Alex Fernandes - From a Small Citigroup Loan to a Successful Car Business
Alex Joseph Fernandes began his business – a classic car restoration and parts service – with a seed loan from Citi Group when he was just a teenager in Wyoming, USA. The way he tells it, he started the business out of necessity – he needed a car and had no way of paying for it. Thinking out of the box, he took an old wreck and restored it, piece by piece. Once the car was done, he was proud of his handiwork – and eager to get started on his next project.
Joseph Fernandes, Alex’s father, remembers when he drove his son to the nearest CitiGroup branch for that first loan. It was a bit young to be asking for a loan. But Joseph Fernandes had confidence in his son. The younger Fernandes had not only proven himself as a capable car restorer, but he was also an excellent record keeper. He was able to show the Citigroup loan officer hard data that showed how, by building an inventory of salvaged parts by making purchases out of state or at car auctions, he could turn a healthy profit when he later sold those parts.
“That loan officer got almost as excited as Alex,” Fernandes senior remembers. “He not only signed the loan papers, but he asked Alex to start looking for a car that he could restore himself!”
Car restoration enthusiasts and collectors love sharing stories of how they managed to track down one elusive rare part or another. Before long, the name Alex Joseph Fernandes was being spread across the country by those who had either met Fernandes at car shows or had contacted him about a tricky restoration problem. His reputation as an expert restoration artist, as well as a source of both knowledge and parts, grew and grew. Somewhat of a purist, Alex would rather search far and wide for original parts, rather than compromise by using a newer, more modern part. This has started several debates in the car restoration community. There are those who disagree with Alex Fernandes, and rather than spend years searching for a Pierce-Arrow clock, for example, they will go with a more modern option.
Though Alex Fernandes was always eager to help out fellow car restoration fans, he found his newborn notoriety a bit of a hindrance. In the early days, when he would travel far and wide to attend car auctions, in order to find deals on cars declared a total loss by insurance companies, or unclaimed vehicles from the police department, once he was spotted, prices went up. Nowadays, Alex does much of his searching on the Internet. In fact, not long ago, one of his Internet searches led him to a source for a Duesenberg tachometer that he needed for one of his hot rods. The only thing missing to complete that restoration job is a Stanley Steamer 4-spoke steering wheel. Fernandes is sure that it’s just a matter of time until he finds that steering wheel – and along the way, who knows what other treasures will turn up.