Making the decision to invest in an automobile franchise is a big step. Moran Family of Brands can help you learn about the different options and choose the franchise that’s a perfect fit.
Franchising provides business owners with a low-risk, high-reward path to business ownership. Owners get to a proven business model with a road map to follow. Franchisors give new entrepreneurs the training and support they need to succeed, alleviating some of the risks from starting a new venture from scratch. As you chart a new course, finding a franchise that fits your needs will take research, financial analysis, and conversations with existing business owners to determine if it’s the right choice for you.
Automotive Franchise a Secure Investment
If you are a car aficionado, the time is right to consider investing in an automotive franchise. The aftermarket auto industry in the United States reached $325 billion in 2021 and is slated to rise to $372 billion by 2024, according to Statista, a provider of market and consumer data.
Current events are helping propel the aftermarket auto industry. Closures during the pandemic and a drop in demand prompted car dealerships to limit production, causing a decrease in supply when they were allowed to reopen. Chip shortages also put a crimp in car manufacturing. Shortages led to a surge in new and used car prices, putting the purchase of a new car out of reach for many Americans. Volatility in the stock market, lack of job security, and high prices are making people reluctant to add a car payment to their monthly lineup of bills, and people are opting to keep their existing rides longer. The average age of cars on the road rose to 12 years in 2021. As cars age, they will need repairs and regular maintenance to keep them running efficiently. The total number of cars on the road is also increasing, and many American families are adding a third car to their garage, helping fuel the auto repair industry.
Types of Automotive Franchises
The aftermarket auto industry offers a variety of different options designed to cater to different budgets. Picking the franchise that will help create a legacy for your family and become a fixture of the local community is a challenge. There is no shortage of oil change locations, tire shops, and car wash franchises. In addition, there are many auto shops that provide a combination of these services to serve as a one-stop-shop for every customer’s car care needs.
Here’s a quick rundown of the pros and cons of some of the types of automotive franchises.
Oil Change Franchise
Pros: Straightforward, easy-to-master concept. They offer recurring revenue with repeat business and streamlined operations.
Cons: Limited Services
Pros: Wide customer base and stable future. Despite the changing nature of automobiles, tires are an essential component that is not likely to go obsolete in the near future.
Cons: Limited Services
Car Wash Franchise
Pros: Low initial investment and fast returns.
Cons: Limited services. They also have a lot of moving brushes and soap sprayers, which are costly to maintain.
Auto Repair Franchise
Pros. One-stop-shop. Auto repair franchises have high average ticket prices and can become fixtures of the local community. During the pandemic, when some franchisees were forced to temporarily pull down the blinds and close their doors, auto shops were deemed essential and were able to continue providing valuable service to their clients.
Cons. Finding the best location for your shop can be a challenge. Recruiting valuable team members takes time and effort.
To make the right choice, it’s important to become familiar with your target demographic. A survey of 555 people published in AutoInc. magazine revealed the top four factors customers consider when choosing where they take their car for maintenance and repairs. Customers pay attention to price, reviews, customer service, and convenience. Time is of the essence for today’s customers. Juggling work, childcare, and household chores leaves little time to spare. Customers want a car repair shop they can trust for all their car care needs.
Moran’s Brands Check All the Boxes
Moran Family of Brands franchises six different brands in the aftermarket auto and window tinting industry, including Milex Complete Auto Care, Mr. Transmission, and Turbo Tint. The company made multiple acquisitions after it was founded in 1990 to achieve its goal of offering franchise opportunities designed for long-term, sustainable growth.
In early 2021, Moran launched its latest brand, Turbo Tint, in collaboration with one of its longtime franchisees. Turbo Tint specializes in automotive window tint services. Customers can purchase a tint package and schedule an appointment online. When they arrive for their appointment, they pick a window film shade and are in and out in one hour or less.
The initial franchise cost for a Moran repair shop ranges in price from $118,000 to $296,767, depending on the brand or co-brand of choice. Moran franchisees also need to have a net worth of $250,000 and $65,000 cash to be considered. Moran partners with Key Financial Capital, which has a variety of available funding options to help you achieve entrepreneurship.
Take a look at why Moran is the right investment and offers a franchise advantage.
Solid Reputation. Moran Family of Brands has more than 22 years of experience in auto repair and is one of the largest franchisors in the aftermarket and window tinting industry. Our mission is to make sure our franchisees are successful. We make it a priority to foster a two-way flow of information to ensure our franchises stay on top of the competition. Moran helps its franchisees recruit mechanics from local community colleges. They also make it a priority to focus on recruiting veterans who learned many of the skills to be great technicians during their time in the service.
Multiple Revenue Streams. To cater to current consumer trends, Moran implemented co-branding. Our co-branded units enable franchisees to be the mechanic of choice for customers by offering one of the most complete auto repair shops in the industry. Co-branding allows franchisees to have multiple revenue streams and profit centers under one roof. Co-branded locations generate higher average ticket prices and generate strong repeat business.
Product Innovation. Economic sanctions following Russia’s invasion of Ukraine are sending gas prices through the roof. Knowing high gas prices may prompt more people to turn to electric and hybrid model vehicles, Moran stays up-to-date on the newest technology and service developments to help franchisees thrive. The company’s technology department stays busy updating its online university, where franchisees can access training videos, service bulletins, and other useful information at their convenience.
Training and Support. Moran makes sure its franchisees have the tools they need to create a profitable business. All new Moran franchisees attend training at our corporate headquarters. We also provide assistance with site selection, store setup, and field training. Once the business is up and running our franchisees report to the headquarters on a weekly basis. We have business coaching, financial analysis, and marketing assistance, as well as conducting monthly reviews.
Learn More About Moran
Learn more about how you can be in the driver’s seat of your future. Click here to request franchise information and get connected with one of our franchise business consultants.