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Updated RecentlySpeedy Transmission vs Lee Myles Transmissions Franchise Comparison
Below is an in-depth analysis and side-by-side comparison of Speedy Transmission vs Lee Myles Transmissions including start-up costs and fees, business experience requirements, training & support and financing options.
Start-Up Costs and Fees |
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| Investment | $83,500 - $108,000 | $137,400 - $182,800 |
| Franchise Fee | $24,500 | $27,500 |
| Royalty Fee | 7% | 7% |
| Advertising Fee | - | - |
| Year Founded | 1983 | 1947 |
| Year Franchised | 1984 | 1964 |
| Term Of Agreement | 20 years | 15 years |
| Term Of Agreement | 20 years | 15 years |
| Renewal Fee | 50% of initial franchise fee | 15% of current franchise fee |
Business Experience Requirements |
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| Experience | ||
Financing Options |
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| In-House/3rd Party | In-House/3rd Party | |
| Franchise Fees | No/No | No/Yes |
| Start-up Costs | No/No | No/Yes |
| Equipment | No/Yes | No/Yes |
| Inventory | No/No | No/Yes |
| Receivables | No/No | No/No |
| Payroll | No/No | No/No |
Training & Support |
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| Training | Weekend training classes | - |
| Support | Newsletter, Meetings, Toll-free phone line, Grand opening, Internet, Field operations/evaluations | Newsletter, Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations |
| Marketing | Ad slicks, Regional advertising | Co-op advertising, Ad slicks, National media, Regional advertising |
| Operations |
0% of all franchisees own more than one unit Number of employees needed to run franchised unit: 4 Absentee ownership of franchise is allowed. (100% of current franchisees are owner/operators) |
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 |
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| US Expansion | Yes | Yes |
| Canada Expansion | No | No |
| International Expansion | No | No |
Company Overviews
About Speedy Transmission
About Lee Myles Transmissions
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.