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Pete is preparing his house for a news show about his business. As Max and Goofy arrive, Goofy finds a 20 dollar bill and insists on finding its rightful owner, to Pete's chagrin. Pete tricks Goofy into thinking it's his and drags Goofy back for the news show about Honest Pete's Used Cars. The news show presents "Honest Pete's Used Cars: Scam or Menace" a scathing expose of Pete's con artistry and business abuses, to Pete's horror. While Goofy finds this amusing, Max and Pete's family are disgusted and enraged by what they watch. Suddenly, the Mayor of Spoonerville comes in and declares Goofy the Most Honest Man in Spoonerville. Getting an idea, Pete makes Goofy his business partner.
The next day, Pete has Goofy deal with the costumers while the Chief of Police watches. However, it soon becomes clear that Pete's plan to use Goofy as a shield for his corrupt business practices isn't going to work because he didn't think things through as Goofy's honesty makes him give people used cars at fair prices instead of the extortionist prices Pete has them at, to Pete's dismay and the Chief of Police's pleasure. To fix this, Pete gets a brainwashing helmet.
The next day, Pete uses the helmet to brainwash Goofy. However, it soon becomes clear that Pete's plan isn't going to work because, once again, he hasn't thought it through as it soon becomes clear that his brainwashing has turned Goofy into a kleptomaniac who soon lands Pete in hot water with the police. After saving himself, Pete, who has learned his lesson, uses the helmet to get Goofy back to normal.
- The title is an homage to the United States' motto, "In God We Trust".