Welcome to the ASBN, all-exclusive- The Roadmap, which brings founders, CEOs, and business leaders together, clarifies how to advance the corporate ladder, grow your corporation, and monetize your venture. On today’s episode, host Ted Jenkin, Co-founder and CEO of oXYGen Financial, is joined by Tony Marzullo, the President and Owner of Gas Motorcars Inc, to discuss his journey of selling luxury vehicles.
According to Marzullo, he expressed how incredibly blessed he is by having the ability to turn his hobby into a career. He further explains, “I wanted to start my career in either law or politics. So, I got a summer job at 22 working for a dealership, and they bought the Hummer franchise.” From there, he engaged with luxury clients and received recognition to get promoted towards direct customer sales. He expressed how he would become friends with many of his clients and spend two to three hours a day doing unpaid favors for them in hopes of receiving referrals.
Unfortunately, many businesses faced unforeseen circumstances due to the global shutdown. However, Marzullo asserts, “It didn’t change my business; it changed the automotive industry forever.” Everything came to a screeching halt regarding his luxury used car industry and the automotive industry as a whole. But prior to the beginning of the shutdown, the industry was shifting because the economy was scaling. “We all thought the world was coming to an end, so we all stayed home. But after two months of sitting on assets, some people started spending money on cars. The tenth-grade economic lesson came to fruition regarding basic supply and demand.” More people were out trying to find cars, and there were essentially fewer cars on the market, especially since manufacturers were still at home. “But by the end of 2020, the industry’s issues worsened.”
“I figured if I do them a favor, they would return it by sending me business.”
However, nobody expected the industry to bounce back as quickly as it did, and what happened was the perfect storm for the seller and the worse storm for the buyers of the new vehicle market. Yet, the used-car market increased the most significantly Marzullo has ever seen in the 25 years he’s been within the industry. Ultimately, “the reality is, we are still facing inventory challenges. New cars aren’t coming in as quickly, and the ability to buy cars is harder due to interest rates,” claims Marzullo.
Overall, there are many components that go into selling your business,” asserts Marzullo. The same applies to how you market your company. Marketing is all about Facetime. People do business with people they remember. Therefore, Marzullo asserts, “Being in front of people and getting to know your client through engagement will be the key to any business’s success.”