As the owner of an auto repair shop, you probably stay busy with the day-to-day flow of your business. However, there comes a time when you may need extra working capital to make improvements in your shop.
It takes cash flow to manage your business and an extra boost of money to realize any dreams that you may have. Fortunately, you can build your business in the short term and long term by utilizing auto repair shop financing.
The money can be used for a quick recovery, to produce smoother cash flow or expand your facility and services.
Auto repair shop Loans for quick recovery
Sometimes operations don’t go as planned. You may have a hydraulic lift that breaks or a tow truck that needs to be completely overhauled. Of course, it’s inevitable that when equipment does break, it occurs at the most inopportune times. You need the money soon to keep your auto repair shop business running smoothly. Otherwise, you face the problem of having to turn away customers, and that can get quite expensive.
Other times, you may require auto repair shop financing to take advantage of an excellent opportunity. Maybe one of your parts suppliers is offering to give you a great deal on some of your summer inventory and you need the extra money to fund the transaction. With extra working capital, you can take the money and pursue an investment that will help boost sales and the bottom line of your business.
Improve cash flow
There are many factors involved with keeping your shop running as smoothly as it possibly can. You have to consider marketing, payroll, overhead, and just financing the regular monthly expenses that keep the lights on. While there’s probably a steady stream of customers who come to your business for repairs, that stream can sometimes become irregular and out of sync. A factor that in with having to wait for reimbursements from insurance companies that take their sweet time sending them, and it is obvious why your working capital has its ups and downs.
Sometimes the cash flow into your door is high, which makes it easier to pay for expenses, but you have probably experienced other times when it’s more difficult to allocate your working capital. Auto repair shop loans are created to help out during those times when you’re working capital needs to be smoothed out. An extra influx of money can help you focus on running your shop and improving your marketing efforts.
If you are like most auto repair shops, there comes a time when you may need to expand your facility. Technology is always changing and you may have your eye on a new piece of equipment that you currently have no room for in your shop. Auto repair shop financing can help you increase the size of your shop so that you have the opportunity to work with a higher volume of paying customers who seek out your expertise. It can also help you build a brand-new facility or add an additional shop in another location in your city. Upgrades such as these will help you form a stronger relationship with your customer base and that means higher revenues for you in the future. Upgrades are needed in every business and especially yours as some auto repair equipment can cost quite a few dollars.
Expanding your services
As you know, technology is always changing in the automobile industry. Improvements in engines, new computer systems, and new methods of combustion all require new techniques of service. It takes a flow of cash to send your team to be trained when new technology is introduced. You must keep that competitive edge or face the risk of becoming outdated and only able to work on automobiles from decades past. With extra cash flow from a loan, it can provide you with the opportunity to create a strategic plan that will allow you to continuously repair cars that are equipped with current and modern technology.
With well-trained service technicians, your shop has the ability to complete almost any type of repair and that helps when word-of-mouth reviews of your business are passed from person to person. Consumers are happy that they can trust your services with new and old models of automobiles.
Obtaining the capital that you need to invest in your business is just a phone call away. We can help you determine the appropriate amount of money that you require to finance your plans. For more information or to just get some questions answered, contact us today to see if your car repair business qualifies for one of our specialized financing options.