FullSpeed Automotive Company Profile

Background

FullSpeed Automotive is a leading automotive aftermarket services platform headquartered in Greenwood Village, Colorado. The company operates a network of over 900 franchised and company-owned locations across the United States and internationally. Its flagship brands include Grease Monkey®, SpeeDee Oil Change & Auto Service®, and Kwik Kar®. FullSpeed Automotive offers a comprehensive range of services, including oil changes, tire sales and rotations, brake services, car washes, and other ancillary automotive maintenance services. The company's mission is to provide high-quality, efficient, and customer-centric automotive care, positioning itself as a significant player in the automotive aftermarket industry.

Key Strategic Focus

FullSpeed Automotive's strategic focus centers on expanding its market presence through both organic growth and strategic acquisitions. The company aims to reach 1,000 units by the end of 2024, leveraging its strong brand portfolio and innovative service models. A key component of this strategy is the introduction of the "Store of the Future" models, designed to enhance customer experience and operational efficiency. These new store designs incorporate modern aesthetics, state-of-the-art technology, and artificial intelligence to streamline services and improve customer engagement. Additionally, FullSpeed Automotive is committed to supporting veterans, offering incentives such as franchise fee discounts and royalty fee rebates to encourage veteran franchise ownership.

Financials and Funding

In November 2020, FullSpeed Automotive was acquired by MidOcean Partners, a New York-based private equity firm specializing in middle-market companies. This acquisition has provided FullSpeed with the financial backing to pursue aggressive growth strategies, including multiple acquisitions and the development of new store models. Since the acquisition, FullSpeed has completed over 30 separate acquisitions covering 110 locations, significantly expanding its geographic footprint and service offerings.

Pipeline Development

FullSpeed Automotive's growth pipeline includes the acquisition of existing automotive service centers and the development of new franchise locations. In 2022, the company acquired the intellectual property of Kwik Industries, Inc., including ownership of the Kwik Kar brand, and purchased 25 Kwik Kar related centers from local independent operators. This acquisition expanded FullSpeed's presence in the Dallas area and added to its portfolio of company-operated centers. The company continues to seek opportunities for expansion through both acquisitions and new franchise development, with a goal of reaching 1,000 units by the end of 2024.

Technological Platform and Innovation

FullSpeed Automotive is committed to innovation through the development of its "Store of the Future" models. These new store designs feature modern aesthetics, express service lanes, comfortable customer lounges, and the integration of artificial intelligence to enhance service efficiency and customer experience. The company plans to begin beta testing these models in 2023, with a system-wide rollout expected thereafter. This initiative represents a significant investment in technology and design to modernize the automotive service industry and differentiate FullSpeed's brands in a competitive market.

Leadership Team

• Rob Lynch, Chief Executive Officer

• Appointed in 2022, bringing 35 years of franchise industry experience.

• Ron Stilwell, President of Franchising

• Previously served as Chief Development Officer, instrumental in growing unit count by 31% in 2022.

• Sarah Hamp, Chief Marketing Officer

• Appointed in 2022, with over two decades of marketing experience in leading automotive repair and quick lube brands.

Leadership Changes

In 2022, FullSpeed Automotive made significant leadership appointments to support its growth initiatives. Rob Lynch joined as Chief Executive Officer, bringing extensive franchise industry experience. Ron Stilwell was promoted to President of Franchising, recognizing his contributions to the company's expansion. Additionally, Sarah Hamp was appointed Chief Marketing Officer to oversee brand and digital marketing efforts.

Competitor Profile

Market Insights and Dynamics

The automotive aftermarket service industry is a substantial and growing sector, driven by the increasing average age of vehicles and the need for regular maintenance. Consumers seek convenient, reliable, and efficient service providers, creating opportunities for companies like FullSpeed Automotive to expand their market share.

Competitor Analysis

Key competitors in the automotive aftermarket service industry include:

• Jiffy Lube International: A well-established brand offering a range of automotive maintenance services with a large network of locations.

• Valvoline Instant Oil Change: Known for quick oil change services and additional maintenance offerings, with a strong brand presence.

• Take 5 Oil Change: Focuses on fast, drive-thru oil change services, appealing to customers seeking convenience.

These competitors emphasize quick service, customer convenience, and brand recognition, similar to FullSpeed Automotive's strategic focus.

Strategic Collaborations and Partnerships

FullSpeed Automotive has engaged in strategic collaborations to enhance its market position and service offerings. The acquisition of Kwik Kar expanded the company's brand portfolio and geographic reach. Additionally, partnerships with design firms like Studio|H2G have facilitated the development of innovative store models aimed at improving customer experience and operational efficiency.

Operational Insights

FullSpeed Automotive's operational strategy includes:

• Acquisition Strategy: Targeting strong-performing independent automotive service centers for acquisition and conversion to FullSpeed brands.

• Franchise Development: Actively seeking qualified individuals for single, multi-unit, and conversion franchise opportunities.

• Employee Retention: Emphasizing a positive work environment and employee empowerment to reduce turnover and enhance service quality.

These strategies aim to strengthen FullSpeed's market position and competitive advantages.

Strategic Opportunities and Future Directions

FullSpeed Automotive's future directions include:

• Expansion Goals: Aiming to reach 1,000 units by the end of 2024 through acquisitions and franchise development.

• Technological Advancements: Implementing "Store of the Future" models to modernize facilities and improve customer experience.

• Veteran Support: Continuing to offer incentives to veterans, recognizing their potential as successful franchisees.

These initiatives position FullSpeed Automotive for sustained growth and innovation in the automotive service industry.

Contact Information

• Website: www.fullspeedautomotive.com

• Franchise Information: www.greasemonkeyfranchise.com, www.speedeeoilfranchise.com

• Social Media:

• Facebook: FullSpeed Automotive Facebook

• LinkedIn: FullSpeed Automotive LinkedIn

• Twitter: FullSpeed Automotive Twitter