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Profitable, Established Pre-Owned Auto Business in Prime Tidewater Virginia Location! This 10 year old successful business generated almost $2 million in top line revenue in 2017 and $238,000 in bottom line cash flow. The dealership is located on a high traffic boulevard with excellent visibility and accessibility. This operation is primed and ready for higher growth and profitability - excellent location, loyal customer base, plentiful inventory (valued at $225,000 and included in the asking price), service bay, equipment, signage. All that is missing is new sales leadership, a more aggressive marketing plan and the addition of more trained sales personnel. The business also includes a great "buy here, pay here" receivable portfolio valued at $120,000 and growing every month. This deal will not last very long ... very motivated seller wants to move on to his other business interests and overseas obligations.
SPECIAL FINANCING AVAILABLE ...
This business has been lender pre-qualified - including a business acquisition, working capital and closing cost loan. Only 20% down payment ($155,000), lender financing for 10 years at 7.5% to qualified buyers, monthly payment of $7,122.
This standalone building is situated on .52 acres and one of the busiest traffic boulevards in all of Virginia and is located near other competitive new and pre-owned automotive businesses. The building is 3,119 sq. feet and includes an additional 610 sq. ft. covered display canopy, a customer showroom, sales offices, file storage room and small break room. There is also one service bay with vehicle lift and one covered wash bay. An attractive, assumable lease is offered at $6,100/month which includes all utilities, taxes and services. Duration of lease is negotiable but long-term option is available and open for discussion.
This decade old business is solidly profitable but could be much more successful by taking some basic actions:
1. Hiring more salespersons -- presently only 2 salespersons/1 manager
2. Developing an aggressive, targeted advertising and marketing program
3. Leveraging technology to expand market territory
4. Stronger inventory mix catering to sub-prime buyers
5. Targeting of more "buy here, pay here" customers
The used vehicle market has been robust for many years running as evidenced by sales estimates in excess of 40 million vehicles in 2018 due to relatively low interest rates, low employment and a growing economy. This business is perfectly suited to take advantage of this strong car-buying climate - including outstanding daily traffic counts, excellent car buying location, superb access to diverse customer base, current owner is willing to provide launch support and vehicle buying service and is located around other popular retail establishments and competitive auto stores.
Owner wants to pursue other business interests and overseas obligations.
Will train for 4 weeks @ no cost.
The business generates revenue from three sources:
1. Used Cars, Trucks, and SUV's
2. Financing of Retail Automobiles
3. Sale of Product Warranties
Lender pre-screened with $155,000 down.
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