How to Build a Multi-Million Dollar Car Business with no Money
Out of the 18,000 car dealerships in America only 1% are owned by African Americans. What Brandon Medford and his two partners Dave Obaseki and Eric Whitehead have been able to accomplish in less than two years is nothing short of remarkable.
Brandon is the co-owner of PTG 365 which is an automotive company that is changing the world of car buying. The company is owned by three black men all under the age of 30 (Brandon is 27) and they have offices in New York, LA, and Miami. PTG has 57 employees and gross revenue so far this year of $5.6 million. Their goal is to have $15 million in revenue by the end of 2020.
They have an extremely unique business model. They’re a car dealership but they have no car inventory. Brandon 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 have been featured in Forbes, Essence, Black Enterprise and they have a Docuseries show coming to Netflix and SnapChat TV in 2020.
They also have give-back programs which include credit and financial planning classes. In addition, they have a program for single moms that offers the option to obtain a car with either no money down or 90 days of no payments.
In episode 48 Brandon broke down their business model, the ins and outs of owning a car dealership, he also gave insight on how to establish relationships with celebrities and influencers and he explained how they were able to scale so fast. In addition, he also spoke about the value of keeping a low overhead, not limiting yourself and empowering people. #Entrepreneur #Carbusiness