Selling Luxury– How Adrian Portelli Made His $500M Net Worth

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Good morning! It's Friday, July 14th - Today we’re covering Adrian Ross, an Australian entrepreneur that makes a stunning $60M a year! Let’s figure out how he does it.

THE FEATURE

Selling Luxury— How Adrian Portelli Made His $500M Net Worth

Adrian Portelli is just 34 years old with a massive $500M net worth from his company LMCT+.

LMCT+ is Australia’s fastest-growing luxury car community with over 300,000 members, but there’s a lot going on under the hood of Portelli’s company. So, let’s dive in.

What’s LMCT+?

Portelli started working with cars when he dropped out of college to work at his dad’s truck repair business. He learned a lot from working with his blue-collar father, but he had bigger aspirations.

With his mechanical knowledge and a tech wizard of a roommate, he developed software that could surf the luxury car market for underpriced vehicles in need of repairs and touch-ups.

This business venture turned out to be a huge success and he was sitting on a few luxury cars that he planned on selling. However, he had an idea to raffle off one of the cars to boost his online brand. That idea became the basis for LMCT+.

LMCT+ is categorized as a trade promotions lottery business because members pay varying subscription fees to enter into his luxury car giveaways. To further entice potential subscribers, Portelli partnered with 600 retail businesses that offer “Mates Discounts” ranging from 10-20% off services to LMCT+ members.

Here’s a breakdown of his subscription model:

• Entry ($19.99/month): 1 raffle ticket a month and access to 40% of Mates Discounts

• Premium ($49.99/month): 4 raffle tickets a month and access to 70% of Mates Discounts

• Elite ($99.99/month): 10 raffle tickets a month with full access to Mates Discounts

Portelli is known to boast that he has zero employees, and you can’t blame him for it– LMCT+ is entirely operated and run by Portelli and generates $60M annual revenue from its 300,000 subscribers.

In addition to the subscription model, consumers can simply buy into specific promotions they’re interested in. If you look at Portelli’s latest raffle for a Toyota Supra GR, you’ll see that these one-time buy-ins also have a tiered structure:

• Basic ($10): 2 raffle tickets + three-days access to partner discounts

• Bronze ($30): 20 raffle tickets + 1-week access to partner discounts

• Silver ($100): 100 raffle tickets + 1-month access to partner discounts

• Gold ($250): 400 raffle tickets + 6-month access to partner discounts

• Platinum ($500) 1,000 raffle tickets + 1-year access to partner discounts

While these buy-ins certainly generate a lot of revenue, the secondary goal is to entice these consumers with limited access to LMCT+ discounts into becoming full-fledged members.

How They Win

Gaining Initial Traction

When Portelli first waded into raffling, he tried to launch with a subscription model but was unsuccessful in getting anyone to sign up.

Portelli realized that consumers are generally wary of subscription models for unestablished brands.

LMCT+ finally found success with single payment packages promoted on Facebook and Instagram. Only once he acquired a substantial following and brand awareness did he roll out his subscription plans.

Monopolizing Influencer Giveaways

Portelli quickly became the biggest Australian social media influencer giving away luxury cars, but he wasn’t the only one. Willem Powerfish and Troy Candy are two Australian YouTube stars that made a name for themselves with similar giveaways.

Instead of competing against them, Portelli recruited them. Both Powerfish and Candy now promote LMCT+ raffles across all their social media accounts. When their subscribers sign up for an LMCT+ subscription, they get a percentage of all their monthly payments.

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