FullSpeed Automotive® Announces Acquisitions and Signed Agreements Driving Texas Development

Grease Monkey and SpeeDee Oil Change & Auto Service Set Aggressive Franchise Expansion Goals to Open 45 Centers Next Year

News provided by

FullSpeed Automotive

Dec 07, 2021, 10:45 ET

AUSTIN, Texas, Dec. 7, 2021 /PRNewswire/ -- FullSpeed Automotive, one of the nation's largest franchisors and operators of automotive aftermarket repair facilities, home to flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®, has announced the recent acquisition of six quick lube and automotive service centers in Texas. All locations will be rebranded as Grease Monkey. In addition, Grease Monkey signed an agreement that will bring three new locations to the greater Austin market. Coming off the heels of this news, both flagship brands have set an aggressive development goal to bring 45 combined centers to Texas by the end of 2022.

The six acquired quick lube and automotive service centers currently operate as Minit Man Oil Change ("Minit Man") in the Corpus Christi market. Behind the three-unit Grease Monkey agreement is new entrepreneur Ralph Rickey, who brings more than 20 years of experience in the auto industry, with a knack in the After Sales business. When presented with the opportunity for a career pivot, Rickey began researching franchise opportunities and became attracted to Grease Monkey's refined focus on the customer experience.

"Being in the auto industry has taught me the immense value in going above and beyond in providing a superior customer experience – it's what truly drives results. When I was researching the Grease Monkey franchise opportunity, I was immediately impressed by the level of detail put into prioritizing speed, quality, and a remarkable experience to every customer, at every visit," said Rickey. "Equipped with a proven business model, my team and I are well on our way to developing these locations over the next two years."

As a Round Rock local resident, Rickey aims to open all three locations in the greater Austin area – specifically targeting Round Rock, Cedar Park, Georgetown, and Pflugerville. Eager to provide an unparalleled customer service experience, he has set an aggressive goal to open his first Grease Monkey in the next 6-9 months, with the second projected to open in 18 months, and the final center in 24 months.

"The state of Texas continues to prove ideal for our strategic expansion in terms of unit count and franchisee health, all while yielding an impressive number of high-profile opportunities," said Kevin Kormondy, Chief Executive Officer of FullSpeed Automotive. "This is our second major acquisition in the state this year, following an acquisition of twenty-five new centers in the Dallas-Fort Worth market in July. We have also opened four franchised units in Texas this year, in addition to this recent three-unit signing. Our strategy is to grow with franchisees as well as strategic acquisitions as we inch closer to our overarching goal of bringing 300-500 centers to Texas over the next 10 years."

With just shy of 90 open facilities across both brands throughout the state, there is vast opportunity for development in prime territories of Houston, Dallas, San Antonio, El Paso and Austin.

Largely unimpacted by the pandemic, the auto care industry is expected grow nearly 25% and reach $477.6 billion by 2024, according to the Auto Care Association's most recent research study. With more cars on the road, more miles driven, and the average age of cars growing into the teens, FullSpeed Automotive is well-poised for the future. In 2022, the company will focus on driving business by improving brand consistency and quality perceptions, in turn, driving customer satisfaction and franchisee revenue.

FullSpeed Automotive is looking to bring on qualified and engaged individuals seeking single, multi-unit, and conversion opportunities. When franchisees invest with FullSpeed Automotive brands, they're investing in an organization with a strong culture, solid systems, and a proven business model backed with 70 years of experience in providing quality car care in the industry. FullSpeed Automotive has become the fastest growing and largest quick-lube chain not owned by an oil company. This means there is no obligation to buy a specified brand of products which allows FullSpeed Automotive to negotiate the best possible pricing for franchisees.

According to the 2020 Franchise Disclosure Documents, the Top 50% of Grease Monkey's franchised stores generated $1,053,386 AUV and the Top 50% of SpeeDee Oil Change & Auto Service's franchised stores generated $1,385,243 AUV.

For more information on Grease Monkey or SpeeDee Oil Change & Auto Service, visit fullspeedautomotive.com or call 800-364-0352.

About FullSpeed Automotive®
FullSpeed Automotive® is a leading automotive aftermarket services platform offering oil changes, tire sales and rotations, brake services, car washes, and other ancillary services through multiple brand formats that target several desirable segments of the service market. The company's strategic geographic footprint of 699 franchised and company-owned locations provide density in high growth markets. The company's flagship brands include Grease Monkey® and SpeeDee Oil Change & Auto Service®. FullSpeed is headquartered in Greenwood Village, Colorado.

SOURCE FullSpeed Automotive