|
Below is an in-depth analysis and side-by-side comparison of Express Oil Change vs Lee Myles Transmissions including start-up costs and fees, business experience requirements, training & support and financing options.
Start-Up Costs and Fees |
||
Investment | $1,863,000 - $2,716,000 | $137,400 - $182,800 |
Franchise Fee | $35,000 | $27,500 |
Royalty Fee | 5% | 7% |
Advertising Fee | 3%Local | - |
Year Founded | 1979 | 1947 |
Year Franchised | 1983 | 1964 |
Term Of Agreement | 10 years | 15 years |
Term Of Agreement | 10 years | 15 years |
Renewal Fee | - | 15% of current franchise fee |
Business Experience Requirements |
||
Experience | No previous auto mechanical experience or knowledge is necessary. We look for general business accumen, strong communication and people skills for motivating your staff and working with customers, a high level of energy, a positive attitude, a drive to succeed at your own business, and future goal orientation. | |
Financing Options |
||
In-House/3rd Party | In-House/3rd Party | |
Franchise Fees | No/Yes | No/Yes |
Start-up Costs | No/Yes | No/Yes |
Equipment | No/Yes | No/Yes |
Inventory | No/Yes | No/Yes |
Receivables | No/No | No/No |
Payroll | No/No | No/No |
Training & Support |
||
Training | On-The-Job Training: 296 hours Classroom Training: 24 hours Additional Training: At training centers | - |
Support | Purchasing Co-ops Newsletter Meetings/Conventions Toll-Free Line Grand Opening Online Support Security/Safety Procedures Field Operations Site Selection Proprietary Software Franchisee Intranet Platform | Newsletter, Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations |
Marketing | Co-op Advertising Ad Templates Social media SEO Website development Email marketing Loyalty program/app | Co-op advertising, Ad slicks, National media, Regional advertising |
Operations |
85% of all franchisees own more than one unit Number of employees needed to run franchised unit: 6 - 8
Absentee ownership of franchise is allowed. There must be a partner running the operations. |
10% of all franchisees own more than one unit Number of employees needed to run franchised unit: 4 Absentee ownership of franchise is NOT allowed. (100% of current franchisees are owner/operators) |
Expansion Plans |
||
US Expansion | Yes | Yes |
Canada Expansion | No | No |
International Expansion | No | No |
Lee Myles was a musician and automobile technician in the 1930s and '40s when he heard about problems with the 'new' automatic transmissions. He opened his first Lee Myles Transmissions center in 1947 and began franchising in 1964. The company now has more than 85 locations throughout the United States.