This tremendously profitable car business & finance portfolio consists of the retail sales of pre-owned automobiles and a loan portfolio (Buy Here, Pay Here program). The price includes well proven Retail business model, “Buy Here Pay Here” Loan program, a loan portfolio (approx. $138,000), and Retail Car inventory (approx. $45,000). The business focuses on buying and selling a variety of below market value vehicles (retails from $8,000 to $3,000) that are available for purchase or loan from in-house financing program (29% interest!). The "Buy Here-Pay Here" program includes a GPS unit with an ignition shut-off feature to limit delinquencies and defaults. The vehicles are optimal for family car needs and/or for daily utility use. In the ten year history of the company, many customers come back year after year to upgrade. The company has a well-trained staff and manager in place.
The business is located in a booming Research Triangle Town. The business' retail vehicles are located on a paved and gravel lot with a brick building containing space for 3 to 4 associates. The property measures 0.7 acres in total. The rent is $950/month! The current use is "grandfathered" in, (Increasing barriers to entry). The Current owner chooses to keep approximately 20 vehicles on the lot, which has room for up to 50 if desired.
The Seller is a natural "Coach" that has been in the Auto business 30+ years, and looks forward to "coaching" the buyer in the "Art & Science" of the "pre-owned" auto sales business! This business will grow by increasing the retail inventory (carrying more vehicles on the retail lot), and/or expanding the wholesale part of the business (seller will train). Additional opportunities include adding better lighting and upgrading signage and landscaping.
The Industry is in strong growth mode. As the price of new cars continues to skyrocket, these "affordable" and financeable vehicles are increasingly a necessity with little to no public transportation in the area. There are two similar businesses in the area, however customers are acquired via the internet and from 10 years of satisfied customers making repeat buys. Competition is for eyeballs online, less so, by similar nearby businesses.
The business owner is nearing retirement age and wishes to spend more time with family and coaching younger entrepreneurs.
Will train for 4 weeks @ no cost The ability to acquire used vehicles for inventory (seller will teach/coach) A business license from the town in which the business is located in A Dealer license from the the DMV Business is pre-approved for acquisition financing Current business model is to buy and sell used cars in the $3K-$8K range that are fast moving makes and models.