SpeeDee
SpeeDee Oil Change & Auto Service offers oil changes and preventive maintenance services. Known for quick, reliable auto care, it operates in the automotive service industry.
SpeeDee franchise FAQ
How much does it cost to open one — the total initial investment?
The total initial investment necessary to begin operation of a single SpeeDee franchise ranges from $708,057 to $2,284,321. This includes an Initial Franchise Fee of $39,900 and additional costs for purchases according to the franchisor's standards, which may range from 60% to 80% of the total cost to establish the center. [p.1, p.30]
What is the initial franchise fee?
The initial franchise fee for a single SpeeDee Center is $39,900 [p.24, p.17]. For multi-unit franchisees, there's an additional Multi-Unit Fee of $20,000 for the second center and $15,000 for each additional center [p.135, p.143]. This fee is non-refundable once paid [p.70, p.135].
What are the ongoing royalty and advertising fees?
The ongoing royalty fee is 6% of the Franchisee's total monthly 'Gross Revenues,' which allows the Franchisee to use SpeeDee's intellectual property and receive support. This royalty is a nonrefundable fee paid on a monthly basis. [p.82]
How long is the initial franchise agreement, and can I renew it?
The duration of the initial franchise agreement isn't specified in these excerpts. However, according to [p.96], you have the option to renew the franchise for either an additional 15-year term or a five-year term with an automatic extension for another five years, subject to certain conditions and provisions.
Can I sell or transfer my franchise, and what does that require?
You cannot sell or transfer your franchise without the franchisor's approval, except for good cause as defined. You must give written notice 90 days before the proposed transfer date, including details about the transaction and the proposed transferee. The sale or transfer is conditional upon the franchisor's right of first refusal and their approval according to the agreement [p.93].
On what grounds can the franchisor terminate the agreement?
According to [p.328], the franchisor may terminate the agreement on any grounds available by law. However, termination without reasonable cause is prohibited under Virginia Retail Franchising Act as stated in [p.330]. The franchise agreement allows for termination if there is a failure to comply with lawful provisions and such failure is not cured within a reasonable time frame, which cannot exceed 30 days, as mentioned in [p.5].
What financial requirements — net worth and liquid capital — do I need to qualify?
The franchisor requires a minimum net worth of $100,000 for its most recent financial statements if they are unaudited. There is no specific mention of liquid capital requirements in the provided excerpts. [p.6]
Do I get an exclusive or protected territory?
No, you do not receive an exclusive or protected territory. Multi-Unit Franchisees may locate their SpeeDee Centers in any city, county, or state and must obtain prior written approval for each location based on the franchisor's criteria [p.45, p.27, p.36].
What training and ongoing support does the franchisor provide?
The franchisor provides pre-opening services including training, market research, and site selection. Additionally, they offer ongoing services after the opening. [p.327] [p.295] However, the specific details of these services are not detailed in the provided excerpts beyond mentioning their provision.
How many franchised outlets are there, and how many have closed or been terminated?
There are a total of 23 non-Company-Owned franchised locations, including both domestic and international subfranchisors. One franchisee-owned center permanently closed during calendar year 2025 but was not open for the entire year. [p.63, p.60]
Does the franchisor share any financial performance or earnings information?
The franchisor may provide actual records of an existing SpeeDee Center if a prospective franchisee is purchasing one. However, other than this, the franchisor does not make any financial performance representations [p.62]. The information provided in Item 19 is not intended to express or infer estimates, projections, or forecasts of revenues, sales, expenses, income, or earnings for any particular franchise [p.206].
What am I restricted to selling, and where must I buy supplies?
You are required to sell only those services and products that meet or exceed the franchisor's standards and specifications [p.51]. Additionally, you must purchase 90% of all products from approved vendors, which may change based on availability and pricing [p.79]. You also need to obtain approval from the franchisor before purchasing or leasing any products, equipment, supplies, or services not previously approved by them [p.30].