discuss the pitfalls of dealer floor plans and the discipline needed when your own money is on the line (17:47, 18:01).
• Integrity and reputation are central: Don prides himself on never having anyone mad at him over money (05:01).

4. Changing Industry Trends

• Once-secret deals with unique opportunities have been replaced by a hyper-competitive environment—especially at auctions like Copart, IAA, and Richie Brothers (02:23–03:05).
  • “Now they so big, you can’t buy nothing. Ain’t no way to buy no bargain no more. The whole world’s like that.” — Don Baskin (02:35)

5. Family Business & Generational Involvement

• Both Don’s daughter and son help in the business—his daughter managing numbers from age 10, his son inheriting his deal-making zeal (09:53–10:19).
  • “[My son] still sells. He sold nine trucks that they retail. Each one of them, right. That’s what he does. He loves it. He just like me.” — Don Baskin (10:19)

6. The Art of the Deal & Risk Appetite

• Don recounts memorable deals, like paying cash for seven trucks at age 14 (08:19) and scooping up bargains after big economic shocks (18:28, 16:26).
• He approaches business with nerve and a shrug at risk: “I was never nervous. Money ain’t nothing but a tool, right? If I lose it, I know how to go back, scrap it and make it back.” — Don Baskin (10:47)
• His approach to losses: “I never worry about when I buy. I'll never worry about. I never had the problem. I mean, I come here bare naked and I don't care if I go home.” (13:15)

7. Salvage, Scrapping, and Wholesale Trading

• Don buys, fixes, and parts out dead trucks to maximize returns, even occasionally buying in large lots worth millions (11:20, 11:43).
• He continues to manage a salvage and scrap operation alongside the retail business, adapting to market conditions (10:54).

8. The Collection: Motivation, Value, and Legacy

• Don never intended to create such a vast collection but eventually did so for both business and enjoyment (20:30).
  • “It was a plan to always have a bunch of cars, you know. It wasn’t—I really planned it, you know.” — Don Baskin (20:30)
• He is now looking to sell (“sell them all”), wanting to spare his kids the burden of the collection when he’s gone (15:14, 22:13).
• He keeps records and titles meticulously, with all inventory tracked at the business (22:40–23:05).

9. Dealing with Scams and Theft

• Both men share war stories about being cheated or embezzled by employees or spouses (29:08–33:52).
• Don’s divorce story includes catching his ex stealing millions and negotiating the settlement down from $7 million to $3 million (30:04).
• Meth use among employees is called out as a leading cause of theft and betrayal (33:11–33:38).

10. Perspectives on the Economy and Politics

• Don’s critical of the state of business and national politics, initially hoping Trump would “bring it out” but left disappointed (28:14–28:25).
  • “This country, I never thought it would get this bad.” — Don Baskin (28:14)
• Discussion on tariffs, rate changes, and how new car prices may soon skyrocket.

11. Personal Touches and Unfiltered Opinions

• The rapport between John and Don is humorous, informal, and candid, often veering into personal opinions, colorful language, and frank talk about life, marriage (“How many times you been married?” [29:07]), and the challenges of trust in business.

Notable Quotes & Memorable Moments

• On buying and selling:
  “I sell the hell out of them. We sell it a wholesale price, right. And you know, a man can walk up, buy a truck five, $6,000 cheaper, come from the same place…” — Don Baskin (05:39)

• On business philosophy:
  “I always did exactly what I said I’d do.” — Don Baskin (05:01)

• On starting with nothing:
  “I started with $500. And he’s worked it to this thing. And all of his wealth is tied up in this inventory.” — John Clay Wolfe (06:08)

• On risk appetite:
  “I was never nervous. I said, money ain’t nothing but a tool…” — Don Baskin (10:47)

• On legacy:
  “I figured I don’t want this burden on my kids trying to sell this stuff, right? If I could sell it, I sell it. But I just let them have it, and they can do what the hell they want to, right?” — Don Baskin (15:14)

• On the dangers of drug use among employees:
  “When you get on meth, you turn into a vampire...They steal everything you got.” — Don Baskin (33:21, 33:38)

Timestamps for Important Segments

• [01:49] — Don’s collection: thousand cars/trucks and warehousing logistics.
• [04:07] — Never borrowing from banks; all-cash self-finance.
• [06:48] — Don’s first deal at age 14 with $500.
• [08:19] — Early deals: paying cash, building trust.
• [10:19] — Don’s children’s involvement in business.
• [13:15] — Approach to risk and losses.
• [14:45] — Getting “filthy rich” by being a first-mover in truck trading.
• [16:26] — Buying bargains in the wake of Katrina and economic downturns.
• [18:01] — Discussing the dangers of floor plans and using others' money.
• [22:13] — Why Don wants to sell the collection: family legacy and burdens.
• [29:08] — Divorce, embezzlement, and learning lessons the hard way.
• [33:11] — Drug addiction's impact on employee trust and theft.
• [28:14] — Views on politics, Trump, and the business environment.

Tone and Style

The conversation is unvarnished and full of salt-of-the-earth Southern honesty, business wisdom, and the kind of off-the-cuff remarks you’d overhear in a dealer’s office or at the back of an auction lot. It’s both a history lesson in the wild side of American auto trading and a glimpse into a character whose life is built around deals, hard work, and a refusal to play by anyone’s rules but his own.

Summary by The John Clay Wolfe Show Podcast Summarizer – Listen at jcwshow.com for the full library.