Hand Car Wash for Sale in Northwest Suburbs of Chicago

Cook County, IL

Seller Financing Available
Hand Car Wash

Asking Price:$198,400

Cash Flow:$103,617

Gross Revenue:$371,023

EBITDA:N/A

FF&E:$25,000

Inventory:$2,500*

Established:1999

*not included in asking price.

Hand Car Wash for Sale in Northwest Suburbs of Chicago

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Business Description

Northwest Suburbs near Schaumburg

This hand car wash has a long history of providing quality auto detailing by hand. Some of the services offered include; hand washing, hand detailing (interior and exterior), hand waxing, buffing and light engine cleaning. They occupy a 3,100 sq ft space & have 6 overhead doors & plenty of parking.

Located in the Northwest Suburbs of Chicago (Cook County) Sale includes: the Business, all Equipment & all Fixtures.
Purchase Price / Business only = $198,400 plus inventory

This Hand Car Wash first opened its doors for business around 1999. The current owners acquired the business in the 1st quarter of 2015. One of the owners has no involvement in the business and the other owner helps manage the business. They also have a manager that helps run the business.

The hand car wash is located right in the heart of the Northwest suburbs of Illinois, directly on a busy street, with over 12,500 cars driving by the front door each day. Directly behind the hand car wash is another very busy street, with an additional 18,900 cars driving by each day.

The current owners have other businesses and are moving their family to the North Suburbs of Chicago. As a result, they are entertaining the possibility of selling the business due to the commute.

Asking Price/Business only: $198,400 plus inventory
Gross annual sales (approximately): $371,023.81
Cash flow (approximately): $103,617.15
Value of furniture, fixtures & equipment (approximately): $25,000.00
Value of Inventory (approximately): $2,500.00

Detailed Information

Inventory:
Not included in asking price
Employees:
14
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The hand car wash is located right in the heart of the Northwest suburbs of Illinois, directly on a busy street, with over 12,500 cars driving by the front door each day. Directly behind the hand car wash is another very busy street, with an additional 18,900 cars driving by each day. Lease details (approximately): The current lease expires in 2024 (including option). The space is approximately 3,100 sq ft. There’s plenty of parking in the front and on the side of the building. The Base Rent, R.E. Taxes, & C.A.M. are currently $4,600.00/month. For the first 5 years, the annual increases in rent are only $720.00 or $60/month. Increases are 3% annually during the 5 year option. The lease is personally guaranteed. Water is included in the rent, which is fantastic for a car wash business!!
Competition:
When the current owners took over, they focused on trimming expenses. For example, they used to offer tire shine for free. Now, they charge for it. It was hurting their bottom line because it’s the most expensive chemical they use but weren’t charging for it. The previous owners were using a towel service to wash & fold their towels. They now have their own towels & clean the towels themselves, to save on the towel expense going forward. This business has plenty of potential to grow sales. One area of opportunity is that they are only open until 6pm each day. Staying open later will help increase sales. Also, they are only open from 9am-4pm on Sundays. Opening a little earlier and staying open a little later will also help increase sales. Another way to increase sales is to focus on selling detail packages, especially in the spring, when most cars can use a good detail after the harsh winter months.
Growth & Expansion:
Another area of opportunity for a new owner/operator is to update the website with before & after pictures of some of the cars they have detailed, along with their new packages & specials. They currently only offer one special/coupon on the website, an early bird special. They really don’t do much advertising at all. They only currently advertise via Groupon. Groupon does quite well for them however, many car washes also have specials like “Ladies Day” & special discounts off of full details during slow times of the year. They aren’t sending mailers or coupons to the surrounding homes & businesses either. This would certainly help increase sales. Another great way to increase sales would be to offer pick up & delivery services for people working in the area. You could offer to pick up a vehicle while the customer is working & detail it & then drop it back off to them before the end of the day. They don’t have to leave their office & they go to work with a dirty car & come home with a spotless like-new vehicle. Other areas of opportunity include; better lighting for the exterior signage, making the business more visible from both streets. You could also look at some cross promotions with nearby restaurants where customers can either grab a bite to eat while having their car detailed, or you can offer a discount and/or coupon to customers of the nearby food establishments letting their customers know your hand car wash is right across the street. As you can see, this is a great business with the potential to increase sales even further, without spending a lot of money. Just a few minor changes could make a world of difference.
Financing:
Seller will consider a small amount
Support & Training:
The current owner is willing to provide some training for a new owner. Also, there's currently a manager running the business. Note: The owners will consider providing a small amount of seller financing to a qualified buyer.
Reason for Selling:
The current owners have other businesses and are considering moving.

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Tony Gavros

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Tony Gavros

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