Business Summary:
This Midwest Company was established by the current owner in 1999 as an S-Corporation. The business specializes in auto recovery for lending agencies. Lending agencies like banks, car loan companies, new car dealers, car rental agencies and private citizens, utilize the expert services of this company to retrieve vehicles. These professional agencies usually do not repossess vehicles themselves which makes automotive repossession a particular industry that is in high demand. Auto repossession is a billion dollar industry that has a loyal customer base and has more longevity than most small business in America.
This business has multiple locations and still has potential for expansion. The company employs +/- 17 employees and the recovery service agents are qualified and meet all state licensing requirements and accreditations. At the main location the staff enjoys a newly remodeled office space (pictures are available) with the necessary equipment to handle the ever increasing volume of auto repossession assignments. This business comes fully staffed with a skilled manager and a very capable office staff. The owner works about 30 hours a week, mostly from home, depending on the season. The owner wishes to sell in order to pursue other opportunities in his home town.
The agency has about has about +/- $270,000 in assets, which includes about +/- $250,000 in vehicles (pictures are available). These vehicles are all equipped GPS technology. Which lets the manager know where the drivers are, how long they were on a job and how fast they drove. While the manager is at the office taking care of the operations of the business the principal is able to monitor all activity through his web base computer system. This well established company is a member of the most prestige’s organizations in their industry. These organizations are very well known to the banks, lenders and other potential customers. When a potential customer sees that a company is a part of these organization that lets the customer know that they are doing business with a professionals, a company that is very highly educated in there field of expertise. There has been a 48% increase in gross sales when comparing the years 2008 and 2007. There also has been a 12% increase in the customer base and no one customer makes up more that 30% of the gross sales. 2009 gross sales are on a pace to well surpass the gross sales of 2008. The business had gross sales of 1,400,000 and cash flowed about $230,000 in 2008. 2009 gross sales are projected to be around 1,600,000 to 1,700,000 with a cash flow of $250,000 or more. The asking price is $775,000, and the price does not include: cash and cash equivalents, accounts receivables and non-operating assets. All existing liabilities, at closing shall be satisfied by Seller. Don’t miss out on this profitable opportunity; call Jeremy today at 913-940-3168.
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