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PTG365 is an automotive company that harnesses revenue earned by selling and leasing luxury cars to clients including NBA and music industry stars to help single mothers and low-income families get safe, affordable vehicles and build their credit scores. Through offering financial advising and credit repair services, the company also assists clients in securing cheaper insurance. Since its founding in late 2017, PTG365 has expanded from the three founders working in one city to over 50 employees across four US cities and has garnered gross revenues in excess of $5 million.
The founders of PTG365, Dave Obaseki, Brandon Medford and Eric Whitehead, credit their success to getting celebrity endorsements and investing 80% of revenue back into the business. They project revenues will hit $15 million by the end of 2020. Twenty percent of this money they dedicate to social good. “Already we’ve helped hundreds of mothers,” Obaseki says. “ We always say a credit score of 800 is better than a million dollars . By waiving our credit restoration fee, securing affordable financing, and helping them buy or lease cars, we help mothers get a jumpstart on a debt-free life.”
Obaseki is the son of Nigerian immigrants. Growing up, he was fascinated with vehicles and dreamed of being an entrepreneur. However, his traditional father only wanted Obaseki to be a doctor or lawyer. “Education is the most important thing for Nigerians,” he explains. “It’s been like this culturally for hundreds of years. My father is also from a different generation where people worked 9-to-5 jobs at companies. I’m a Millennial raised in America, so my mindset was different. I saw a lot of my peers choosing entrepreneurship, and I wanted to do the same.”
After graduating from college, Obaseki turned down a serious job offer and refused to return to school for a Master’s degree, which resulted in a huge falling out with his father. “This was very hard for me because growing up, I lived for the approval of my father. Not having his support put me in a very low place emotionally. I felt like I would be a disgrace to my family.” Nevertheless, Obaseki decided to launch a car company with his two cofounders. They worked hard, and after only six months in business, Obaseki already was earning more than six times the salary of his previous job offer.
“I couldn’t wait to show my father how successful the business was,” Obaseki says. “After a long conversation, he not only supported me but told me that he was proud of me. That has become my motivation to keep growing and expanding the company.”
Together with his business partners, Eric Whitehead and Brandon Medford, Obaseki has found a way to make what PTG365 does even more purposeful: by giving back to single mothers and low-income families. “We feel like when you’re put in the position to be more fortunate than others, you have a responsibility to help them,” Obaseki says. “People with great credit can go to any dealership and get a car. But people with 400 credit scores who ride the bus with their children need help. When we’re able to put keys into the hands of clients who never thought they would get approved for a car lease or purchase, it’s an amazing feeling . Their smiles and cries of joy inspire us.”
The three founders of PTG365 have faced challenges with their business. “We’re all African-American men and racism still very much exists in this country,” Obaseki says. “Plus, we’re all also under 30. When we look at expanding and pushing new ideas, we’re limited by society. We have to work twice as hard for half as much just to be taken seriously.” Nevertheless, they feel they are on the right paths and enjoying being business owners driven by their sense of purpose.
Other young people can tap into their life purpose by setting goals and working towards them without ever giving up, Obaseki advises. “Nothing in life should stop you from doing what you want to do. Educate your mind by reading and going to seminars of people who succeeded in that lane. Make sure to listen and take notes. It will make your goals that much easier to achieve. But once you get there, make sure to help people in your community. Remain humble and give back.”
May 12, 2019 at 10:48AM
Forbes – Entrepreneurs