At a Glance
Products & Services: Used auto sales and financing
Number of Locations: 149
Total Investment: $675.47K - 5.28M
Began Franchising: 1989
About J.D. ByriderOwner of a Chevrolet-Cadillac dealership in Marion, Indiana, James F. DeVoe learned how profitable used cars could be when he added a used car dealership to his operation in 1979. With a $19 ad in the local paper, DeVoe sold eight cars the first week for a gross profit of $1,000 each.
Ten years later, DeVoe founded J.D. Byrider in 1989 to deliver dependable used cars and affordable financing.
Indianapolis-based J.D. Byrider specializes in 5- to 10-year-old cars sold for an average of $7,000. The target customer is a blue-collar worker with a blemished or limited credit history, a segment that has grown with the rise of personal bankruptcies. Unlike most dealerships, where customers pick a car and then figure out how to finance it, J.D. Byrider reverses the process: Credit counselors guide customers toward vehicles within their price range.
Every J.D. Byrider franchise is two companies working together: a used car sales company, J.D. Byrider, and a sub-prime auto finance company, the CarNow Acceptance Co. (CNAC). Both are independently owned and operated by franchisees.
Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, Midwest, Nebraska, North Carolina, North Dakota, Northeast, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South, South Carolina, South Dakota, Southeast, Southwest, Tennessee, Texas, Utah, Virginia, Vermont, West, Washington, Wisconsin, West Virginia, Wyoming.
Startup Costs, Ongoing Fees and Financing
Franchise Fee: $50,000
Ongoing Royalty Fee: 2.5%
Term of Franchise Agreement: 10 years, renewable
Net Worth: $1,000,000
Liquid Cash Available: $1,000,000
Operations50% of all franchisees own more than one unit. Number of employees needed to run franchised unit: 15 - 20. Absentee ownership of franchise is allowed. (50% of current franchisees are owner/operators).
|Financing Type||In-House||Third Party|