GREENWOOD VILLAGE, Colo., Feb. 1, 2022 /PRNewswire/ -- FullSpeed Automotive, one of the nation's largest franchisors and operators of automotive aftermarket repair facilities, home to flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®, has reached a major milestone in its expansion strategy. Grease Monkey – Garden Grove, CA has officially become the brand's 700th store, with its Grand Opening on January 26, 2022. This development milestone signals major growth ahead as Grease Monkey and SpeeDee awarded a combined 51 franchise agreements in 2021, and expect to exceed that in 2022. FullSpeed also hopes to acquire as many as 150 units by year-end, bringing it much closer to the goal of 1,000 units in 2023.
The Garden Grove Grease Monkey is owned and operated by franchisee and area-local, Dana Leitner. As a single mom with an impressive career in real estate, Leitner was seeking her next entrepreneurial opportunity that allowed her to flex her business acumen while providing a much-needed service to the community. Leitner has become one of the quickest franchisees to go from signed agreement to opening in brand history. It is Leitner's goal to grow her Grease Monkey portfolio with additional locations over the next several years.
"I'm humbled and honored to be a part of such a major brand milestone," said Leitner. "When seeking my next entrepreneurial venture, I was immediately attracted to the low cost of entry with a model that invites customer loyalty and repeat revenue. This, paired with world-class training and support, made my decision a no brainer. The aftermarket auto care industry is booming - there's never been a more opportune investment."
Largely unimpacted by the pandemic, the auto care industry is expected to grow nearly 25% and reach $477.6 billion by 2024, according to the Auto Care Association's most recent research study. With more cars on the road, more miles driven, and the average age of cars growing into the teens, FullSpeed Automotive is well-poised for the future. In 2022, the company will focus on driving business by improving brand consistency and quality perceptions, in turn, driving customer satisfaction and franchisee revenue.
Riding this wave of momentum, FullSpeed Automotive has set aggressive expansion goals to reach its 1,000-unit milestone by the end of 2022/early 2023 as it seeks single and multi-unit operators throughout the United States and internationally.
"Reaching this significant growth milestone is cause for celebration," said Kevin Kormondy, Chief Executive Officer of FullSpeed Automotive. "It is an exciting way to start the year, opening the doors for our rapid growth plans ahead. We've built an incredible culture and want to celebrate this achievement with those who have helped us throughout our journey. We welcome Dana and the Garden Grove team to our FullSpeed family as we continue the growth with smart, passionate franchise partners and solidify our success as industry leaders. Opening our 700th store is a major milestone, but it's just the beginning for what's next when it comes to our development horizon."
FullSpeed Automotive is looking to bring on qualified and engaged individuals seeking single, multi-unit, and conversion opportunities. When franchisees invest with FullSpeed Automotive brands, they're investing in an organization with a strong culture, solid systems, and a proven business model
s backed with 70+ years of experience in providing quality car care in the industry. Recently acquired by MidOcean Partners in November 2020, FullSpeed has its eyes set on aggressive development ahead.
According to the 2020 Franchise Disclosure Documents, the Top 50% of Grease Monkey's franchised stores generated $1,053,386 AUV and the Top 50% of SpeeDee Oil Change & Auto Service's franchised stores generated $1,385,243 AUV.
For more information on Grease Monkey or SpeeDee Oil Change & Auto Service, visit fullspeedautomotive.com or call 800-364-0352.
About FullSpeed Automotive®
FullSpeed Automotive® is a leading automotive aftermarket services platform offering oil changes, tire sales and rotations, brake services, car washes, and other ancillary services through multiple brand formats that target several desirable segments of the service market. The company's strategic geographic footprint of 700+ franchised and company-owned locations provide density in high growth markets. The company's flagship brands include Grease Monkey® and SpeeDee Oil Change & Auto Service®. FullSpeed is headquartered in Greenwood Village, Colorado.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
SOURCE FullSpeed Automotive