J.D. Byrider Acquires Three Locations from Current Franchisee
December 06, 2012 // Franchising.com // CARMEL, Ind. – J.D. Byrider, the country’s leading used car sales and finance enterprise, has added three formerly franchised locations to its portfolio of company-owned dealerships.
J.D. Byrider acquired the locations as part of a push to grow company-owned and managed locations, which the company uses to pilot new initiatives and spur innovation. Chris Hadley, the former franchisee and operator of the newly added locations in Nashville, Tenn., Florence, Ky., and Dayton, Ohio, will join J.D. Byrider corporate staff devoted to company store development.
“The acquisition of three franchise locations puts us further on a path of growth for J.D. Byrider’s company-owned portfolio,” said Steve Wedding, J.D. Byrider CEO. “With a future goal of 60 company-owned locations, we plan to aggressively open new locations as well as consider other possible acquisition targets.”
This year has been one of the biggest growth periods for J.D. Byrider, which has 145 locations in 31 states. Since the beginning of 2012, the company opened 12 franchise locations (Columbus, Ga.; Beckley, W. Va.; Flint, Mich.; East Dundee, Ill.; Waco, Texas; Highland, Ind.; Richmond, Va.; Oak Lawn, Ill.; Opelika, Ala.; Orlando, Fla.; Durham, N.C.; Dorchester, Mass.; and Janesville, Wis.), with an additional location in Memphis scheduled to open by the end of 2012. Initial plans for 2013 call for 14 new franchised locations, with more growth expected.
Additionally, in October 2012, J.D. Byrider reached a milestone - $1 billion in outstanding retail installment contracts.
The acquisition of J.D. Byrider by private investment firm Altamont Capital Partners took place in May 2011, and earlier this year, J.D. Byrider completed its first asset-backed securitization, a $145 million deal led by RBS Securities.
About J.D. Byrider
Founded in 1989, J.D. Byrider is the nation’s leading used car sales and finance enterprise. The company was founded to serve customers with special auto financing needs and to ensure that they receive the same quality service in every J.D. Byrider dealership. With nearly 950,000 consumers matched to quality, affordable vehicles and a franchise system servicing approximately $1 billion in contracts, the company continues its focus on reliability and customer satisfaction. Headquartered near Indianapolis in Carmel, Ind., J.D. Byrider consists of 122 franchised- and 23 company-owned dealerships in 31 states. Visit www.jdbyrider.com to learn more.
Andrea Farmer | Tim Coxey