Repair Shop Owners Report Increase in Business

Repair shop owners in the Greensboro, NC, area that were recently interviewed by a reporter from WFMY News 2 are reporting that business is up this year as more and more people are realizing that is it cheaper to repair their vehicles than to buy a new one.

Below is the article as it appeared on the WFMY News 2 website.

More People Driving Used Cars, Turning To Mechanics
By Justin Quesinberry
9/7/2010

Greensboro, NC — While many people are trying to save money in this economy, one section of the automotive world is booming.

The number of people hanging on to their current used vehicles is at an all time high, according to R.L. Polk, an automotive marketing company. That number is not expected to go down anytime soon.

"I’d love to see the economy turn around, but right now, economy looks pretty good for me right now," said Allen Roy, owner of Roy’s Automotive.

He said business is up 30 to 40 percent in the last couple of years.

"We used to do one or two engine overhaul jobs maybe a year. I think we’ve done about 12 so far this year," he said.

It’s a sign some people are turning to mechanics rather than salesmen.

"They found what I’ve known all along. It’s always cheaper to repair them than it is to replace them," Roy said.

Technicians at Cox Toyota Scion’s service center have also seen a boost of about 30 percent, according to Jim Butler, general manager.

To read the entire article, visit the WFMY News 2 website at http://www.digtriad.com/news/local/story.aspx?storyid=147598&catid=57.

When Your Shop Is Worth Much More Than You Thought

Although every sale of a shop in which I am involved has its own unique set of circumstances, which makes my job both very interesting and very challenging, Cowden Automotive stands out as particularly memorable because I was able to demonstrate to the long-time owner, Paul Cowden, that his business was worth about three times what he had initially thought.

Case Study: Owner of San Francisco-based Import Service Shop Delighted to Discover Just How Valuable His Business is to Qualified Buyers
I sometimes share case studies of the clients I have been able to assist in my role as an aftermarket business broker and provider of intermediary and advisory services. I do that when I think the story will provide a reader in similar circumstances with new insights or helpful information.
In the case of Cowden Automotive, Inc., I acted in a consulting capacity assisting the owner and his broker in valuing the business, creating a marketing plan, finding a qualified buyer, and arranging financing for the sale.
Although every sale of a shop in which I am involved has its own unique set of circumstances, which makes my job both very interesting and very challenging, Cowden Automotive stands out as particularly memorable because I was able to demonstrate to the long-time owner, Paul Cowden, that his business was worth about three times what he had initially thought.
Needless to say, delivering that kind of good news to a shop owner is a rewarding experience. Discovering that the sale of his business would result in his retirement nest-egg being substantially larger than he had ever thought was a fitting tribute to someone who had spent his entire working career as a busy automotive service shop owner.

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