However, to keep capital investments low and offer quick building relocation, vehicle lifts can be used rather than basements. Protect your EATS system with Delo 600 ADF. 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. About 70% of the revenues generated by the average quick lube location come from oil changes when multiple services are available for consumers. 8 Stalls & Pits! Typically, more than 70 percent of revenue is from oil changes. 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. Live for the first time at our partner ilani Casino! But buyers arent exempt from this step in the process! The quick lube business may thrive on customer turnover, but quality, efficient service is what brings customers back to their favorite quick lube shops again and again. Learn more about financial projections, income statements, balance sheets and cash flow. Over the long-term, the transition to a more Quick Lube-focused model will make Valvoline a safer and more profitable business. Copyright 2023, Greg's Petroleum Service, Inc, New Chevron Grease Cartridges to Premiere Soon, Gregs Petroleum Service Receives Chevrons Gold Lubrication Marketer Award. Theres a different SDE multiple for every industry. At Easy On Oil, we will differentiate ourselves by not only offering oil change or other automotive maintenance services, but by also providing customers with a stocked lubricant and parts store. Determines vehicle condition by conducting inspections and identifying worn and damaged parts. Keep up to date on our new listings and business opportunities. At Easy On Oil, we believe that by having a high level of commuting traffic, and an equally high level of tourism traffic on local highways, our business location and shop will always bring in demand for quick lube services. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Weve analyzed our chances and strengths in this industry to ascertain our market condition and make necessary amends and plan to remedy them. These are some of the most efficient cars to ever be driven. In fact, with our location distribution we cover the market. Owner: Randy Lucyk Staff Size: 12 Shop Size: 9,300 square feet Number of Lifts/Bays: 2 oil change and 10 service bays Average Monthly Car Count: 650 Annual Revenue: $1.78 million. In 2011, 31% of consumers preferred a premium product. All these were analysed based on per-unit revenue, per-unit cost, and fixed costs. Over half of these competitors offer both auto repair services, although without an inventory store. Implement an ongoing training program. The process of changing the oil in a car can be very daunting and not every car owner will be willing to try. Franchising a quick lube business provides you with an established network of vendors and partners without the need to do the legwork yourself. When evaluating offers, please review the financial institutions Terms and Conditions. Small companies can compete successfully by owning favorable locations. Then, youll add back in any purchases that arent essential to operations, like vehicles or travel, that you report as business expenses. Take 5 Oil Change is one of their fastest growing brands. 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. Through 2028, the quick lube industry is expected to see lower levels of growth than in the past 5 yeas. Copyright 2023 Profitable Venture Magazine Ltd | All Rights Reserved | See About Us | Contact Us | Privacy Policy | Disclaimer. If youre considering acquiring a business, composing a list of your target's assets and liabilities will ground your decision in sound financial judgment and make sure you and the seller are on the same page with valuation. If you are contemplating a transaction in the auto service sector I can 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. 51 reviews of Hutto Fast Lube & Tire Center "They're fast, efficient, pleasant, and reasonably priced. Employee outings, charitable donations, one-time purchases and your own salary can all be included in your SDE. Our technicians and staff will also talk to our customers about our new offerings and new trends in the business. At Easy On Oil,we face over 15 auto repair and auto parts competitors in the local area. So, established businesses with stable profitability often use this valuation approach. Groups exist on the state and federal level to help with seed money. Your SDE represents the true, monetary value of your business, but your SDE multiple values your business according to industry standards. effective manner and I never once felt like I was in the dark. As franchises in the industry go, Victory Lane keeps it simple. 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Over my over fifty year career, I have had the privilege of working with many other 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. NerdWallet's ratings are determined by our editorial team. 1 in 3 vehicle owners decide to change their own oil after purchasing a new vehicle. Easy On Oil boasts of a unique and well versed management team that will allow us achieve our objectives. A typical location performs about 1,200 jobs per month. Franchise Quick Lube, Car Wash, and RE in New Mexico! On average, 2/3 of business comes from . Why do diesel exhaust fluid (DEF) prices keep rising and falling? We plan is to grow sales through word-of-mouth. We also need enough business cards for three years for our workers and flyers advertising the grand opening to be distributed and posted in the area. 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. We will ensure we provide a full range of auto lubricant and repair parts inventory and rapid shipping capability of major parts. (Car Wash Magazine), #10. Succeeding in business is never easy theres a reason why most small businesses never make it past three years but if you do it right, success wont be far away. More on liabilities in a bit. Before even thinking about how to value a small business for sale, both sellers and buyers should organize their financial records thats crucial for accurate calculations. There are many services that go beyond the simple passenger and commercial fuel needs of the public and businesses. Businesses in this industry change motor oil, lubricate the chassis of automotive vehicles and provide other automotive repair and maintenance services, such as tire rotations and liquid flushes. Operating expenses and labor are the two largest costs facing the quick lube industry. Most online business valuation calculators use a variation of the income approach. Maintaining the website with new trends and advises. Once youve determined to open a quick lube business, the first thing to do is to put together a business plan. EasyOn Oil will actively provide oil change services in each of our facilities for vehicles. Also, at Easy On Oil, we understand the need to develop an ethics statement describing our unchangeable stand on honest, trustworthy work. If a synthetic oil change is requested, the price of the oil change jumps to $70.31. Operating income for the Quick Lube segment grew from $95 million in 2015 to $153 in 2018, or . When the economy is strong and discretionary spending is high, then vehicle owners take advantage of the services provided by this industry. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, How to Value a Small Business If Youre Looking to Sell or Buy. Some locations may provide additional vehicle maintenance services, such as radiator flushes, brake line cleaning, and power steering fluid flushing. Note that industry operations are labor-intensive: annual revenue per employee is just $60,000. For the average business, they account for 60.7% of total expenses. (Business Wire), #16. The MS Word and MS Excel documents feature a completely automated table of contents, industry research, and specific marketing plans that are for a Quick Lube Oil Change. (Digital Dealer), #19. 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. Our plan at Easy On Oil is to service the middle and upper income markets. Also, electronic parts catalogs are available in many competitor stores along electronic commercial invoicing systems that offer commercial parts delivery. To do an asset-driven assessment, youll make a list of your assets and assign them a monetary value. (Car Wash Magazine), #6. Home Statistics 25 Quick Lube Industry Statistics, Trends & Analysis. This method is especially useful if your business mostly holds investments or real estate; isnt profitable; or if youre seeking to liquidate. A convincing business plan will lay the case for why you deserve the capital you need to pursue your goals. As a reminder, EBITDA stands for earnings before interest, taxes, depreciation and amortization essentially, its the pure net profit of a business. Note that each of the three co-owners will invest an equal amount. The quick lube industry is growing rapidly. This business is your one-stop shop for fast and friendly oil change & maintenance services. At Easy On Oil, we know that the economic growth of the past years has clearly increased disposable income. When the economy is weak, vehicle owners tend to complete these services on their own, to the best of their ability. (Car Wash Magazine), #11. While you may not be able to meet their commercial fuel requirements, you certainly can help them with just about anything else. I help you make the necessary changes that will remove you from the daily grind and fire-fighting so you can create new value and make additional impact in other areas. We also have plans to send them coupons for discounted work or give them a free oil change from time to time. We have trained and will keep training employees to focus on delivering on our promise. 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. Major services are oil changes, installation of new oil filters, chassis lubrication, and preventative maintenance. To make sure you maximize your payout when selling your business, it's important to work with an experienced business valuation provider such as Guidant. 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. Discounted cash flow method: This method determines the present value of a business's future cash flow. 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. Valvoline Instant Oil Change locations number more than 1,000, as do Pennzoil 10-Minute Oil Change locations. 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. To start off, there are two major types of electric cars that are on the roads today. Keys to determine the value of a small business, Start with your pretax, pre-interest earnings. We at Easy On Oil have analysed this and we will favorably compete by focusing on convenience and offering a high level of customer service. (Digital Dealer), #17. Executive Summary 3. Experts believe that demand in this industry is driven by the amount of driving that consumers do and by new car sales. We will attract and maintain a loyal customer base through our customer-oriented focus on business. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Easy On Oil will be managed by its three founding partners. Establishing a firm financial foundation will help you maintain realistic expectations about the value of your company (or the company youre hoping to buy). Along with hybrids, all-electric cars are taking to the streets across the world. In comparison, leasing costs are just 9% of the overall expenses for the average location. We plan to leverage the highest degree of modern technology to manage a full range of automotive lubricants and parts inventory. So, established businesses with stable profitability often use this valuation approach. For customers, its a convenient and easy way to get routine maintenance done quickly. Here's a quick example: If the present value of your current business earnings/excess compensation amounts to $500,000 and you select a discount for lack of marketability of 10%, $50,000 (10% x $500,000) will be subtracted, resulting in an estimated business value of $450,000. Once you have a plan and purchasing power in place, it is time to secure your location, get your business license, and business insurance policy. The business's cash-flow forecast is adjusted (or discounted) according to the risk involved in purchasing the business. 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. The remaining are small privately-owned establishments. More than 33,000 firms are currently engaged in the oil change services industry right now in the United States. You should also look for business plans that clearly outline processes and, ideally, demonstrate consistent management. Another common method attributes value to a business based solely on its assets. 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. Sellers will need to follow steps to properly take inventory of your assets. Youve come to the right place. (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.). Drawing on her background in small business and startups, she covers lending, business finance and entrepreneurship. Knowing your peer companies will also help you assess your market share and growth potential. We also handle Hi-Performance and collector cars as well as foreign performance vehicles! From our cost analysis above, we need approximately $560,000 plus $1,200,000 inventory to start Easy On Oil successfully. Sources: New Constructs, LLC and company filings. Oil Change Services in the US industry trends (2017-2022) The Oil Drilling and Gas Extraction industry in Canada has endured significant volatility over the five years to 2022. Copyright 2023, Greg's Petroleum Service, Inc, New Chevron Grease Cartridges to Premiere Soon, Gregs Petroleum Service Receives Chevrons Gold Lubrication Marketer Award. Most locations achieve this figure with just 2-5 service bays available to them. 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. She is based in New York City. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Marketing programs at lubes should be powerful and . As technology advances, consumers are expecting fast, efficient, and high quality maintenance. 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. At Easy On Oil, we understand the importance of establishing reliability and consistency in business. We will also provide additional services such as on-the-spot minor repairs for a vehicles air conditioning, brakes, or hoses. Each uses a different aspect or variable of a business to calculate its numerical value either a businesss income, assets, or using market data on similar companies. So how do we make money? Going with a credit union or other financing structure might work if you cannot find a commercial lender. A Sample Quick Lube Repair Business Plan Template Table of Content 1. Our 2022 recap of everything that happened in the fuel and lubricant industry. At Easy On Oil, our major weaknesses will be the time and resources it will take us to establish and publicize our services to the people of San Diego. Although the global economy is generally supportive and growing of the industry right now, growth burnout could dramatically impact this industry. 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. 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. Buying a quick lube allows business-savvy entrepreneurs a stable, revenue-generating opportunity due to the essential nature of the business. Asset valuations are also a great tool for internal use, and can help you keep track of spending and capital resources. December 16, 2021. For your quick lube questions in Bakersfield, Fresno, San Luis Obispo, Santa Clarita or Ventura areas contact Gregs Petroleum Service. Verifies vehicle performance by conducting test drives; adjusting controls and systems. We will always stress the fact that we only offer reliable services. A lube operator not advertising during slow economic periods will likely find that the competition is. Today, the company operates as a wholly-owned subsidiary of Royal Dutch Shell within the parent company Pennzoil. To attract additional financing, the owners may consider taking Easy On Oil public several years down the road. These similar businesses, often referred to as comparables or "comps," can orient you within the marketplace and provide context about the sector. Quick Lube operating income is up to $162 million TTM . Depending on the degree of corporate transparency, you can also see what comparable businesses are selling for. Keeps supplies ready by inventorying stock; placing orders; verifying receipt. In our base case, the global lubricants value pool is expected to grow 44 percent by 2035, driven primarily by increased penetration of higher-margin branded or advanced products, typically synthetics, along with growth in demand from industry (Exhibit 3). brokers, but I have to say that I have not worked with a more professional and diligent (Digital Dealer), #20. Business model: Your business model demonstrates how you make money, be it a subscription-based service, direct-to-consumer e-commerce, or B2B consulting. Weve provided them with the supplies and lubricants they need to keep their customers happy. A good rule of thumb is to estimate how much a piece of equipment would sell for today, and use that number. Temple Curtis represents sales/management, Helen will focus on the finance/administration section of the business and Aaron will focus on the mechanical aspect of the business. Cost for basic insurance policy covers, permits and business license $100,000, The cost of acquiring a suitable Office facility 6 months (Re Construction of the facility inclusive) $120,000, The budget for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) $10,000, The price of purchasing of the required software applications (CRM software, Accounting and Bookkeeping software and Payroll software et al) $12, 000, The Cost of Launching our official Website $4,000, Our budget for paying at least five employees for 6 months plus utility bills $70,000, Additional Expenditure (Business cards, Signage, repair equipment, Adverts and Promotions et al) $234,000. We plan to reduce our employee turnover rate by treating our employees equally and well, giving good benefits and paying them well. Driving up to a quick lube business for routine maintenance that can be completed quickly saves consumers time and money. We plan to offer our clients personalized service by offering convenience and rapid service. There are many things that go into running a quick lube business, but there are three key items you should focus on if you want to retain customers. Any business can use this approach to business valuation, as long as they can gather sufficient, relevant data on which to compare their business. The appeal of a quick lube business is easy to see. The Top Automotive Oil Change Franchises of 2023. Many or all of the products featured here are from our partners who compensate us. 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. text the finished report to the customer's mobile device. Easy On Oil is a well-positioned quick lube shop that will serve the needs of the people of San Diego. Large businesses generally use EBITDA calculations to value their businesses, and small businesses typically use SDE, since small-business owners often expense personal benefits. Electric vehicles impact the future of the automotive repair industry in many different ways. Check out our Website for Services and Coupons! Rounding out this list includes establishing solid relationships with your vendors and distributors, hiring the right people, and promoting your business. Based on currently available information, Valvoline has a total of 1,595 system-wide stores. The profitability of individual companies depends on convenient location and good marketing. To calculate your businesss SDE: Start with your pretax, pre-interest earnings. Here is a list of our partners. Industry Overview 2. There are about 250 million vehicles on the road which will require services at some point that can be provided by a quick lube location. In order to see how electric cars are impacting the future of the automotive repair industry, it is important to understand how they work in the first place. 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. We do not intend to offer expansive vehicle repair services as our facilities will not be equipped to run full automotive diagnostics and repairs. It is part of the San DiegoTijuana conurbation, the second-largest trans-border agglomeration between the U.S. and a bordering country after DetroitWindsor, with a population of 4,922,723 people. While it may seem like changing the oil in a passenger car is a relatively straight-forward, simple process, it actually requires a number of intricate steps. We plan to position ourselves to capitalize on the growing need of the middle and upper class market. Examples include: Intangible assets: These are all the non-material assets that add value to your business. We plan to let our customers know that we will only provide necessary repairs and service and will not try to charge them for services that they dont need. New Constructs, LLC. Some of them also have electronic work order systems available amongst their various service centres. What often separates one lube shop from another is its creative marketing strategies. Does becoming a quick lube business owner sound good to you? The income approach to business valuation determines the amount of income a business can expect to generate in the future. For that reason, projections of growth for the industry are as low as 0.7% within the forecast period in some markets. 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. 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. Like EBITDA, business owners calculate SDE to determine the true value of their business for a new owner, so your SDE will include expenses like the income you report to the IRS, non-cash expenses whatever revenue your business actually generates. (Valvoline). business, you get the benefit of our extensive, curated network of industry professionals, including lenders, Make sure they know by having your license visible front-and-center. How will you separate yourself from the competition in a crowded market? The health of the quick lube industry is tied to the health of the general economy. Familiarity with your industry is crucial for both buyers and sellers. Sally Lauckner is an editor on NerdWallet's small-business team. Along with doing financial legwork, valuing your business also requires you to exercise control over any emotions. In 2016, 45% of consumers asked for premium products from their preferred quick lube business. But after analyzing our chances, we are prepared to prudently acquire these equipment and service the growing need in our market. We all know this chore requires ones hands to get dirty, and for this reason alone, many car owners are perfectly okay paying a quick lube business to do the job for them. 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. 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