Residents of Baton Rouge, Louisiana, know that if they have little to no credit, the place to go to buy a vehicle is Ultimate Autoplex. Founder and CEO Kendall Fontenot owns the largest minority-owned “buy here, pay here” dealership in Louisiana. He is also the youngest African American to be selected on the board of the Louisiana Independent Auto Dealers Association.
Fontenot’s passion for business and entrepreneurship started at a young age, when as only a second-grader, he began selling pencils at school. Fontenot learned that he could make money doing anything he set his mind to.
When a Hobby Turns Into Financial Freedom
Fontenot’s “buy here, pay here” business began with a hobby. He loved to switch his cars, so he began selling them as a way to be able to drive different ones often. He soon learned that using his own capital to build his business at a steady pace was the best way to keep the overhead lower than it would be with bank financing.
When financing a car, most dealerships send out multiple credit applications to find the right bank to finance the purchase. However, Fontenot learned early in his business that some people were more difficult to get approved than others. He was losing business because he couldn’t get banks to approve many of his customers. To create residual income, Fontenot began in-house financing, offering no credit checks, which opened an entirely new customer pool.
Fontenot’s advice for those looking for financial freedom? Take your time and grow at your own pace. When word got out that Ultimate Autoplex was offering “buy here, pay here” vehicle purchases without credit checks, business began ramping up quickly. Now, he has achieved his goals of wealth and retirement, living in financial freedom at only 33 years old.
The Future for Kendall Fontenot
The future holds many entrepreneurial ventures for Fontenot. After being named the 2021 Business Hall of Fame for Baton Rouge Used Car Dealers, as well as winning the #1 Auto Dealership in Baton Rouge three years in a row, he is looking at a new venture. Though his new idea isn’t associated with the used car or “buy here, pay here” business per se.
Fontenot is getting into the restaurant franchise business, and is opening the doors of his first restaurant in December 2021. Adorned with the checkered flag motif and auto ambiance, he will be opening a Checkers/Rally’s location as a franchisee.
There is nothing that can stop Kendall Fontenot from achieving his goals. In addition to having made his first million by the age of 20, Kendall has also written books, which can be found on Amazon. As an entrepreneur, he believes that any closed door can be opened if knocked-on correctly. Kendall has proven this time and again, from starting young with his pencil business, to opening the doors of his auto superstore, and now his ventures as a restauranteur.
