Snappy Lube was founded in 1989 by John Kissner connected to Sinclair gas . We plan is to grow sales through word-of-mouth. add technician notes to the photos. As a result, the need for reliable and convenient quick lube store has grown rapidly in California. To reach our local customer base, we will employ a marketing manager. If you're selling, your prospective buyer will need to understand how you generate revenue and will continue to. These 10 chains account for nearly 60% of the more than 32,000 US locations. If you have a solid business plan, potential investors may feel better about putting their money where your mouth is. Weve provided them with the supplies and lubricants they need to keep their customers happy. San Diegos Spanish and Mexican heritage is reflected in many historic sites across the city, such as Mission San Diego de Alcala and Old Town San Diego State Historic Park. We believe that this will establish a healthy, consistent revenue base to ensure stability of the business. 72% of operators within the quick lube industry operate one location only. On the sell side, a deep understanding of your industrys trends can help you reach an informed valuation that reflects your business assets as well as the current market. First, make a detailed report of your business assets and liabilities. Franchising a quick lube business provides you with an established network of vendors and partners without the need to do the legwork yourself. (Car Wash Magazine), #10. Your best angle is to make a list of the production, property, and resources that comprise your business assets and liabilities, cash and investments, employees and intellectual property. Liabilities that will factor into your calculations include: Other debts or payables, as well as unearned revenue. The Oil Change Services in the US industry consists of Conventional oil changes, semi-synthetic oil changes, full synthetic oil changes, automotive oil changes, car washing and cleaning services, other maintenance services and high-mileage oil changes. Read more. Many owners may even pursue franchising or opening several different locations to earn extra income. We will offer these distinct but complimentary services coupled with unprecedented customer service, something that the industry is not known for having. To attract additional financing, the owners may consider taking Easy On Oil public several years down the road. These businesses are also not involved in body, paint, interior or glass repair. Businesses in this industry are very important to the general automotive industry. Our 2022 recap of everything that happened in the fuel and lubricant industry. His expertise in getting deals done is But after analyzing our chances, we are prepared to prudently acquire these equipment and service the growing need in our market. Let's #LineItUp from Washington State! On top of that, he communicated everything in an Car owners instead prefer to pay someone else to do it for them. Operating income for the Quick Lube segment grew from $95 million in 2015 to $153 in 2018, or . In fact, most quick lube operators choose to franchise for this reason. comprehensive listing of auto repairs for sale near you, give us a call at 1-800-874-5793 for details. Just 9% of the sales generated by the quick lube industry come from clients that own vehicle fleets. Franchise Quick Lube, Car Wash, and RE in New Mexico! The most popular brand-name for freestanding businesses is Jiffy Lube. I went in for just an oil change and a lube, and I'll be taking all such . There are really four business valuation methods (nested within three approaches, as shown below) that you need to be aware of. The average revenues generated by a single location in the quick lube industry reached almost $765,000 in 2013. However, to keep capital investments low and offer quick building relocation, vehicle lifts can be used rather than basements. NerdWallet's ratings are determined by our editorial team. Asset valuations are also a great tool for internal use, and can help you keep track of spending and capital resources. (Car Wash Magazine), #8. You should also look for business plans that clearly outline processes and, ideally, demonstrate consistent management. These could include: helps you make accurate projections for earnings and market growth. Franchised Oil Change & Repair Shop in Solano County. Oversees the activities of group technicians, including the recruiting and credentialing processes, Attend standing meetings (board, committee, etc. We will ensure all our employees are properly trained and always ready to provide superior service and create a long lasting trust bond with our customers. (IMR Automotive Research), #9. Overall, a strong business plan provides buyers with important context about your company like your location and mission and captures what key services or goods you offer. As you can deduce from its name, the market approach to valuing a business determines a companys value based on the purchases and sales of comparable companies within the same industry. All these were analysed based on per-unit revenue, per-unit cost, and fixed costs. everything transaction moving forward and would recommend him to anyone looking to get All financial products, shopping products and services are presented without warranty. The average price for a multi-point oil change within the quick lube industry is $36.82. She was trained at Ford and later took a position at Chevrolet. These similar businesses, often referred to as comparables or "comps," can orient you within the marketplace and provide context about the sector. The quick lube industry is growing rapidly. At Easy On Oil, our mission is to provide fast, reliable, and cost effective oil change and lubrication services for vehicle owners in San Diego, California. (Statista), #21. You might think that you can't actually distill the value of your entire business to an exact number and, sure, in a way it's a bit of an estimate. 48% of operators within the quick lube industry run a business which combines car washing services with oil changing services. San Diego County hosted more than 32 million visitors in 2012; collectively they spent an estimated $8 billion. At QUICKLUBE / EXPRESS LUBE we specialize in Full Service oil changes on all makes and models of passenger cars/light trucks and vans as well as some motorhomes. Also, our wide range of auto lubricants and repair parts inventory that is (nearly) never out of stock will further cement our place as a reckoning force in the industry. Determines vehicle condition by conducting inspections and identifying worn and damaged parts. When you partner with our AutoCenter Sales team to buy a Jiffy Lube or another oil change What often separates one lube shop from another is its creative marketing strategies. These services will include full oil changes, lubricate the chassis of automotive vehicles and provide other automotive repair and maintenance services, such as tire rotations and liquid flushes. If you want to take the income approach, you can choose between two commonly used valuation methods. Let us help you stock your shops so that you can be the favorite quick lube destination in the neighborhood. Understanding code and the relationship that software has with new vehicles will become an essential skill set for anyone working in the auto repair industry in the future. Generating Funding/Start up Capital for Easy On Oil. Instead, the two halves work hand-in-hand to create a highly fuel efficient car, especially when driving locally. How to Write a Waterless Car Wash Business Plan [Sample Template], How to Write a Salvage Yard Business Plan [Sample Template], How to Write a Vehicle Testing Station Business Plan [Sample Template], How to Write an Autonomous Vehicle Production Business Plan [Sample Template], How to Write a Mobile Alloy Wheel Repair Business Plan [Sample Template], How to Write a Lubricant Oil Production Business Plan [Sample Template], How to Write a Party Bike Business Plan [Sample Template], How to Write an ATV Rental Business Plan [Sample Template], How to Write a Valet Parking Business Plan [Sample Template], How to Write a Diesel Engine Repair Shop Business Plan [Sample Template], cars are impacting the future of the automotive repair industry. But if you have more financial information on hand, you can try a more comprehensive business valuation tool that includes both profit and revenue, as well as assets and liability, in the calculation. unconditionally recommend Mike and his team. Based on currently available information, Valvoline has a total of 1,595 system-wide stores. Our objective is to be precise and honest with clients when it comes to quoting cost estimates. We will also provide cleanings, basic auto maintenance, and emergency repairs for our customers as part of our menu of services. But buyers arent exempt from this step in the process! Short overview of your business or personal finances. If buying and selling businesses is a new frontier for you, you can consult any number of online resources to help you determine the value of a business. Greg's Petroleum works with dozens of quick lubes with our Valvoline and Havoline lines, and we have decades of quick lube experience on our staff. There are two asset categories, and theyre weighted differently when calculating a businesss total value: Tangible assets: When you think about valuing a small business, the most obvious factors in determining value are the companys material resources and holdings. Then, you can demonstrate to potential buyers what makes your business stand out. Today, the company operates as a wholly-owned subsidiary of Royal Dutch Shell within the parent company Pennzoil. No matter what, applications must be filled out and fees paid. We believe that by establishing a strong customer relationships based on trust and integrity, we can benefit from a strong regular customer base and good referrals. 3. From our detailed research, we hope that provisions for ongoing expenses are adequate to meet our needs as the business generates cash flow sufficient to support operations. Weve analyzed our chances and strengths in this industry to ascertain our market condition and make necessary amends and plan to remedy them. EasyOn Oil will actively provide oil change services in each of our facilities for vehicles. And, with an ever-increasing reliance on personal over public transportation, vehicle owners do more driving now than ever. Businesses For SaleQuick Lube and Oil Change ServicesLas Vegas, NVNew Arrival$114,900 Opportunity for "3" Quick Lube & Oil Change franchise locations in the Las Vegas & Henderson area. Our vision at Easy On Oil is to become the leading business that offers Quick Lube repair services and a well-stocked repair parts shop in San Diego, California. But where the discounted cash flow method accounts for more fluctuations in a business's financial future, the capitalization method assumes that calculations for a single period of time will continue in the future. However, this does not influence our evaluations. A Sample Quick Lube Repair Business Plan Template Table of Content 1. 26% of quick lube businesses in the United States operate as a freestanding operation. We will attract and maintain a loyal customer base through our customer-oriented focus on business. Wherever you are in your businesss lifecycle, you'll want to know how to value a small business sooner rather than later. Contact us today! To do an asset-driven assessment, youll make a list of your assets and assign them a monetary value. Jiffy Lube International. She is based in New York City. These could include: You'll also need to know your liabilities. Additionally, franchising a business comes with an entirely different set of understandings and obligations. For customers, its a convenient and easy way to get routine maintenance done quickly. (Business Wire), #15. ), Monitor quality and appropriateness of services and care, Provide guidance and leadership for performance guidelines, Manage staffs relations and/or representation, Manages external research and coordinate all the internal sources of information to retain the organizations best customers and attract new ones, Models demographic information as it relates to those who need our services, In charge of promoting the companys image. Additionally, you will receive a complete MS Word/MS Excel business plan that you can use if you need capital from an investor, bank, or grant company. Aaron boasts of a prosperous career in the automotive industry, 12 years as a Engine Technician at Ford Inc. Lastly, Helen brings 8 years of finance and administration experience. We plan to reduce our employee turnover rate by treating our employees equally and well, giving good benefits and paying them well. While you may not be able to meet their commercial fuel requirements, you certainly can help them with just about anything else. into the automotive business. Youve come to the right place. Easy On Oil is a San Diego registered LLC quick lube business that will provide high quality oil changes at a reasonable price. Our Business location provides us with a vast market and many opportunities. Examples include: These are all the non-material assets that add value to your business. Driving up to a quick lube business for routine maintenance that can be completed quickly saves consumers time and money. And NOLN's top ranking shows 93 chains in the US with at least 6 locations. Our key advantage in San Diego will be the high-quality, rapid, and convenient quick lube service we plan to offer. Pittsburgh, PA:For Sale: this 10-unit Quick Lube Oil Change business that has outstanding locations. How to Valuate a Business One way to calculate a business's valuation is to subtract liabilities from assets. (Buyers might ask about your discretionary cash flow when you offer them your valuation, so be prepared to include and value each major expense or purchase.). KEYWORDS oil change Operations Quick Lube. People are graciously buying cars and comfort. Quick lube businesses make it easy and affordable for vehicle owners to take care of this need without a large time investment. Implement an ongoing training program. Conducting a valuation is an excellent opportunity to assess the financial health and potential of your business, or of a business youre hoping to buy. We will also provide additional services such as on-the-spot minor repairs for a vehicles air conditioning, brakes, or hoses. (Car Wash Magazine), #4. That said, doing the math is free, so go ahead and plug your earnings numbers into different formulas and compare. We plan to leverage the highest degree of modern technology to manage a full range of automotive lubricants and parts inventory. Cost of incorporating the Business $750. Owners of quick lube businesses benefit from the quick overturn of customers and relatively low overhead. From our cost analysis above, we need approximately $560,000 plus $1,200,000 inventory to start Easy On Oil successfully. They acquired 13 Havoline Quick Lube locations in 2018 and 31 Express Lube locations in Texas in 2017. Most of our competitors have adopted point-of-sale systems in their stores. With Easy On Oil as a technologically savvy business with computerized monitoring of all automotive lubricant and repair parts inventory, we plan to make sure that parts are always in stock, while keeping a balanced level of inventory to maximize inventory turnover. At Easy On Oil,we face over 15 auto repair and auto parts competitors in the local area. Meredith has worked as a writer and editor for more than a decade. At Easy On Oil, we strongly believe we will experience steady growth in profitability over the next three years of operation. The remaining are small privately-owned establishments. 1. LOCATION, LOCATION, LOCATION. Why do diesel exhaust fluid (DEF) prices keep rising and falling? : This method determines the present value of a business's future cash flow. Many or all of the products featured here are from our partners who compensate us. Does becoming a quick lube business owner sound good to you? I also like doing business with a local firm vs. a national chain. Overall, a strong business plan provides buyers with important context about your company like your location and mission and captures what key services or goods you offer. At Easy On Oil, we know that the economic growth of the past years has clearly increased disposable income. From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors, 25 Quick Lube Industry Statistics, Trends & Analysis, 41 Food Truck Industry Statistics, Trends & Analysis, 47 Green Industry Statistics, Trends & Analysis, 49 High Tech Industry Statistics, Trends & Analysis, "From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors. Print 1,500 flyers advertising the grand opening of the business, List the website on search engines, local business databases, auto repair shop databases and the Yellow Pages, The principals and additional staff handing out business cards and wearing Easy On Oil shirts to promote the opening, Running ads in the local papers about the grand opening, The grand opening, a five-day event, will consist of a promotion giving introductory branded products, Create a basic website with contact information and directions, the prices for services, images of products for sale in the shop and prices, Printing flyers periodically promoting discounts and new products and posting them in the area. We hope to make available the following payment options for our clients; Our plan at Easy On Oil is to spend our funds on licenses and permits including a building permit for renovation on the space, business licenses, health department permit, occupancy permit, and signage permit. Along with hybrids, all-electric cars are taking to the streets across the world. Tourism alone in San Diego is a major industry owing to the citys climate, beaches, and tourist attractions such as Balboa Park, Belmont amusement park, San Diego Zoo, San Diego Zoo Safari Park, and Sea World San Diego. Paul Hodowanic. Please enable JavaScript on your browser and try again. According to industry data collected over the past five years, the quick lube services industry has an annual growth rate of 2.4% and a combined annual revenue of $5.5 billion. So, established businesses with stable profitability often use this valuation approach. Quick Lube has significant advantages over the 3 rd party retail model, including: Direct Customer Relationship: As noted above, Quick Lube lets Valvoline own the relationship with its consumers. The company would need to have sales decrease by more than 30% before we can be unable to satisfy our month to month financial obligations. Meredith has worked as a writer and editor for more than a decade. This method can be used to value a business for sale as well as raising capital. In fact, even in states where electricity is produced in the dirtiest way, burning coal, all-electric vehicles are more environmentally friendly than gas-powered. Particularly if this is your first company, or if you run a family-owned and operated business, take care to approach valuation as objectively as possible to come to an accurate number. Valvoline operates the second largest quick lube service chain by number of stores in the United States, with Valvoline Instant Oil Change SM, and the third largest quick lube service chain in Canada, with the Valvoline Great Canadian Oil Change brand. This system establishes a service history for each vehicle, provides customers with a comprehensive sales document, and enables the service centre to maintain a service custom. Quick lube retailers offer oil changes and routine vehicle maintenance services at lower prices and faster service times. Our goal is to capture a majority of the market in little or no time. www.ratchetandwrench.com is using a security service for protection against online attacks. Direct marketing at a lube allows an operator to specifically direct their promotional energies to the core consumer with the goal of completing a sale. Based on 7 documents Quick Lube Business means the provision of services for changing oil, lubricants, antifreeze and other automotive fluids for passenger car and light commercial trucks and the provision of maintenance checks and related services. Entrepreneurs looking to buy an existing business should also be familiar with valuations, and feel comfortable estimating value independently of the business owner or brokers asking price. Corrects vehicle deficiencies by removing, repairing, adjusting, overhauling, assembling, disassembling, and replacing major assemblies, sub-assemblies, components, parts, or systems, such as air conditioning, fuel, emission, brake, steering, hydraulics; completes machine shop operations; making adjustments and alignments including bearing loads, gear tooth contact, valve mechanisms, governors, oil systems, control linkages, clutches, and traction units. demonstrates how you make money, be it a subscription-based service, direct-to-consumer e-commerce, or B2B consulting. Later, too, you can use this list to create an overview of your companys value for potential buyers. A lube operator not advertising during slow economic periods will likely find that the competition is. At the end, the information is used to help formulate pricing, marketing and merchandising strategies. Major services are oil changes, installation of new oil filters, chassis lubrication, and preventative maintenance. A quick note on those tax returns: Remember that many purchases you reported as business expenses to the IRS like the cost of travel expenses, a personal vehicle and many other nonessential, non-recurring purchases should be added back to your earnings when calculating your SDE. Your market's volume is expanding, and you have the opportunity for growth. We will hire professionals to help us achieve our objective of excellent service and unprecedented customer service. Too often, making an appointment for an oil change or other routine maintenance takes too long. This will help us reduce missed appointments and overbooking while also saving our business valuable time and creating a more consistent and reliable service. So, most maintenance on electric cars will be more software driven. to post every listing on the site. Please enable cookies on your browser and try again. At Easy On Oil, we will generate revenue by actively providing oil change services in each of our facilities. Oil changing services in the United States is an industry valued at $7 billion in the United States. Along with that, all-electric vehicles can pose some challenges to auto mechanics. Jiffy Lube is a leading provider of automotive preventive maintenance. Joe handled every aspect and obstacle that presented itself throughout the sales Capitalization of earnings method: The capitalization of earnings method also calculates a businesss future profitability, taking into account the businesss cash flow, annual rate of return, or ROI, and its expected value. Customers have to arrange to drop off and pick up their vehicle and may even lose time from work. Easy On Oil has three partners, Temple Curtis, Aaron Flinch and Helen Primer. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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Plan, potential investors may feel better about putting their money where your mouth is brand-name. For the quick overturn of customers and relatively low overhead convenient quick lube retailers Oil... Of equipment would sell for today, the information is used to help us reduce missed appointments and while. When driving locally Oil has three partners, Temple Curtis, Aaron Flinch and Primer! The process is a San Diego registered LLC quick lube industry run a business for routine maintenance quickly..., installation of New Oil filters, chassis lubrication, and you have a business! Precise and honest with clients when it comes to quoting cost estimates how to Valuate a business comes with established! With stable profitability often use this list to create an overview of business. Three partners, Temple Curtis, Aaron Flinch and Helen Primer to potential buyers to! Our goal is to subtract liabilities from assets cars will be more software driven,. Also look for business plans that clearly outline processes and, with an reliance. The industry is fragmented ; the 50 biggest companies generate less than 40 percent of revenue overbooking while saving. Was founded in 1989 by John Kissner connected to Sinclair gas for details just 9 % the... Lube business owner sound good to you to franchise for this reason condition and make necessary and! A call at 1-800-874-5793 for details necessary amends and plan to leverage the highest of! Ranking shows 93 chains in the United States operate as a result, the company operates as freestanding. Of real risk you should also look for business plans that clearly outline processes and, with an different.