That was what Ambrose Bennett did and now his L&B Trike Dealership & Rental is open for business.
“It took me several months to figure out a way to make the dealership and rental work, especially in these poor economic times. But once I developed the marketing plan, I was sold on getting the dealership and rental operation going,” he said.
“It took me over a year to actually put the idea down on paper, sell the idea to [the Commonwealth Development Authority] and to get the trikes to Saipan,” he said.
He said CDA did its job to help new local businesses that couln’t find any other sources of funding.
“CDA provided me with a loan for most of the initial investment capital because they believed in the idea and my ability to execute the plan I proposed.”
The initial investment was over $70,000.
In a separate interview, CDA loan manager Oscar Camacho said new businesses should get the needed boost.
CDA loaned about $25,000 to a mobile ice cream business and a little over $60,000 to Bennett’s trike business.
“CDA is pleased with comments it is receiving from people who have seen the trikes. The trikes are something different and add to the flavor of the islands. We wish Mr. Bennett and his business all the success,” Camacho said.
According to Bennett, the uniqueness and safety of the trikes along with the marketing plan were major factors in CDA’s decision to grant the loan.
He also acknowledged the assistance and advice of former Judge Juan T. Lizama and businessman Anthony Pellegrino.
Called L&B, the business, Bennett said, was named after his wife Lilian and him — Bro.
“I was raised by my mother to be a gentleman and I felt that it was only appropriate and right to recognize my wife first as my partner in this business venture even though it is in my name because she will have to put up with me and the headaches that come with running a business,” he said.
Bennett flew to California for a test ride on several different trikes and had to purchase a container to ship 25 trikes to Saipan.
Of the 17 trikes for rental, three trikes are allocated for the Pacific Islands Club, three at Marianas Resort, six at L&B’s Susupe substation, and five in Garapan.
Three are on display at the Mobil Station in Kagman, two at Surf Turf in Garapan and one at Joeten Superstore.
Two are for business use, Bennett said.
L&B will soon launch an advertisement campaign throughout Micronesia, including Palau and the FSM.
L&B will cater to tourists in the CNMI — and perhaps even those on Guam.
“I am working to set the conditions to achieve L&B’s ultimate goal which is to establish dealerships and rental operations in Hawaii and the U.S. islands in the Caribbean — my wife and I have simply dared to dream and to try and make it a reality.”
Bennett said L&B has advertising vendors who come in direct contact with tourists. Vendors will provide free registered vouchers to tourists and in turn they will receive a small portion of the rental fee when one of their vouchers is used to rent a trike.
“Under maximum rental capacity there is a potential for the L&B advertising vendors to collectively earn over $30,000 a year,” he added.
Bennett said his business will complement the CNMI’s tourist industry.
The price for renting a trike is $50 for tourists.
Bennett said the trikes have passed the standards set by the Environmental Protection Agency and the U.S. Department of Transportation.
For more information, call 256-6602 or 483-8396.
