Qualifications forĀ
Ownership
Financial
Cash available to invest: $400,000Net worth: $600,000
Credit Score: 680 or above
Personal
You need to be energetic, good with people, and committed to being actively engaged even if you are an absentee owner.
You must also have a clean criminal history.
Fees (plain and simple)
Initial franchise fee: $39,900*Royalties: 6%**
Advertising Contribution: 4.5%***
Some Discounts apply. See below for details.
Incentives
Discounts for Veterans and First Responders: Initial Franchise Fee is reduced to $29,900 for a single SpeeDee Center. Veterans who meet additional qualifications may also be eligible for a royalty rebate.
Discounts for multi-unit operators: Franchise fees are discounted to $20,000 for the second SpeeDee center opened, and $15,000 for each additional SpeeDee Center you intend to open under the Multi-Unit Agreement. Multi-Unit franchisees must open a minimum of three SpeeDee Centers.
Discounts for conversion owners: The Initial Franchise Fee is reduced to $20,000 for your first location you are converting to a SpeeDee Center, and $10,000 for each additional location that is open and operating and you convert to a SpeeDee Center; provided that if you are an existing Franchisee converting another location or locations to a SpeeDee Center, the Initial Franchise Fee shall be $10,000 for each location you convert. If you meet additional qualifications, you may also be eligible for a royalty rebate.
Startup Costs
Estimated initial investment for a single Brownfield location1
NOTE 1: General. The high and low ranges in the chart are based on a single Franchise Agreement and to retrofit the location for a three-bay tandem to a six-bay Center using current brand standards. The low ranges in the chart assume you are purchasing a Conversion franchise which is already in the quick lube business, in which case you may not need to incur all of these expenses.Initial Franchise Fee2
$10,000 (LOW)Ā Ā | $39,900 (HIGH)
Method of Payment:
Lump SumWhen Due:
When you sign the Franchise AgreementTo Whom Payment is Made:
FullSpeed AutomotiveLease and Real Estate3
$14,000 (LOW) | $50,000 (HIGH)
Method of Payment:
As AgreedWhen Due:
As specified in LeaseTo Whom Payment is Made:
Third PartiesLeasehold Improvements3
$60,000 (LOW) | $300,000 (HIGH)
Method of Payment:
As AgreedWhen Due:
As IncurredTo Whom Payment is Made:
Third PartiesEquipment, Furniture, Tools and Installation4
$75,000 (LOW) | $245,500 (HIGH)
Method of Payment:
As AgreedWhen Due:
As IncurredTo Whom Payment is Made:
Third PartiesGrand Opening Costs5
$10,000 (LOW) | $10,000 (HIGH)
Method of Payment:
As AgreedWhen Due:
As IncurredTo Whom Payment is Made:
FullSpeed Automotive or Third PartiesInitial Inventory6
$14,500 (LOW) | $25,000 (HIGH)
Method of Payment:
As AgreedWhen Due:
As IncurredTo Whom Payment is Made:
Third PartiesSigns7
$10,000 (LOW) | $35,000 (HIGH)
Method of Payment:
As AgreedWhen Due:
As IncurredTo Whom Payment is Made:
Third PartiesSupplies
$2,000 (LOW) | $4,000 (HIGH)
Method of Payment:
As AgreedWhen Due:
As IncurredTo Whom Payment is Made:
Third PartiesInitial Training - Travel & Lodging Expenses8
$2,500 (LOW) | $5,000 (HIGH)
Method of Payment:
As AgreedWhen Due:
As IncurredTo Whom Payment is Made:
Third PartiesComputer Hardware and Software9
$12,500 (LOW) | $19,500 (HIGH)
Method of Payment:
As AgreedWhen Due:
As AgreedTo Whom Payment is Made:
Third PartiesPoint of Sale Maintenance Fee9
$2,316 (LOW) | $4,152 (HIGH)
Method of Payment:
As AgreedWhen Due:
As AgreedTo Whom Payment is Made:
Third PartiesPrepaid Expenses10
$2,000 (LOW) | $3,000 (HIGH)
Method of Payment:
CashWhen Due:
As AgreedTo Whom Payment is Made:
Third PartiesAdditional Funds (3 months)11
$40,000 (LOW) | $80,000 (HIGH)
Method of Payment:
As AgreedWhen Due:
As IncurredTo Whom Payment is Made:
Third PartiesTotal Estimated Initial Investment12
$254,816 (LOW) | $821,052 (HIGH)
MULTI-UNIT AGREEMENT 1, 2, 3
Multi-Unit Fee1
$35,000 (LOW) | $35,000 (HIGH)
Method of Payment:
Lump SumWhen Due:
When you sign the Multi-Unit AgreementTo Whom Payment is Made:
UsHow Much Can I Make?
$2,443,894*
Average net sales for Top Quartile of sales revenue averages
$497,979*
EBITDAR for Top Quartile of sales revenue averages
*These numbers include a historic financial performance representation for the calendar year 2023 from franchisee-owned Centers in the top 25% of SpeeDee Centers in the U.S. that, in each case, were in operation for more than one year as of Dec. 31, 2023, operated the entire calendar year 2023, and who provided complete Profit and Loss statements to us (Subset). Only those Centers that fall within the Subset are included.
The 2023 Top 25% Centers include 11 Centers, of which 5 (or 45%) exceed the average net sales of that group. Some outlets have earned this amount. Your individual results may differ. There is no assurance that you'll earn as much (based on average sales for SpeeDee Centers in the top quartile of franchise-owned SpeeDee Centers for fiscal year 2023. This information appears in our 2023 FDD under Item 19.
Path To ownership
SpeeDee Oil Change & Auto Service® has designed a process to help you learn more about the brand – and for us to learn about you – before any franchise agreements are signed. We want to make sure franchisees are set up for success. Here’s an outline of our process.Step 1: Initial Conversation
After you fill out a contact form on this site, weāll reach out for a short conversation to confirm that you are likely to qualify for the opportunity and that your desired territory is available. Weāll want to know about your background and goals as well.
Step 2: Franchise Qualification Questionnaire
Next, weāll ask you to fill out a secure questionnaire with details about your assets, business experience, and Social Security info. This allows us, later in the process, to perform a simple background check, which is an important way that we protect the value of the brand for all franchisees. If everything looks good, weāll start digging into the details of the opportunity.
Step 3: Weāll send our Franchise Disclosure Document (FDD)
We will send you our Franchise Disclosure Document and will need you to verify receipt. Per Federal Trade Commission rules, you wonāt be allowed to sign a franchise agreement until at least 14 days after you acknowledge receipt of the FDD.
Step 4: FDD review
The FDD outlines the terms of the franchise agreement, provides background about the company and leadership, and offers details about costs, fees, and historic revenue. The format is dictated by the Federal Trade Commission, so thereās a fair bit of legal language. Weāll walk you through the document and will answer any questions
Step 5: Validation
We will give you the names and phone numbers of all SpeeDee franchisees so you can ask them questions about the brand and their performance. Feel free to ask any questions you may have, but our primary role is to help facilitate conversations with anyone youād like to reach.
Step 6: Discovery Day
Youāll meet the SpeeDee Oil Change & Auto ServiceĀ® and FullSpeed AutomotiveĀ® leadership teams. Youāll hear about our vision for growth, and department heads will walk you through the support that they provide franchisees. We encourage you to ask questions.
Step 7: FARE Approval
The FARE committee will evaluate whether they consider you a strong fit for the brand.Ā If so, youāll be offered a Franchise Agreement.
Step 8: Franchise Agreement Awarded
Youāll be sent the agreements to review and sign.
Step 9: Franchise Agreement Signed / Franchise Fee Paid
Once we have your signed agreement, and received your franchise fee, itās full speed ahead!
Step 10: Onboarding Call!
Weāll schedule an onboarding call and begin the process of making your new business a reality!