With electric vehicles (EVs) representing less than 1% of the 250 million cars, SUVs, and light-duty trucks on U.S. roads, traditional oil change franchises have a significant window of opportunity to generate profits in the current market. As cars remain on the road for longer periods, the demand for maintenance services for internal combustion engine (ICE) vehicles persists. In this article, we will compare the ownership experiences offered by four prominent franchises — Strickland Brothers, Speedee, Grease Monkey, and Costa Oil—while considering the slow adoption of EVs and the extended lifespan of vehicles.
Strickland Brothers
Strickland Brothers, a family-owned and customer-centric franchise, is well-positioned to capitalize on the existing market demand for oil change services. With the majority of vehicles still relying on ICE technology, Strickland Brothers can cater to customers who prioritize regular maintenance to ensure optimal performance and longevity. By providing top-notch service, using quality products, and offering additional services like fluid top-ups and tire rotations, franchise owners can establish a loyal customer base and generate steady profits.
Speedee
Speedee, an established franchise with a reputable history, can leverage its brand recognition to capture a significant market share. As vehicles continue to stay on the road longer, customers value comprehensive maintenance packages that go beyond basic oil changes. Speedee franchise owners can offer thorough inspections, identify potential issues, and provide services such as filter replacements and fluid checks. By positioning themselves as a trusted source for vehicle maintenance and longevity, franchise owners can drive profitability in the current market.
Grease Monkey
Grease Monkey, known for its entrepreneurial approach, can seize the opportunity presented by the extended lifespan of vehicles. With busy vehicle owners seeking quick and convenient maintenance options, Grease Monkey can provide efficient oil change services. By offering drive-through service and emphasizing the importance of regular oil changes for optimal engine performance and durability, franchise owners can attract customers looking for hassle-free and time-efficient solutions.
Costa Oil
Costa Oil, with its commitment to environmental sustainability, can differentiate itself in the current market. While EV adoption may be slow, Costa Oil franchise owners can emphasize their use of environmentally friendly oil and filters. By appealing to environmentally conscious customers who prioritize both vehicle performance and ecological impact, franchise owners can generate profits while positioning themselves as responsible and eco-friendly service providers.
The slow adoption of electric cars and the extended lifespan of vehicles present a favorable market for traditional oil change franchises. Strickland Brothers, Speedee, Grease Monkey, and Costa Oil can all capitalize on the current demand for maintenance services for ICE vehicles. By focusing on customer satisfaction, offering comprehensive maintenance packages, providing efficient service, and appealing to environmentally conscious consumers, franchise owners can drive profitability in the present market. While the transition to EVs may eventually impact the industry, there are still many years of profit to be made by meeting the ongoing needs of vehicle owners.
About the Author
If you have ever thought about owning a franchise business, Chuck Barson is a dedicated Franchise Consultant that will help you with your search. Contact Chuck at
cbarson@thefranchiseconsultingcompany.com.
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