From Paperboy To Prestige Auto – Jackson’s Come Up
Greg Jackson has lived the ultimate entrepreneurial dream. Born in Detroit, he financed his college education by working as a paperboy.
After earning degrees in accounting and finance/marketing, Jackson founded Prestige Automotive Group in 1993 with $150,000 of his savings.
Through exceptional customer service and sales performance, Prestige became the first Black-owned auto dealer to surpass $1 billion in annual sales in 2005.
Surmounting Industry Challenges To Stay On Top
The mid-2000s recession almost capsized the auto industry, with major brands like GM and Chrysler declaring bankruptcy. But Jackson kept Prestige afloat through smart business moves – eliminating fleet sales and focusing more on service and retail.
While scaling his dealership count down to just three outlets, he boosted Prestige’s profitability enough to earn a Mercedes-Benz award.
Prestige’s Legacy – Paving The Way For Black Auto Success Stories
Jackson’s billion-dollar milestone has inspired other Black entrepreneurs like RLJ McLarty’s Bob Johnson to incredible auto industry success.
Though economic vicissitudes make hitting 10-figure annual revenues difficult year after year, the accomplishments of pioneers like Jackson and Johnson spotlight the vast growth potential for African-American-owned car dealerships.
Greg Jackson trailblazed his way from humble beginnings to staggering business heights. In the process, he set a bold example of Black excellence in a tough industry – one that future generations of diverse dealers can aspire towards.
