We believe everyone should be able to make financial decisions with confidence. One Independent Quick Lube w/RE in East-Central South Dakota! Executive Summary 3. Also our product prices will be gotten after the appropriate retail is determined to make sure that the shelf price represents a value to the consumer and the retailer has a 50% margin. If so, read on about what it takes to become one. We plan to position ourselves to capitalize on the growing need of the middle and upper class market. Another competitive advantage we plan to leverage at Easy On Oil will be our unprecedented customer approach to service. We plan to give our clients a few business cards to hand out to friends when they talk about our quick lube services or buying new parts. A good rule of thumb is to estimate how much a piece of equipment would sell for today, and use that number. 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. On top of that, he communicated everything in an Keeps supplies ready by inventorying stock; placing orders; verifying receipt. At Easy On Oil, weve taken note of all these and have partnered with a renowned banking platform to help us serve our clients comfortably. Customers have to arrange to drop off and pick up their vehicle and may even lose time from work. Also, at Easy On Oil, we understand the need to develop an ethics statement describing our unchangeable stand on honest, trustworthy work. When only stand-alone quick lube locations are examined in the industry, about 5,000 firms currently operate in this space and produce revenues of about $5 billion annually. 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. The scoring formulas take into account multiple data points for each financial product and service. If you plan to open an oil change business, you should investigate any quick lube business within your vicinity and determine how they may impact the viability of your investment. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Buying a quick lube allows business-savvy entrepreneurs a stable, revenue-generating opportunity due to the essential nature of the business. Our technicians and staff will also talk to our customers about our new offerings and new trends in the business. Franchise Quick Lube, Car Wash, and RE in New Mexico! The keys to success include having quality employees, efficiently managing costs of goods and location, and great customer service. www.ratchetandwrench.com is using a security service for protection against online attacks. Youve come to the right place. Our partners compensate us. Another 22% of operators combine automotive repair with quick lube services. Keep up to date on our new listings and business opportunities. The most popular brand-name for freestanding businesses is Jiffy Lube. December 16, 2021. take status photos of any vehicle part. Looking to make a smart automotive business investment? However, this does not influence our evaluations. 89% of quick lube locations offer a transmission fluid drain and flush service in the United States, with an average cost of $107.60 per service. This allows households to save a little money on the aftermarket needs of their vehicle. Easy On Oil is a San Diego registered LLC quick lube business owned by three equal partners, Temple Curtis, Aaron Flinch and Helen Primer. Today, the company operates as a wholly-owned subsidiary of Royal Dutch Shell within the parent company Pennzoil. We will give a guarantee on all our repairs for a certain amount of miles or time. But as a seller, you have to put some number on your operation, especially if you want to be compensated for what you've built, taking into account all kinds of equity. 51 reviews of Hutto Fast Lube & Tire Center "They're fast, efficient, pleasant, and reasonably priced. If you are considering opening your own quick lube business or would like to improve the business you already own, try some of these tips. Sally Lauckner is an editor on NerdWallet's small-business team. All financial products, shopping products and services are presented without warranty. brokers, but I have to say that I have not worked with a more professional and diligent Owners who pay attention to their customers needs and focus on the customer experience are often the most successful. 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. Major companies include Jiffy Lube, Pennzoil 10-Minute Oil Change, Valvoline Instant Oil Change, and Texaco Xpress Lube. Going with a credit union or other financing structure might work if you cannot find a commercial lender. More on liabilities in a bit. I went in for just an oil change and a lube, and I'll be taking all such . Implement an ongoing training program. Industry Overview 2. Note that convenience, steady referrals from local mechanics, and high quality, rapid service are necessary to capture this segment of the market. This influences which products we write about and where and how the product appears on a page. Investigate numbers that dont seem right, and dont be afraid to call in an accountant for extra help. This company offers true quick oil change and a new filter. Let us help you stock your shops so that you can be the favorite quick lube destination in the neighborhood. Consumers are shifting toward premium products within the quick lube industry. Regularly getting the oil changed is one of the most important maintenance tasks you can do for your car, and fortunately, it's one of the cheapest. 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. Easy On Oil will be managed by its three founding partners. Most likely, business owners will provide you with that number, so its important to understand how the business owner reached that value, and what these values reflect about the actual business. Job Roles and Responsibilities 6. (Digital Dealer), #19. 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. People are graciously buying cars and comfort. 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. When it comes to all-electric cars, consumers either have an inexpensive car with very low range or a very expensive car with comparable range to an ICE car. Home Business Plans Automotive Sector. Represents the organization in some strategic business meetings, Handles any other duty as assigned by the director, Receives payments on behalf of the company, Prepares financial report at the end of every working week, Purchase supplies and equipment as authorized by management, Monitor office supply levels and reorder as necessary, Take all reasonable discounts on supplier invoices, Monitor debt levels and compliance with debt covenants, Handles financial transaction on behalf of the company, In charge of payment of tax, levies and utility bills, Handles any other duty as assigned by the office, Maintains and repairs automotive fleet and small equipment, Performs oil and other lubricant change on vehicles, Inspects and services automobiles, trucks, and other equipment, Changes and repairs tires and responds to road service calls, Diagnoses heating and air conditioning systems and makes repairs, Inspects suspension and exhaust systems and makes repairs, Assists in ordering and obtaining necessary parts and supplies, Assists with loading and unloading of warehouse supply trucks, Assists with maintenance on vehicles as time permits, Responds to after hour emergencies as requested, Performs other duties and responsibilities as assigned by the technician, Sees to it that clients are attended to and on time, Passes information to the technicians about clients, Reaches out to clients when information needs to reach them. (Digital Dealer), #17. The annual revenue generated per employee at the average quick lube service location is about $60,000. SHOP STATS . A valuation is a suggestion of value, but your business model shows potential buyers how theyll actually reach their customer base to generate revenue if they purchase your company. The quick lube industry focuses on providing oil changing services for automobiles. Please enable cookies on your browser and try again. Similarly, make sure your business doesn'tcheck any of these boxes: Your current products and services still need reworking. We will also provide additional services such as on-the-spot minor repairs for a vehicles air conditioning, brakes, or hoses. 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. 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. Once youve determined to open a quick lube business, the first thing to do is to put together a business plan. Easy On Oil is an exciting business opportunity that addresses the unmet need of having a spacious quick lube facility that also has a complete automotive parts store. Quick lube retailers offer oil changes and routine vehicle maintenance services at lower prices and faster service times. Feeling confident in your appraisal will help you accurately determine how to pitch investors and raise funding, or price your business to find the right buyer. At some point, every vehicle requires ongoing maintenance to keep it functioning properly. Along with doing financial legwork, valuing your business also requires you to exercise control over any emotions. 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. Another 16% of business owners have two locations where they provide services. The work done here is every bit as good or better than the nationals, the price seems at least a bit better, and I had a better experience overall. No matter what, applications must be filled out and fees paid. Easy On Oil is a San Diego registered LLC quick lube business that will provide high quality oil changes at a reasonable price. Just 9% of customers come from a 2-mile radius. We understand that starting a business like ours can be very expensive due to the high cost of equipment. This is where you come in! Diego registered LLC quick lube business that will provide high quality Oil changes and routine vehicle maintenance at. 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