J.D. Byrider Franchise
J.D. Byrider is a franchise for a business that rents out and sells used vehicles. It was founded in 1979 and started franchising in 1989. It was founded by the late James F. DeVoe.
He first opened a used car dealership with his dealership of Chevrolet-Cadillac in Marion, Indiana. He said that the right way to do business is the family way. He came from a family that has been in the car business for over five decades. They say that their basis for success is through the philosophy “Experience has taught us that no business will be successful without putting the customer first.” This customer focus that he learned from his family came through during the recession in 1979. He knew that these challenged working people were underserved. That was when he thought of putting up an ad in the newspaper for an opportunity on “buy here and pay here” for good quality used cars. They officially launched J.D. Byrider in 1989 even though it was since 1961 that James has been in the car sales business. Their aim is to be able to provide affordable payments for a good car with a better car care programs. In this industry, about 45 million used cars were being sold each year. In 2010 alone, J.D. Byrider had a revenue of $740 million. They currently have more than 3,200 employees running over 132 locations in 30 states.
What type of vehicles do they usually sell at J.D. Byrider?
They usually sell SUV’s, cars, vans, and trucks that are about four to 10 years old. They make sure that the vehicles are high quality by having each of it pass a comprehensive inspection. These were also sold together with warranty by expert service departments. They sell these through financing. They want to be able to provide their customers with a reliable vehicle that will help them get to their jobs safely for them to advance in life. Their main goal is to match their customers with the right vehicle for their needs and fits their budget.
Cost and requirements on running a J.D. Byrider franchise
You need to have a net worth of $1,000,000 and a total liquid asset of at least $1,000,000. Expect to be investing about $675,000 to $5,210,000. The cost of J.D. Byrider franchise fee is $50,000 with an on-going royalty fee of 2.5%. This is for a renewable 10 year term agreement. You will need about 15 to 20 employees to run one location. They allow multi-unit ownership and absentee ownership. Currently, 50% of their franchise owners are absentee owners.
What is included in the franchise package?
You will be receiving newsletters and a toll free phone number. You will be provided assistance at the grand opening. You will be given access to the internet and to purchasing cooperatives. Expect to be attending meetings and receiving occasional field evaluations to check on your progress. For marketing support, there will be ad slicks.
J.D. Byrider Contact Details
You may reach them at:
Address: 12802 Hamilton Crossing Blvd.Carmel, Indiana 46032
Phone: (317) 249-3000