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Jennifer Raney Herriage

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Auto Parts Store Business Plan

March 3, 2023 By JamesCall Leave a Comment


Auto Parts Store Business Plan


Southeast Racing Parts, a North Carolina-based automobile racing part brick and mortar business and mail order firm, is called SRP. SRP will keep its size small to provide exceptional customer attention. Southeast Racing Parts (SRP) will continue to be the most popular destination for novice or entry level racing parts.

Market

Southeast Racing Parts has an exciting opportunity to participate in a growing market. In the USA, motorsports have seen a rapid growth over the past decade. It is now the fastest-growing sport in the USA. It is estimated that the market is worth $1.5 million annually. A recent survey indicates that over 385,000 people have competed in organized motorsport events with even more people who have “souped” up their cars but have yet to compete in organized events. Motorsports coverage on TV has increased significantly, helping to drive growth. SRP’s choice of location makes the Carolinas attractive due to record population growth (25 percent in the last ten years).

The Organization

Southeast Racing Parts was established on the principle that satisfied customers are vital to the financial well-being of an organization. SRP will strive to exceed the expectations of all customers in all transactions. Southeast Racing Parts is committed to being a part of the local racing scene, through sponsorship and participation.

Products & Services and Delivery

SRP will both be a brick and mortar company, serving the local area, and also offering a catalog with a mailing service. The four-color edition will be the standard. All subsequent editions of the catalog will have to be analyzed in order to determine whether it is cost effective. SRP will provide engine and chassis components for a wide range of cars. Safety equipment as well as set-up equipment will be available. All of the popular name brands will be offered in addition to an array of generic label parts. SRP will provide services such as coil rating and scaling for race cars.

Financials

Southeast Racing Parts will be profitable from month one. Expected margins to be good. The first year of sales will be extraordinary with steady growth rates for the first five.

Southeast Racing Parts is a promising opportunity. This company combines a customer-centric business model with thriving industry. Motorsports are becoming more popular in America, with more people taking part. Even for non-participants, it’s now “cool” to have your car “tweaked out” even for aesthetics. Southeast Racing Parts investment is a good opportunity with reasonable risk.

1.1 Objectives

  1. Southeast Racing Parts will be the #1 destination for entry-level and novice racing supplies in the Carolinas.
  2. To achieve a modest first gross profit margin, increase that by at minimum 1% per calendar year until we reach our final goal.
  3. To sell a significant product amount in the first one year.
  4. To maintain a solid growth rate per year for the first five years.

1.2 Mission

Southeast Racing Parts is committed to providing quality racing products at a competitive price. We want to build a partnership that is mutually beneficial for our customers, employees, and suppliers.

We will always strive to supply the consumer’s needs. Therefore, we will continuously review the market and make improvements to what is currently available.

Success will ultimately be measured by our customers choosing us because of their belief in our ability to meet or exceed their expectations of price, service, and selection.

1.3 Keys to Success

To succeed in this business, we must:

  • Participate in the racing community by attending functions at local tracks and regional trade shows.
  • Our products must be delivered promptly
  • As opposed to large mail order companies’ ‘#8220’ mentality, we work with our customers one-on-one.


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Filed Under: Businnes Plan Tagged With: auto, parts, store

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About Jennifer

Unlike many who get into the field, real estate has been the only career for Jennifer Raney Herriage, who has excelled in serving clients for over 20 years.  Having grown up in a real estate family, Jennifer was first inspired by her mother, a broker … Read more...

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