Not long ago, I was contacted by an individual who is interested in a mobile oil change quick lube business. He inquired if I perhaps knew anyone in his region of our country who might be selling their location. Although I didn’t have any leads for him right away, it occurred to me that I did have some contacts that own multiple locations, but I wasn’t sure if they were selling, nevertheless, if I was starting an oil change business in 2012, I would wish to attack the market regionally with multiple locations.
Okay so, let’s talk about this for a moment, because I had indicated to him that I could put out some feelers, but would also recommend that he concentrate on business real estate stress sales, and then turn around those locations to greater revenue through superior marketing, and thus higher profits in the process. Would it make sense to buy into a franchised chain? Perhaps, although perhaps not, you see, the economies of scale, and the ability to keep that royalty revenue and save on the franchise fee might be enough to go it alone.
Further, I have some interesting comments in that I believe the market segment for this sector is changing. That’s because younger people are not buying cars at the same rate as they have in the past, and since fewer new cars are being sold, there are fewer customers coming into these locations at a time after they have proliferated in the last 10 years. There is more competition and fewer new customers entering that sector.
Are there any decent market segment stats, or statistics worthy of note? Well, there have been some decent market segment stats in NOLN recently, I don’t have anything current, but the new car sales would tell a better story, still I find that the sector is totally missing the new realities of mobile personal tech and social networks for local marketing through instant alerts, coupons, and deals available as potential customers pass by on nearby roads.
Thus, whatever the current stats are would be irrelevant for anyone that brought those latest abilities to the marketplace and sector. Of course, one is going to need accurate statistics for any business plan one might create, especially if one is going to get funding at a time when banks aren’t so interested in funding small businesses. There are major oil companies that might give low interest loans, but one would have to promise to buy their brand of oil, offer it exclusively, and submit to guaranteed future quantity purchases. Nevertheless, that is one choice for funding.
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