- Franchise 500 Rank
-
N/R Not ranked last year
- Initial investment
-
$340K - $790K
- Units as of 2020
-
20 11.1% over 3 years
Founded in 2003, NextCar is a rental car company located mainly in the mid-Atlantic United States. In 2015, NextCar started franchising under the NP franchise group. Since then, NextCar has opened several franchises in the United States.
At NextCar, clients typically get a competitive deal for a rental car, whether it be for short or long-term rental. NextCar promises quality each time it rents out its cars to its customers. With this franchise, you may be part of a business that caters to your success as a franchisee.
Why You May Want to Start a NextCar Franchise
If you’re a petrol-head and love to spend your time around cars, then opening a NextCar franchise may be right up your alley. A NextCar franchise may be tailored for those passionate about business and providing quality service. A franchisee should be ready to listen to their customers and provide the best service in an effort to make them return clients.
NextCar has received recognition for its contribution to creating a greener planet, potentially making it an environmentally friendly company.
What Might Make a NextCar Franchise a Good Choice?
As a NextCar franchisee, your main responsibility will be to carry on the company's spirit. This means that your service delivery should be top-notch and your fleet of cars unmatched. Additionally, a NextCar franchisee should exude professionalism. Additionally, conducting rigorous market research could help your NextCar franchise remain competitive.
To be part of the NextCar team, you should make sure you’re financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should prepare yourself for ongoing fees that will include advertising fees and royalty fees. Franchisees will also need to meet the company’s set net worth and liquid capital requirements.
A term of agreement with NextCar may last for an indefinite period of time. This may make it so franchisees do not have to worry about paying for renewal fees.
NextCar may offer in-house help covering the cost of inventory to franchisees who meet their qualifications. The company may also offer a discount off the franchise fee to honorably discharged veterans.
How To Open a NextCar Franchise
Opening a NextCar franchise could offer a more predictable outcome than investing in a completely new brand that may struggle to thrive in an already crowded and competitive industry.
As part of your due diligence, you should speak to current NextCar franchisees and ask the franchising team questions about the opportunity.
If awarded a franchise, franchisees may receive a great deal of support from the NextCar franchise brand throughout the franchising process. In addition to pre-opening training, franchisees could receive support through brand awareness, marketing, research, and construction. Franchisees may also receive hands-on training and continued support after their franchise location has opened.
It may be a good idea to speak with an attorney or financial advisor to ensure that you have the necessary financial resources to own and operate a NextCar franchise.
Company Overview
About NextCar
| Industry | Automotive |
|---|---|
| Related Categories | Miscellaneous Automotive Products & Services, Auto Rentals & Sales |
| Founded | 2003 |
| Parent Company | NP Auto Group |
| Leadership | Michael DeLorenzo, President |
| Corporate Address |
13900 Laurel Lakes Ave., #100 Laurel, MD 20707 |
| Social | Facebook, Twitter |
Business Overview
| Franchising Since | 2015 (9 years) |
|---|---|
| # of employees at HQ | 25 |
| Where seeking |
This company is offering new franchises in the following US states: This company is offering new franchises in the following international regions: |
| # of Units | 20 (as of 2020) |
|
|
|
Information for Franchisees
Here's what you need to know if you're interested in opening a NextCar franchise.
Financial Requirements & Ongoing Fees
Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
|
Initial Franchise Fee
|
$20,000 - $100,000 |
|---|---|
|
Initial Investment
|
$339,992 - $790,226 |
|
Net Worth Requirement
|
$500,000 |
|
Cash Requirement
|
$50,000 |
|
Veteran Incentives
|
$2,000 off franchise fee |
|
Royalty Fee
|
$34/car/mo. |
|
Ad Royalty Fee
|
$8/car/mo. |
|
Term of Agreement
|
Indefinite |
| Is franchise term renewable? | No |
Financing Options
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
| In-House Financing | NextCar offers in-house financing to cover the following: inventory |
|---|
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
| On-The-Job Training | 8 hours |
|---|---|
| Classroom Training | 32 hours |
| Ongoing Support |
Purchasing Co-ops
Newsletter
Meetings & Conventions
Toll-Free Line
Grand Opening
Online Support
Security & Safety Procedures
Field Operations
Site Selection
Proprietary Software
Franchisee Intranet Platform
|
| Marketing Support |
Ad Templates
National Media
Social Media
SEO
Website Development
Email Marketing
Loyalty Program/App
|
Operations
Additional details about running this franchise.
| Is absentee ownership allowed? | No |
|---|---|
|
Can this franchise be run from home/mobile unit?
|
No |
|
Can this franchise be run part time?
|
No |
| # of employees required to run | 3 |
|
Are exclusive territories available?
|
Yes |
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