Independent Auto Repair – Whopping $1,481,800 in Sales
Price: $695,000
Listing ID: 06302001
Every once in a while, a truly rare opportunity becomes available for sale to a qualified Buyer who is seeking an auto service business with exceptionally high sales and profits. This high-end, York County independent import and domestic auto repair specialist exceeds new car dealer standards for customer service, facilities, and internet reviews.
Sales have averaged $1,239,988 over the past six years, rising to $1,481,807 in 2020. The Business generated an excellent Cash Flow of $242,649 in 2020, affording an active owner/operator an outstanding salary after debt service. Sales and Cash Flow both increased 6% over 2019, an outstanding increase considering the impact of the COVID-19 pandemic.
The Business is fully staffed with two experienced Service Advisors and five Technicians. Deemed an essential business, the auto center remained open during the COVID-19 Shelter in Place. While most businesses suffered during the pandemic, the owner did an excellent job of communicating the touchless safety protocols that were implemented, and the local community responded by continuing to have their vehicles serviced. In addition, many residents from the Boston and New York City areas decided to work remotely from this beautiful New England shore community rather than stay sheltered in a big city with a higher risk of catching the virus. Both sales and profits increased substantially in 2020.
The Business is well established with over forty years of goodwill, fantastic Internet reviews, and a loyal clientele. Located in a scenic seaside community near the Maine border with New Hampshire, the Business has built an excellent reputation for providing cost-effective, personalized service as an alternative to the expensive car dealerships and chain operations. The large, 5,000 square foot nine-bay shop comes complete with the state-of-the-art equipment required to run a high-end auto repair and tire center, including diagnostics, engine performance, brakes, tires, oil change, steering and suspension, starting and charging, hybrid service, and heating and cooling.
Experienced, highly trained Service Advisors and ASE Certified Technicians will support an entrepreneurial new owner who wishes to further grow the business. The Business also benefits from having a Maine Used Car Dealer’s license, highly-rated AAA Approval, and a fleet of loaner cars. The Seller will provide extensive training and support during the transition period to ensure the success of the Buyer.
The Asking Price for this profitable Business is $695,000, plus $30,000 in inventory. The Business qualifies for 90% Bank/SBA financing, so a down payment of approximately $75,000 will be required from a qualified Buyer. A long term lease at market rent is available, as well as an option to purchase the building and huge parking lot.
Under the CARES Act II, Congress has provided funding to waive all SBA guarantee fees and cover the first six months of Bank/SBA payments, on transactions that close by September 30, 2021 (earlier if funding is depleted). This program of providing free payments for six months is a great benefit to a Buyer acquiring a business.
With a great reputation for quality, convenience and trusted service, this Business offers a Buyer a unique opportunity to control your own destiny and realize your dreams of owning a respected business in a prosperous New England shore community.
Listing Details
Total Sales: $1,481,800
Cash Flow: $242,650
Inventory: $30,000
Lender Pre-Qualified?: Yes
Reason For Sale:
Retirement after 40+ years in the Business
Training & Support:
Seller will provide a minimum of 4 weeks of training at 30 hours/week and additional nine months of telephone support to ensure a smooth transition. With Seller training and an experienced crew, no prior automotive background is required.
Operation
Year Established: 1979
Employees: 9
Location
Square Footage: 5,000
Facilities Information:
Immaculate and well-organized 5,000 square foot facility with nine bays/lifts, including alignment. Fully equipped with the latest technology for a wide range of auto repairs, diagnostics, and preventive maintenance services for diverse brands of import and domestic cars and trucks.
Summary
Competition:
Honest, personalized service and consistent five-star Internet reviews have enabled the Business to gain new customers while retaining its long-term loyal clientele.
Potential Growth:
Local owner/operator could grow the business by leveraging social media, expanding hours, increasing used car sales, developing an automotive detailing operation, and pursuing fleet business.
Financing/Terms:
Qualifies for 90% Bank/SBA financing
Under the CARES Act II, Congress has provided funding to waive all SBA guarantee fees and cover the first six months of Bank/SBA payments, on transactions that close by September 30, 2021 (earlier if funding is depleted). This program of providing free payments for six months is a great benefit to a Buyer acquiring a business.