not disclosed Florida Business for sale

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not disclosed Florida Business for Sale

Title Lending

not disclosed, Florida
This consumer finance company offers auto equity loans (sometimes referred to as auto title loans) to consumers. Located in the Southeast, the company operates under the required state statute and has been in business since 2006, serving customers throughout their state. Management has created a “virtual” infrastructure requiring very low fixed overhead making the Company highly profitable with excellent cash flow and substantial net margins.

The Company’s customers typically need cash quickly and/or are not able to utilize traditional finance and banking sources. They must have clear title to their automobile, and live in the state.

The Company will lend a maximum of 55% of an auto’s “rough” wholesale value, in most instances with a loan limit of $5,000, although occasionally the company will lend as much as $7500. The average loan is about $1,200 in principal, with an amount financed of $1,800. The loan term is 12-14 months, and the average borrower pays it off in six months. The Company charges annual interest rates of 24-30%, in compliance with Florida usury laws. The Company’s loans are typically lower in total cost than a similar title, pawn, or payday loan.

The Company has designed their IT systems to provide efficiency and cost reduction, using a software package that creates the loan documents, maintains customer records and drives financial reporting and analysis. The Company further improved profitability by implementing a customer relationship management system (CRM), state of the art IP phone system and an electronic signature application allowing for virtual loan underwriting and execution.

The Company has identified several areas for growth, including geographic expansion, process streamlining, and technology improvements.

Financials

Price: $8,500,000
Gross Income: $7,485,154
Cash Flow: $2,134,388
FFE: $0
Inventory: $0
Real Estate Value: $0
Source Data:

About the Business

Listing ID: #201738
Year Established: 0
Financing: seller will consider a note for a qualified buyer
Training:
Facilities:
Competition:
Growth:
Employees:
Business Listed By
Name: Coldwell Banker Mergers & Acquisitions
Email: elizabeth.bellit@cbcadvisors.com
Company: Coldwell Banker Mergers & Acquisitions
Phone: 801-947-8327

The information in this listing has been provided by the business seller or representative stated above. The Business Broker Journal has no stake in the sale of this business, has not verified the accuracy, completeness, and assumes no responsibility for this advertisement. Read our Terms and Conditions for more information.

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