High volume well established Tow/Repossession company. They have contracts with the city, state, and the special police. They manage the parking area for over 300 apartments and commercial buildings in the Raleigh and Durham area. They do repossession work for the 3 largest forwarding companies. They have a large fleet of trucks, ranging from light to heavy duty, allowing them to tow or repossess almost anything. All of their towing and repossessions are received by computer from their corporate office and they are then distributed via the web to their drivers in specific areas. Their office is equipped with top of the line equipment and their trucks all have GPS. This makes their company incredibly efficient and allows them to send their information to their clients in real time. The potential buyer will need to meet specific requirements from the Banks and Financial Institutions to maintain accounts such as: No Felonies or Major Criminal Charges Average Credit score of 720 Financially Stable Good Driving Record (no DWI s)
The have a great reputation for safety, quality and reliability. They have an excellent record for safety as proven by their low workmans comp MOD rate. They have had no regulatory issues and no issues with the cities, counties or municipalities that they work in. They also offer emergency service 24 hours a day 365 days of the year.
The earnings for 2017 are projected to come in $700,000 on $2,500,000 in revenues. The earnings for 2016 were $667,809 on revenues 0f $2,000,000 which were up $200,000 from 2015.
The company has long standing and profitable contracts in place that generate recurring revenue. They are also large enough to create a substantial barrier to competition and entry to the market for other towing companies.
The purchase value of the towing trucks was $749,500 with a current value of approximately $545,000. These are an up to date fleet of 13 tow trucks. A detailed list is available for registered buyers.
They have 32 very competent mostly long term employees and a great reputation with a long standing and recurring customer base.
Reason For Selling:
Seller wants to invest in the real estate market full time.