Car Holdings Updates for September 2017
We’re pleased to present another update to shareholders regarding the recent progress of CAR Holdings.
Here are some highlights from this quarter:
Acquisition of GTA Tire & Auto in August, which is made up of three retail service locations in the Greater Toronto Area. The acquisition of GTA Tire & Auto brings the total number of retail after-market automotive service locations (under corporate ownership) to 9.
Acquisition of the Tire Hotel business in August. This is a tire storage business that compliments our retail after-market automotive service business. Storing client’s tires strengthens our brand loyalty; ensuring we see their vehicle at least 2 times each year. During these service visits, we are able to perform our 360 Inspection and prepare our Digital Inspection Report, and ultimately increasing our per-store revenue.
Working towards relocating our head office in the next couple of months to the Tire Hotel office, located at 151 Royal Group Crescent, Woodbridge. We expect to have an open house before January to invite all investors and see our operations. We will keep you posted once we have a firm date in place.
Finalizing the purchase of a Goodyear location in Scarborough for the end of September.
Renovations and integration of the three Goodyear locations (purchased in May) into the CAR Holdings group.
Upcoming joint-venture acquisition of PitCar, a retail after-market automotive service center located in Bucharest, Romania – closing schedule for late October. This presents a fantastic opportunity for CAR Holdings, to share best practices with PitCar while gaining accessing to new labour markets - addressing our continuous challenge of recruiting skilled automotive technicians.
We are currently working on the acquisition of 7 (seven) locations in the Greater Toronto Area, all scheduled to close in the first quarter of 2018.
The Executive Team has done a tremendous job networking with industry experts. This has led to key connections, which can be leveraged for new acquisitions and supplier contracts. These individuals want to become part of the CAR Holdings team; investing their knowledge, network, and capital into our organisation. We expect some interesting and accretive opportunities to materialize in the coming months. We look forward to keeping you posted on our progress.
Increase in total employees to approximately 60.
Total raise of $6M in capital to date.
Registered as a training facility with Institute of Chartered Professional Accountants.
With the recent acquisitions completed in August, CAR Holdings’ annualized revenues have grown from $600,000 to approximately $16 million over the past 12 months. We have a goal to double our revenues over the next 15 months through additional acquisitions.
The Road Ahead:
2017 has been the year of establishing the building blocks of our business. The theme for the rest of the year and onwards to 2018 is growth and standardisation. You can expect a rebranding in 2018 once we acquire 20+ locations in the GTA.
We’ll continue to establish connections with industry experts and leverage these partnerships to create more opportunities for CAR Holdings.
We’re building a strong reputation in the industry, rapidly. As we continue to scale our business operations, we expect more accretive acquisitions to become available.
You can expect another investor update in December or January, and we will report on the progress for the current quarter. Please do not hesitate to reach out in the interim if you have any questions. We are always available.
As we say at CAR Holdings, Onwards & Upwards!
Executive Team at CAR Holdings