Midas Franchise company is opened in 1956 by Nate Sherman, in Macon, Georgia. It is the first Midas repair shop. It started with the promise of “for as long as you own your car”. Since then, Midas company has expanded to provide repair and maintenance services on Shock absorbers, breaks, tires, batteries, radiators, and heating & cooling system.
Midas is a recognized leader in the automobile industry by globally. As they continue to expand their network and build up a reputation in the market, Midas is looking for motivated individuals to be part of the Midas family.
Midas has to also known as a trusted service company, they offer a guarantee on their services, which included breaks, mufflers, shocks absorbers, radiators, and more.
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#1. Midas Franchise opportunity
Midas Franchise opportunity; Midas Franchise has offered to join them and build up the Midas team with long-term success in no.1 automotive repair franchise.
- Enjoy the challenge of growing your own business successful.
- You can Optimize the shop operation for expected best quality service demand.
- You can select, hire and train your very own staff for the team.
- In your, community Midas represent through business associations, sponsorships, and local charity activities.
- With Midas CRM system to promote offers and provide service reminders to Engage your customers with your Midas Franchise.
- When customer is thinking to do servicing, first they think about Midas service center.so you have a good opportunity to explore your shop.
#2. Midas Franchise Cost
To set up Midas Franchise you should have Midas Franchise Cost approx $181,650 to $459,587 investment range. Also the franchise fee up to $30,000.
- Initial Investment: $181,650 – $459,587
- Net-worth Requirement: $250,000
- Liquid Cash Requirement: $75,000
Investment Cost:
| Estimated Investment Cost | ||
| Name of Fee | Low | High |
| Initial Franchise Fee or Minimum Site Payment | $0 | $30,000 |
| Marketing Support Program | $5,000 | $5,000 |
| Travel & Living Expenses while Training | $1,000 | $7,800 |
| Security Deposit, Licenses and Permits | $0 | $14,000 |
| Rent and Real Estate Taxes (3 months) | $15,000 | $42,000 |
| Warranty Registration Fee (3 months) | $150 | $2,000 |
| Equipment and Tools | $50,000 | $151,000 |
| Shipping and Installation Costs -Equipment | $5,000 | $20,000 |
| Computer, Hardware & Telephone System | $6,000 | $6,000 |
| Office & Waiting Room Furniture & Point of Purchase Materials | $13,000 | $13,000 |
| Branding | $10,000 | $25,000 |
| Shipping and Installation Costs – Signage | $6,000 | $9,000 |
| Initial Inventory & Supplies | $25,000 | $50,000 |
| R.O. Writer Software | $0 | $5,000 |
| R.O. Writer Software Maintenance Fee (3 months) | $0 | $330 |
| R.O. Touch Installation and Monthly Fees (3 months) | $0 | $400 |
| Smart Status Installation and Monthly Fees (3 months) | $0 | $400 |
| Epicor Parts & Labor Guide Subscription (3 months) | >$0 | $300 |
| MotoLOGIC Repair 3 User Subscription (3 months) | $0 | $357 |
| Insurance (3 months) | $1,500 | $4,500 |
| Legal & Accounting | $1,000 | $3,500 |
| Additional Funds (3 months) | $40,000 | $65,000 |
| Miscellaneous | $3,000 | $5,000 |
| ESTIMATED TOTAL | $181,650 | $459,587 |
Other Fee:
| Type of Fee | Amount |
| Royalty fee | 2-10% of Net Revenue; up to 11% in certain cases for a Co-Branding Shop franchise. |
| Marketing/Advertising Cost | See FDD. |
| Warranty Registration Fee | Brake pads or shoes: $2.43 per axle |
| Mufflers: $4.80 each; | |
| Shocks and Struts: $1.04 each. | |
| Midas Touch Road Hazard Tire Warranty Fees | $3.95 per tire (1-Year Warranty); $8.00 per tire (3-Year Warranty); Increased by $1.25 per tire in states where a consumer liability insurance policy (CLIP) is required (currently Ohio, New York, and Washington). |
| Rent, Taxes & Insurance Cost | If the property is leased from Midas Realty or Midas Properties: the greater of fixed minimum rent ($3,500-$12,000 per month) or 7% of Gross Sales, plus real estate taxes ($500 – $2,000 per month) and insurance. |
| Transfer Fee | For Franchise Agreements dated April 1, 2010 or after, the greater of; (a) $5,000 or (b) 15% of the initial franchise fee charged to new franchisees who own no other Midas Shops. |
| Renewal Fee | The current Renewal Fee is $10,000. |
| Audit Fee | Cost of audit With actual additional royalties found to be due by the audit. |
| Interest Charge on Late Royalty, Payments | Lesser of 18% /year or maximum ROI will allowed by law. |
| On Electronic Submission of Monthly Late Charge Sales Report | $20 per month. |
| Fee for Manually Completing Monthly Sales Report | Currently $100. |
| Promotional Material and Supplies | Will vary based upon what the franchisee purchases; may be provided free of charge in conjunction with advertising promotions. |
| Costs and Attorneys’ Fees | Will vary under circumstances. |
| Fleet Program Processing Fee | Maximum of 2% of sales transaction to National Fleet Customers. |
| R.O. Writer Software | $1,000 for new franchisees, waived for existing franchises acquiring a license for an additional location. |
| R.O. Writer Software Maintenance Fee | Currently $125 per month, subject to increase upon 30 days’ notice. |
| R.O. Writer Licensing Fee | $1,500, each time. |
| R.O. Writer Data Conversion Fee | $750, if required |
| R.O. SmartStatus DVI | $149 / month. |
| R.O. SmartStatus DVI Installation | $199, each time. |
| Epicor Parts & Labor Guide Subscription | $90 / month |
| MotoLOGIC Repair 3 User Subscription | $119 / month |
| Liquidated Damages | $100 /day. |
| Indemnification | Will vary under the circumstances. |
| Insurance | Will vary under the circumstances. |
| Deferred Maintenance | Will vary under the circumstances. |
#3. Midas Franchise For Sale
Midas Franchise For Sale is a good option to success in your growth with a strong network, So you can apply on online application form. then if you shortlisted Midas company representative will contact you, and by email, you will get confirmation for opening to Midas Franchise.
Training will be provided in three ways:
- Three-week training session in the main office in Itasca, IL.
- After One to Two weeks session at the franchise’s location
- Then shop assignment that will last one or two weeks.
For more information please check below details:
Midas Regions Of The Presence:
Midas Franchise Info:
https://www.midasfranchise.com/
Midas Franchise Reviews:
https://www.indeed.com/cmp/Midas/reviews
Midas Franchise Expansion Plans:
United States: Nationwide
International: Worldwide
Midas website:
