Entrepreneurs

How one couple turned $20,000 in savings into a net worth of $8 million

Vincent and Vanice Serrano tow, store and auction impounded and junk vehicles.

As the co-founders of ASAP Towing, much of their day-to-day job involves coordinating hauls, dealing with insurance papers or moving damaged cars.

The job may not seem glamorous, but their net worth of $8 million certainly does.

Today, the Florida-based company nets $220,000 per month in towing revenue alone, receiving approximately 2,000 requests per month.

Getting there wasn't easy, though.

Vanice and Vincent Serrano started their towing company in 1995.
Vanice and Vincent Serrano started their towing company in 1995.

In 1994, Vanice was working at a rental car company, and Vincent was working at a body shop.

"We decided we wanted to do something together to better our family," Vincent says on CNBC's "Blue Collar Millionaires."

They pooled their $20,000 in savings a year later and started ASAP Towing.

"Bills were tight," Vanice says. "I didn't get a paycheck for the first three years. We reinvested everything back into the company."

In Vincent's words, "We worked all the time, relentless."


A key financial realization

To make their work count, they realized they needed to have multiple incomes in order to survive the uncertain times.

Not doing so would open them up to too much risk. The loss of one large client, such as a local shopping center's parking facilities, could deal their business a nearly fatal blow.

So they expanded their business from towing cars to also storing and auctioning them off.

The Serranos say they are committed to helping out people in their community, sponsoring nonprofit events and buying toys for local foundations.
The Serranos say they are committed to helping out people in their community, sponsoring nonprofit events and buying toys for local foundations.

In addition to revenue from towing cars, they make about $55,000 per month from storing vehicles. And they make approximately $80,000 per month from auctioning off cars and motor parts.

"As they say, you can't put all of your eggs in one basket," Vanice says.

The couple lives with their three children in a spacious Jacksonville home with an indoor pool. On the weekends, they take their boat out and go dolphin watching.