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Today only 6% of nearly 18,000 dealerships are minority-owned within the continental United States. As Damon Lester, president and CEO of The National Association of Minority Automobile Dealers (NAMAD) says, “There is a real need for dealerships to look like the community they will be serving.” Enter startup company PTG365, founded by Brandon Medford, Dave Obaseki, and Eric Whitehead. The trio of millennial-aged friends is trying to eradicate the stigma associated with low-income and urban communities and creating equal opportunities to ensure everyone, regardless of socio-economic status or credit standing, can buy a car. One day at a time, one customer at a time, PTG365 shares the secret of their unorthodox, successful brand.
Black Enterprise: Tell us about PTG365 and how it differs from your typical car dealership.
Obaseki: PTG365 was started almost a year ago and founded by three experienced car guys who were in the car industry collectively over 10 years. We offer a service that a lot of dealerships don’t; bringing a car to your home without you ever driving to a dealership. Our prices will always be lower than a dealership because we have less overhead and we focus more on referrals off of our deals than anything. The better we do by you; the more clients you bring; the less in advertising we need to spend.
Whitehead: [We’re] a company that not only ensures the best deals but makes the automobile buying process painless and easy without setting foot into an actual dealership. We work with both new and pre-owned vehicles of all brands, makes, and models. We work with all credit and we have relationships with over 40 finance institutions. We also deliver the cars to our clients. PTG stands for Prices Too Good and the 365 is for every day.
Medford: PTG365 is a unique auto brokerage based out of New York City. We offer many different services for all automobile needs during the automobile buying process. We are a one-stop shop where we offer services such as credit repair, credit restoration, new car sales, pre-owned car sales, auto insurance, and financial education services. What makes us very unique from car dealerships is that we’re not limited to inventory whatsoever. Car dealerships sometimes force customers into cars that are in their inventory because it’s more convenient for them. On the other hand, because of the licenses and relationships that we carry, we’re not limited to anything. We go above and beyond to exceed our client’s needs and to make them family to PTG365 for a lifetime. Because of me and my partners years of experience working in a car dealership, we understand that MAKING OUR CLIENTS HAPPY is the most important thing.
How did this concept of a ‘one-stop shop’ for all of your financing needs happen?
Obaseki: This happened with us networking with the right people in the industry and getting a lot of finance managers and directors on board with our cause. Remember, it’s not what you say, it’s how you say it. Whenever we have conversations with banks, we make sure we leave a good impression so when we do need favors for approvals it’s done without question. So when we get clients and they want a list of cars, getting answers for each bank is easy and done quickly.
Whitehead: This concept started with the idea of car buying being a long, drawn-out experience that isn’t as exciting as it used to be. The purchasing of a vehicle is the second largest purchase of a consumer’s life. We make this process exciting and easy being a one-stop shop because we do all the shopping and legwork for you while you save time and tons of money.
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