HENRY M. WALLIS JR.
Owner, Thrifty Used Cars & Tires, LLC
Henry M. Wallis Jr. was raised on the West Bank of New Orleans and is a proud graduate of Archbishop Shaw High School. He later earned a Bachelor of Science degree from the University of Nevada, Las Vegas (UNLV), studying Hotel, Restaurant and Tourism Management.
Today, Henry and his wife, Bonney Jean Wallis, make their home in Long Beach, Mississippi. Together, they have three children and have deep family roots along the Mississippi Gulf Coast.
A FAMILY BACKGROUND IN FINANCE AND AUTOMOBILES
In many ways, the automobile and finance industries have been part of Henry's life from the beginning.
His father, Henry M. Wallis Sr., spent his adult career in the consumer finance industry and was one of the founders of Crescent Bank & Trust in New Orleans. His brother, Eric, has also been involved in the finance industry on the Mississippi Gulf Coast. Henry's parents retired to the Coast more than 25 years ago, and his family has developed strong ties to the area.
Although Henry would eventually find his own place in the automobile business, his first career took him in a very different direction.
25 YEARS IN THE RESTAURANT BUSINESS
After graduating from college, Henry began his professional career with Bennigan's Restaurants as a Manager in Training. What started as an entry-level management position developed into a successful 10-year career with the company.
By the time Henry left Bennigan's, he had risen to Multi-Unit General Manager and had twice been recognized as General Manager of the Year.
Henry's next opportunity took him to Landry's Seafood House in Austin, Texas. During his five years with Landry's, he advanced from General Manager to East Coast Regional Manager, ultimately supervising 11 Landry's restaurants east of the Mississippi River.
He later joined the rapidly growing Bonefish Grill organization as one of the company's earliest Managing Partners. Henry opened and operated the Bonefish Grill in the Dr. Phillips area of Orlando, Florida. During his tenure, the restaurant was recognized as Best Seafood Restaurant in Orlando by the Orlando Sentinel.
After approximately 20 years managing restaurants for major companies throughout the country, Henry decided it was time to become an entrepreneur.
He returned to New Orleans and opened Crescent City Cafe in downtown New Orleans. After operating the restaurant for approximately two years, Henry sold the business to renowned Chef Paul Prudhomme.
That sale brought Henry's restaurant career to a close.
After roughly 25 years of managing restaurants across the United States, Henry was ready for a new chapter in his life.
A NEW SON AND A NEW DIRECTION
At age 40, Henry welcomed his first biological child, his son Zaylan.
Becoming a father changed his priorities. Henry often jokes that for 25 years his restaurants had been his children, his family and his life. With a young son at home, he knew he no longer wanted the demanding schedule that came with the restaurant industry.
There was just one problem: he had sold his restaurant and needed a new career.
That opportunity would ultimately bring Henry back to an industry that had surrounded him since childhood — consumer finance and automobiles.
Henry joined Larry Verges and his brother, Eric Wallis, as a Collection Supervisor with a newly created subprime automobile finance operation in the New Orleans area. Over the next 10 years, Henry gained extensive experience in subprime automobile finance, collections, loan servicing and dealership operations. At one point, he also held an ownership interest in a loan-servicing company that was spun off from the finance operation.
After approximately a decade in automobile finance, increasing national competition began changing the industry.
Once again, Henry found himself asking:
What's next?
THE DECISION THAT CHANGED EVERYTHING
Henry eventually narrowed his next move down to two choices.
He could open a Marco's Pizza franchise in Baton Rouge, Louisiana — returning to the restaurant industry he knew so well — or he could take a chance and open a used-car dealership in Bay St. Louis, Mississippi.
He chose the car dealership.
And it didn't exactly start with a bang.
When Henry first opened, the dealership primarily sold repossessed vehicles from the finance company where he had previously worked.
During his first three months in business, Henry sold a grand total of three cars.
He knew something wasn't right.
More importantly, Henry didn't believe in the direction of the business. If he was going to put his name, reputation and future behind a dealership, he wanted to operate it in a way he could feel good about promoting to his community.
So in his fourth month, Henry made a decision.
He pushed all his chips into the middle of the table.
He completely changed the dealership's business model and decided to build a Buy Here Pay Here program his way.
BHPH — THE THRIFTY WAY
Henry wanted to create an alternative for people who needed dependable transportation but had experienced credit challenges.
His philosophy was simple:
Don't judge customers solely by a credit score. Give people an opportunity, treat them fairly and provide a program that's easy to understand.
That philosophy became the foundation of the Thrifty Used Cars & Tires Buy Here Pay Here program:
NO CREDIT CHECK
NO INTEREST — 0%
NO FINANCE FEES
NO FULL-COVERAGE INSURANCE REQUIREMENT
Instead of building a business around long-term, high-interest financing, Henry wanted customers to have an opportunity to own their vehicles as quickly as possible.
The results were immediate.
After selling only three vehicles during his first three months, Henry changed the business model.
In Month Four, Thrifty sold 22 cars.
And, as they say, the rest is history.
FROM THREE CARS TO A GROWING GULF COAST BUSINESS
Thrifty continued growing.
In its first full year, the dealership sold approximately 348 vehicles.
In Year Two, sales increased to approximately 450 vehicles.
By Year Three, Henry purchased the dealership's permanent location at:
5061 Whitney Street
Bay St. Louis, Mississippi 39520
That same year, Thrifty sold approximately 507 vehicles.
For Henry, however, the numbers tell only part of the story.
Thrifty Used Cars & Tires has always been about building relationships and becoming part of the community it serves.
SERVICE IS STILL AT THE HEART OF EVERYTHING
Anyone who knows Henry knows he's outgoing, energetic and rarely meets a stranger.
After spending 25 years in the restaurant industry, Henry believes customer service is simply part of his DNA. He may own a car dealership today, but at his core, he still approaches business with the hospitality mentality he learned during decades of serving customers.
Henry remains actively involved in the day-to-day operation of Thrifty. He talks with customers, works with employees, answers questions and deals directly with problems when they arise.
His philosophy is straightforward:
When you feel good about what you do, treat people right and genuinely care about your community, the community has a way of blessing you back.
Henry is a strong believer in karma and in putting positive energy into the community.
He doesn't consider himself an absentee owner.
He lives here.
He drives here.
He worships here.
His family lives here.
And his business is here.
That's important to him.
Henry is extremely proud of what Thrifty Used Cars & Tires has become, but he is even more grateful for the customers and families throughout the Gulf Coast who continue putting their trust in him and his dealership.
And while Henry believes strongly in helping customers, he'll also be the first one to tell you with a smile:
"Now, I DO expect you to pay your car note!"
That's Henry.
Help people when you can. Be straightforward. Treat people fairly. Expect people to honor their commitments. And when there's a problem, sit down and try to work it out.
MORE THAN A CAR DEALERSHIP
Thrifty Used Cars & Tires strives to be upfront, transparent and fair in its dealings with customers.
Henry wants customers to feel comfortable asking questions. If something doesn't make sense, ask. If there's a concern, bring it to the dealership's attention.
The door is open.
Henry believes a successful local business isn't built from a single sale. It's built over years by earning people's trust, taking care of customers and becoming part of the community.
He loves the Mississippi Gulf Coast. He loves his family. He loves his customers. And, although he jokes that retirement will come "one of these days," he doesn't appear to be going anywhere anytime soon.
There are still more cars to sell, more customers to serve and another chapter of the Thrifty story to write.
For Henry M. Wallis Jr., Thrifty Used Cars & Tires, LLC has been far more than a business.
It has truly been a labor of love.
