Last Updated on August 1, 2012 by DeanR
Midas Franchise Information
Midas is a franchise for a business providing auto repair and maintenance services. It was founded in 1956 and started franchising that same year. It was founded by Nate Sherman.
The first location was opened in Macon, Georgia. Back then, cars only cost $2,700 and gas was about 23 cents. They had only one location that had only two bays for repair. 10 years after, they grew the muffler business and added shock absorber service. It was the time they entered the European market. At that time, they already had 426 locations open. After another 10 years, they were acquired by IC Industries which is now Pepsi Americas, Inc. At this time, they had 903 locations open. Another 10 years passed and they had the tagline “Nobody beats Midas. Nobody.” They already had 1,771 locations open. Another 10 years and they became the basis of a national initiative on Motorist Assurance Program. That was also the time when they had their tagline changed to “The Midas Way. The way it should be”. Another 10 years and up to this day, they now have 1,271 locations in the United States, 152 locations in Canada, 779 in other countries, and 89 locations that are company owned.
What services do they offer at Midas?
They have Preventive Maintenance, Factory Recommended Maintenance and Check Engine Light. Midas Touch Maintenance Package and Midas Touch Courtesy Check includes Under-the-Hood Items, Under-the-Vehicle Items, Major Systems and Components, Fluids, Tires, and Four Wheel Tire Rotation. For Oil Change, they have Engine air filter, Power steering fluid, Coolant and antifreeze, Brake fluid, Automatic transmission fluid, Belts & Hoses, and Lights, Wipers, & Accessories. They also offer services for mufflers and exhaust, tires, batteries, steering and suspension, climate control, and engine cooling. For Factory Recommended Maintenance, it includes For Fleet Services for National Fleet Accounts, it includes the products and services, maintenance, systems, reports, credit, fleet finder, and fleet contract.
Cost and requirements on running a Midas franchise
You need to have a net worth of $250,000 and a total liquid asset of at least $75,000. Expect to be investing about $88,000 to $391,000. The cost of Midas franchise fee is $30,000 with an on-going royalty fee of 10%. This is for a renewable 20 year term agreement. You will need about nine employees to run one location. They allow multi-unit ownership. They do not allow absentee ownership.
What is included in the franchise package?
There will be three weeks training at the headquarters, one to two weeks of self study at your location, and an in-shop assignment for one to two weeks. 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. Expect to be attending meetings and receiving occasional field evaluations to check on your progress. For marketing support, there will be ad slicks, co-op advertising, regional advertising, and national media.
Midas Contact Details
You may reach them at:
Address: Midas Customer Relations 1300 Arlington Heights Road Itasca, IL 60143
Phone: (800) 621-8545