Fred Beans Automotive Group’s Post

#formula1 #GRRmodern. After almost two months away from the frontline, Guenther Steiner is taking time to finally enjoy himself following a decade in the spotlight as Team Principal of Haas. #goodwood #goodwoodelevenses Formula 1 The Goodwood Group #f1 #drivetosurvive #grandprix #autos #autosport #automotive #automotiveindustry #cars #racing #sports #classiccar #classiccars #motorracing #motorsport

This right here!!

You can’t copy something without understanding it first. This weekend marks the start of the 2024 Formula 1 season. For F1 fans like me it’s an exciting time. Pre-season testing is done and dusted, now we find out who has got it right and who hasn’t (I’m looking at you Alpine). Every team in the paddock has a unique design, made of thousands of individual pieces; despite the relative convergence as the current rules cycle enters its 3rd year. Some, such as Red Bull, based on recent history, are more likely to be successful, and it’s no coincidence that after a record breaking season, it’s the Red Bull design that seems to have ‘inspired’ other designs for 2024, both in the concept and the details. But, though an F1 car is made up of many individual pieces. It is how those parts work together to produce performance that is key. The temptation to produce a clone of what you can see without understanding its purpose, and the fundamental why behind it, must be incredibly tempting as it promises the performance of your competitors. Just like Red Bull components won’t necessarily improve the performance of a HAAS F1 car without an understanding of its purpose and how it fits into the bigger picture of the car, throwing a framework, way of working, naming convention or method into an existing organisation without understanding why, is dangerous and can make things worse. It doesn’t mean that there isn’t value in those ideas. But understand them first, otherwise your aerodynamic or delivery flow will likely suffer.

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💡 The average Formula 1 pit stop takes 2-3 seconds, but the car gets what it needs to go faster. Here’s a few prompts that take 2-3 seconds to say, that could help your team go faster: 1 // “What do you think we should do?” (new ideas and perspective from across the team) 2 // “Is anyone else feeling tension right now?” (noticing more of what could be silently slowing the team down) 3 // “What are we assuming that might not be true?” (bringing an anchoring assumption to the surface that might be dragging the team) A Formula 1 driver probably feels like that 2-3 seconds takes an eternity, but they wouldn’t NOT pit stop. I hear teams often say that they “can’t slow down”, but regular and relatively brief time spent working ON the team is what boosts speed in the long run. If you’re interested in chatting about a team challenge together, I’d love to take a few minutes to learn about it with you. 🙂 #teamcoaching #teams #goslowtogofast #questions #teamtime

More than 50 % of the Oracle Red Bull Racing partners are listed (NASDAQ, NYSE etc) companies. It is not the highest percentage in Formula 1, but it is a solid percentage, typical for the top-teams. Formula 1 is taking a closer step towards the financial world. We have seen several new private equity and investment firms join the F1 partnership network in the past 2-3 years. Many private equity portfolio companies join also. On Tuesday Rokt, a RedBull Racing partner, visited, together with Red Bull Racing, the Nasdaq MarketSite in Times Square New York. Rokt is close to an IPO, and to move headquarter from Sydney Australia to USA. Rokt, the e-commerce technology company, was planning an IPO in late 2023, but for different reasons, som internal, the IPO has been postponed. Rokt, known for a “work hard, play hard” attitude, is one of the most successful to emerge from Australia’s start-up scene, valued at $2,5 billion. It is using Formula 1 and Oracle Red Bull as a platform for the IPO. Almost 30 % of the company is still owned by employees. Bruce Buchanan is the founder and CEO. Great to see Rokt CCO Elizabeth Buchanan, Red Bull Racing Director of Partnerships Julia George and Academy driver Hamda Al Qubaisi ring the Opening Bell (picture). 📷 Nasdaq. #rokt #redbullracing

Interesting take on the importance of external benchmarking:”All too often, managers lose sight of the external relativity of performance and focus too heavily on performance enhancements relative to their own internal benchmarks; in Formula 1 performance benchmarking is always relative to the competition and a team’s performance is only as good as the last race. In the words of the Williams F1’ s Pat Symonds: One of the interesting things with Formula 1 is that everything is relative. So, if you ask, ‘how fast do I need my car to be?’ the answer is ‘quicker than anyone else’s’; it’s not an absolute number. I always say you should win a race as slowly as you can possibly can.” — Performance at the Limit: Business Lessons from Formula 1® Motor Racing by Mark Jenkins, Ken Pasternak, et al.

In the 1950s, Formula 1 pit stops were a completely different game. It took almost 67 seconds – more than a minute that felt like an eternity compared to today's numbers. Compare above number to Red Bull's F1 team pit stop performance during the 2013 USA Grand Prix. They changed all four tires in a jaw-dropping 1.92 seconds! Under 2 second!!! Formula 1 is not just a race for the fastest cars; it's about pursuit of technological dominance and efficient business processes. It's all about meticulous planning – a strict no-multitasking policy, where every team member focuses on one task. Competitive advantage is not only about latest technology, you also have to have matching business processes.

It is getting interesting. Timing is impeccable, few days before Miami #f1 GP. In January, grand prix racing’s commercial rights holder, Formula One Management, rejected the America squad’s bid to join the F1 grid next season, despite the championship’s regulator, the FIA, approving its technical capabilities last October. The role of U.S. Congress members is to represent people of their districts, as well as develop and vote on legislation. In the letter, which is addressed to Liberty boss Greg Maffei, the Congress members “write to express our concerns with apparent anti-competitive actions that could prevent two American companies, Andretti Global and General Motors (GM), from producing and competing in Formula 1.” “Participation of all Formula 1 teams including any American teams should be based on merit and not just limited to protecting the current line-up of race teams. This is especially true considering Formula 1's growing presence in the United States, including three Grand Prix motoring [sic] racing events in Miami, Florida; Austin, Texas; and Las Vegas, Nevada.” The 12 members of Congress have requested Liberty’s responses to the following questions by 3 May: 1. “Under what authority does FOM proceed to reject admission of Andretti Global? What is the rationale for FOM's rejection, especially with respect to Andretti Global and its partner GM, potentially being the first American-owned and America-built race team? 2. “The Sherman Antitrust Act of 1890 outlaws unreasonable restraints on market competition to produce the best outcome for the American consumer. How does FOM's denial of Andretti Global and GM, American-owned companies, square with Sherman Act requirements, since the decision will benefit incumbent European racing teams and their foreign automobile manufacturing affiliates? 2. “We understand that GM intends to re-introduce its Cadillac brand into the European market, which would support thousands of good-paying American automotive jobs, especially with Formula 1's worldwide audience and its halo effect on its teams and sponsors. How much did GM's and Andretti's entrance into racing competition taking a portion of the racing market share and GM's entry into the European market taking market share each play into the decision to deny admission to the Andretti Global team, given the public outcry of incumbent Formula 1 teams against a new American competitor?” https://lnkd.in/dTaCbj8z

Throwing it back to April 18th, 1958, when automotive history was made with the debut of the iconic Corvette Stingray at the President’s Cup Race. 🏁🚗 #IDSQuality #TrustInQuality #QualityLiaison #QualityControl #AutomotiveIndustry #Automotive #AutomotiveExcellence #Manufacturing #IDS #Integritydrivensolutions