What Are the Steps Involved to Owning a Byrider Franchise?
Deciding to open a used car dealer franchise is great, but you need to fully understand the steps involved before making the investment. For both franchising and any new business endeavor, your biggest question is probably, “How do I start?” Luckily, the franchise model makes it easy to jump into business ownership, and while it still takes a significant amount of work, we’re there to guide you every step of the way. From learning about the opportunity to the investment cost, pre-opening support, the grand opening, and continuing education, there’s a lot to be aware of. Here are the steps you can expect to take if you’re considering owning a Byrider franchise.
An Initial Inquiry
While a great deal of information can be found on our website, you’ll still want to speak with a member of our team to answer any questions you may have. Once you reach out to us via our contact form, we will get back to you right away to discuss the ins and outs of used car franchising, and help you determine if it’s right for you.
What Your Investment Looks Like
As with starting any new business, the cost of owning a Byrider franchise is one of the most important factors to consider. You will be required to have a credit line of approximately $3,000,000 when your portfolio of receivables reaches maturity. The initial franchise fee is $50,000, with $35,000 required for each additional franchise purchased if you do choose to go the multi-franchise route. There is also a monthly royalty fee, which is 2.5% of gross sales, and 1% of gross receipts. It’s important to keep in mind other costs associated with the business, too, like acquiring or leasing a suitable location and hiring staff.
Come to Discovery Day
If you decide that owning a Byrider franchise is a good fit for you, the next step is making a trip to our corporate headquarters in Carmel, Indiana to take part in a Discovery Day. Discovery Day is designed to help potential franchisees meet the senior management team, learn from each department head, and begin to take advantage of the resources we make available to you.
Your Franchise Agreement
Once you’re approved as a franchisee, you’ll be asked to sign several franchise agreement documents as well as an area development agreement (if you want a larger territory for additional store development). After signing the necessary documents, we will help you find financing, identify appropriate real estate, and prepare you to hit the ground running on day one.
Ongoing Training and Support
You’re still able to take advantage of our resources and support even after your grand opening. Part of owning a Byrider franchise is constantly educating yourself about the industry, and staying abreast of current trends. Byrider franchisees meet three times each year — an annual convention in November — and two other meetings in early spring and late summer. These events focus on disseminating new information, procedures, and systems provided by Byrider franchising, and serve as valuable networking opportunities.
To learn more about the steps involved in owning a Byrider franchise, reach out to our franchise team today.