Biography Essay on Michael Pascucci

Michael Pascucci was born in Manhasset, Nassau County in 1937; he currently lives in Locust Valley on the north shore of Long Island. He has a degree in finance and an MBA from New York University. He is married to Jocelyn and has four children and eleven grandchildren. He is the chair of WLNY-TV, the owner of Sebonack Golf Club, and oversees the internet and real estate projects. He also serves as chairperson or trustee for several charities.

At the age of 13, he bought an old Ford from a neighbor at $45; he taught himself how to drive, this was the beginning of his endeavor in the business industry. Pascucci went to Bucknell University, and later New York University's Stern School of Business, before starting an entrepreneurial career at the age of 23. His father, Ralph, native Naples, Italy, did not go past third grade because his family needed him to work. He later became a landscape contractor and played golf as a hobby. Pascucci worked with his father in construction for a year, and then at 23, he started his brick manufacturing business. This company gave him hands-on training in every aspect of running a small business. However, he was interested in finance; he started a couple of mortgage companies, which he managed for some years.

During the early 70s, he had an idea to do finance with individuals, instead of loaning a company. The reason is if the person failed to pay the loan, it is insignificant. At around 1974, he pioneered the concept of long-term auto-leasing; he started Oxford Resources Corp, an auto-leasing firm that hit with massive success. He saw a generational change; people were willing to drive something; therefore, they were prepared to pay $250 a month for a leased car. Someone introduced him to the internet marketing, they took photos put them on the web with pricing, bring them at central hubs around the country and a person could go online and see the car they wanted. He also put financing on the car, thus started to do car loan with Car Finance and became the largest lender of auto loans on the internet in the world. Therefore, it became a national leasing and finance company operating in several states. By the time, he sold it to Barnett Banks Inc. of Jacksonville in 1997 at $650 million it was the biggest leasing company.

He built WLNY, Channel 55, in Melville from scratch in 1979, which took six years to get the license and the tower site. He was inspired by a Golf Club in Florida; he started his golf club, Sebonack Golf Club; a top-100 golf course in Long Island, New York, which is accompanied by a $60, 000-membership fee.

During his business endeavor he constantly got support from his parents financially at the beginning, he has started 20 other business. He learned a few thing in business, to start a successful business; find a need- one that you thing exists or one that you think may exist. Then get a solution to fulfill that niche; once you locate the solution hire the best people you can get to implement it, one should have standard to employ. He also states that records of accomplishment drive his standard. Despite his huge success in the auto-leasing industry, he had his downfalls; the company sued for habitually overcharging customers. In 1990, the company had defective practices. His massive successes were driven by his continuous ideas and the urge to start a new business, and if the firm did not pick, he would shut it down. This is what made him pioneer a lot of business. He was also open-minded and determined to achieve success in his line of endeavor.

Bibliography

Burger, Jeff. Michael Pascucci. October 2007. 29 April 2017 <https://www.bjtonline.com/business-jet-news/michael-pascucci>.

Finn, Robin. "The New York Times." From Humble Beginnings to a Magnificent View (2008).

Stade, Skiddy von. Michael Pascucci, Former CEO & Co-Founder - Oxford Resources Group Michael Pascucci. 8 may 2014.