Young CEO doubles auto-interior firm revenue in three years, learns costly lesson on car choice

Lucas Philips grew up watching his father run a family-owned business and, at 26, bought Newark Auto, a custom-interior maker in Newark, N.J., financing the deal with a 10 % down SBA loan that he personally guaranteed. Within five years he raised annual sales from just over $1 million to more than $3 million by acquiring four additional small manufacturers and funneling cash back into systems rather than personal retirement accounts.

An early acquisition attempt in rural Oregon went awry when he arrived in a rented convertible, prompting the seller to hike the price from $40,000 to $320,000—a mistake Philips still regrets. He now lives on Manhattan’s Upper West Side, rises before 5 a.m., and spends his days on the factory floor, managing hourly staff who lack typical tech-startup perks. Philips uses AI tools like Claude Code for internal workflow but says the bespoke sewing work cannot be automated. He cautions other young aspirants about the personal risk of a fully guaranteed loan and the emotional challenges of leading a blue-collar workforce.