Carmel-based Byrider has launched a new model it says will create an easier entry point into its franchising system. The used car dealership says the Byrider Direct program allows franchisees to focus exclusively on sales and service.
The company says its traditional franchise model requires an estimated initial investment of around $1 million. With the new program, Byrider says franchisees will be able to make a lower initial investment without having to focus on the financing arm of operating a franchise, which includes underwriting and collection.
“Underwriting and servicing a portfolio can be a very complex and capital-intensive part of the buy-here-pay-here business model,” said Chief Executive Officer of Craig Peters. “Byrider Direct addresses those potential challenges by allowing new franchisees to focus on retail and gives them a new access point in line with their experience and comfort level as they invest in a new partnership with us.”
Byrider says exclusive territories will be available for both the traditional franchise model and Byrider Direct.