Small Business Funding Options For Auto Repair Shops & Car Dealerships
Auto Repair Shops can often be tasked with jobs or projects that cost money upfront to order expensive parts. The issue is the shop would not be getting paid until the job is completed. If the shop were to purchase these parts, it may not be able to cover payroll or other bills while the job is being completed.
Similar to other industries, auto repair shops may have to spend a considerable amount of money to provide a quality service, but will not see the money returned in revenue for weeks, if not months. Auto shops receive a lot of their revenue through insurance carriers these shops have to wait to be paid and in the meantime continue to serve their customers without having the capital to run a business.
Car dealerships have to deal with similar cash flow issues. Since a majority of their assets can be stuck in new cars and trade-ins. Profits for these cars may not be recognized until the car is sold. The industry is also relatively seasonal, maintaining marketing campaigns, and offering competitive promotions during the year can be a very difficult task.
First Premier Funding is honored to support our clients with funding for Auto Repair Shops & Dealerships to help with off-seasons. Contact us today for a free funding offer or apply now.