Fiesta Auto Insurance Taps Into BoeFly for Franchisee Financing
National Automotive Insurance and Tax Preparation Services Franchise to Offer BoeFly's Concierge Team Services to its Franchisees Nationwide
May 03, 2011 // Franchising.com // HUNTINGTON BEACH, Calif. – Fiesta Auto Insurance, the nation's only insurance and tax preparation franchise, announced today that it has selected BoeFly, the premier online marketplace connecting lenders with business investors, to assist its franchisees in obtaining bank financing.
"With our economy in the neutral position and lending still tight, partnering with BoeFly helps to ease the pressures on new and existing investors who want to open Fiesta Auto Insurance locations," said John Rost, founder and CEO of Fiesta Auto Insurance. "We know that financing and access to credit is a top concern of potential and current franchisees, so it was important for us to offer an additional tool to help connect them with finance opportunities. Fiesta Auto Insurance franchisees now have access to a network of more than 500 business lenders through the online posting of a single loan request."
Through BoeFly's Concierge Team Services, Fiesta Auto Insurance franchisees can build and post a single loan request for distribution to hundreds of lenders. From there, they can review potential matches and connect with lenders most compatible with their request. Franchisees can also invite lenders from their own personal network to securely and conveniently view their online financing request or upload additional documentation that may be necessary to complete the loan process.
Franchisees can use BoeFly to find financing for new store development projects, store remodel/upgrades, equipment purchases, acquisition of existing stores, unit expansion projects, and working capital needs.
"Today, even top franchisors face a significant challenge – converting otherwise qualified franchisee candidates into ongoing, paying customers because of the difficulty they have accessing capital," said David Nayor, President of BoeFly. "Franchise lending has been down by as much as 40 percent in the past two years due in part to the inefficiencies in the lending process that have been exposed by the financial crisis. BoeFly eliminates these inefficiencies by connecting franchisees with banks that are ready and willing to lend."
The only national insurance and tax preparation franchise in the United States is driving growth nationwide as it combines two highly attractive business models under one roof. With nearly 90 locations currently open throughout the United States, Fiesta Auto Insurance is continuing to push its operations to new levels with an aggressive growth plan that calls for more than 1,500 locations to open nationwide during the next five years.
"This partnership will help us achieve our strategic growth plan by making it easier for potential franchisees to find financing," added Rost, who launched the company in 2006 to meet the growing demand for auto insurance within underserved Hispanic and blue-collar communities in Southern California.
With an initial franchise fee of $10,000 and total suggested capital between $30,000 and $50,000, the Fiesta Auto Insurance franchise opportunity is available to investors who want to start a new business, or existing independent operators who are interested in converting to Fiesta Auto Insurance. The franchise opportunity provides business owners with lower operating costs and more access to favorable, nationwide carriers as well as name brand recognition and a proven business model.
For further information on Fiesta Auto Insurance franchise opportunities, visit http://www.fiestafranchise.com/ or call 877-905-3437.
About Fiesta Auto Insurance
Fiesta Auto Insurance is the only national franchise system in the United States to combine insurance and tax preparation under one roof, providing a one-stop shop for the budget-minded consumer. Beyond auto insurance, Fiesta offers insurance services for watercrafts, motorcycles, homeowners, rentals, condos, apartments, tenant occupied property, commercial auto, commercial property, commercial general liability, Mexico insurance and special event coverage. On the tax side they offer federal and state personal income tax filings, business tax returns, electronic filing and bank products. Fiesta also provides motor vehicle registration services, travel services, wireless services and instant wire money transfers as well as accounting and bookkeeping services. For more information on Fiesta Auto Insurance, please visit: www.fiestainsurance.com , www.fiestatax.com or for franchising information: www.fiestafranchise.com.
BoeFly is the only online marketplace harnessing technology to dramatically simplify the execution of commercial transactions, including all loan origination and sales. BoeFly revolutionizes how deals get done by seamlessly connecting all parties, including lenders, borrowers, franchisors, investors, buyers and sellers to a potential transaction and facilitating the efficient completion of these transactions. For small-business lenders, BoeFly also provides the ability to sell loans to investors, freeing up liquidity for even more small-business lending. BoeFly is a subscription service and does not charge any transaction fees.
Key to the success of BoeFly is the site's dynamic compatibility technology which matches parties based on a specific set of criteria. Also, to help BoeFly subscribers complete transactions, BoeFly offers access to service providers in a wide variety of professions from appraisers, to closing attorneys, to environmental consultants.
BoeFly was founded by small-business lending experts with extensive banking and secondary market experience. The company is privately-held and is based in New York City. Franchisors seeking to grow revenue by increasing the number of successfully financed franchisees can visit www.boefly.com/franchisor.