· By EarnYourLeisure Admin
THREE FRIENDS UNDER 30 QUIT THEIR SIX-FIGURE JOBS TO WORK TOGETHER TO BUILD TOWARDS THEIR OWN EIGHT-FIGURE EMPIRE
In 2017, Brandon Medford aka @lamborghini__b was a 25-year-old finance manager for Honda in Los Angeles. He had just recently moved from New York to LA to oversee five car dealerships. While living in LA, he had a meeting with two friends from New York that were in town vacationing. The friends were also in their mid-twenties and also working for car dealerships. The meeting changed all of their lives.
Brandon, and his friends Dave Obaseki and Eric Whitehead decided that they were wasting their talents working for car companies. They wanted control of their destinies and thought the best way to accomplish that would be to combine forces and open their own operation.
One month after their meeting, they all quit their jobs. Brandon moved back to New York and they started their company @ptg365 out of the back seat of a Honda Accord.
To say the odds were stacked against them would be an understatement. Out of the 18,000 car dealerships in America, only 1% are owned by African Americans. They started a car dealership with no money, and every partner was a black male under the age of 27.
In two years, they have been able to scale the brand to 3 locations (New York, Miami, and Los Angeles). They have been featured in Forbes, Black Enterprise, Essence and they have TV deals with Netflix and SnapChat TV.
PTG has 57 employees and a gross revenue of $5.6 million this year. Their goal is to have $15 million in revenue by the end of 2020.
They have an extremely unique business model. Their dealerships have no car inventory. @lamborghini__b calls PTG the Uber Eats of the car industry.
They have grown by leveraging social media and relationships to obtain celebrity clients and Instagram influencers. Some of their clients include Meek Mill, Rich the Kid, and A Boogie.
They also have give-back programs which include free credit classes. In addition, they have a program for single moms that offer the option to obtain a car with either no money down or 90 days of no payments.
In episode 48 of @earnyourleisure, Brandon broke down their business model and explained how they sell hundreds of cars without having any inventory.
EYL 48 will be out today at 5 pm est.
Article by: @rashadbilal