Two women start export of used car business in America with $15,000 and turn it into a $16.8 million enterprise
Port to port International Corp., a shipping company located south of Wilmington, was named to the “Hot 500” list released by Entrepreneur magazine Founded by Anabel Panayotti in 1998, Port to Port has managed to make a name for itself in the maritime community in Delaware because and exponential growth in recent years.
Panayotti and business partner Gwen North have managed to buy more land, export more cars and hire more people in a short period of time.
Four years ago, port to port consisted of a container office with about a dozen workers on a 6-acr lot near the port of Wilmington (USA), Costa Rica, Honduras and Guatemala.
The business began with a $15,000 investment in 1998 and earned its first million the following years.
In 2006, annual sales for port to port were $16.8 million.
Behind port to port’s growth is what seems like never-ending demand for used cars in Central America.
Since there are no large auto manufacturers in that region, and most people there can’t afford to import new, expensive cars from the United States and other countries, exporting used cars is big business.
Her customers are primarily auto dealers from Central America who come to America to purchase wrecked cars and other used vehicles from auctions hoping to ship them abroad.
Port to port completes all the paperwork and fulfills shipping requirements for the vehicles.
The company ships 560 used cars a week to Honduras, Guatemala and Nicaragua on empty banana ships owned by Chiquita and Dole heading back to Central America from Wilmington.