Meineke Offers Incentive Programs to Drive Expansion
March 27, 2014—The automotive aftermarket is projected to top more than $722 billion by the year 2020, according to Global Industry Analysts, Inc. Meineke Car Care Center is poised for paralleled growth as consumers place a greater focus on preventive maintenance and entrepreneurs seek franchising opportunities within the industry.
Investment levels for franchise locations range from $225,000 to $275,000 and top-performing stores average more than $675,000 in annual sales. The franchise remains committed to expansion through qualified single and multi-unit franchise partners for development across the U.S. and Canada, specifically in Atlanta, Jacksonville/Daytona Beach, Nashville, Orlando, Tampa and Northern California.
“The automotive aftermarket is often misunderstood in the business sense. Many times, the first thoughts that come to mind are dirty garages and an assumption that you have to come in with automotive experience,” said Dave Schaefers, Sr. VP of Franchise Development for Meineke Car Care. “In reality, we are looking for business-minded entrepreneurs with a variety of backgrounds who are seeking franchising opportunities in the booming aftermarket industry with attractive center-level profitability. We have a number of new programs that help with financing and encourage growth within our system.”
To break down the barriers of franchise development and accelerate brand growth in new and underserved markets, Meineke has developed several financing and incentive programs for new and existing franchisees. Recently partnering with BoeFly, the online marketplace harnessing technology to dramatically simplify the execution of commercial transactions, Meineke is now able to offer access to more than 3,600 lenders with the completion of a single loan request for faster start-up periods and better financing options.
For qualified new franchise prospects who are committed to purchasing multiple licenses, Meineke will discount each license after the initial one is signed and will reduce royalties by 75 percent for the first six months. If an existing franchise partner decides to purchase additional licenses, Meineke will discount that license, offer a comp POS system as well as a 75 percent reduction on royalty fees for the first six months in operation.
Meineke’s parent company, Driven Brands, Inc., is a leading automotive franchise holding company with over $1 billion in system-wide annual sales and more than 1,500 locations worldwide. Over the past year, the company has placed a greater focus on brand acquisitions, inking deals with seven brands in the last 18 months and further accelerating growth for brands such as Meineke and MAACO. Combined, Meineke and MAACO signed 210 licenses in 2014 through acquisitions and franchise deals with new owners.