Typical Car Wash Multiples

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by a searcher from University of Alaska Anchorage - College of Business and Public Policy
in Vancouver, WA, USA

1yr ago

Typical Car Wash Multiples

Currently searching for some new businesses to acquire and car washes perpetually pop up all over the place. Digging into financials of these opportunities, it seems to me they are mostly priced exceptionally high compared to other opportunities. Typically these do include the RE, however, the business portion just seems exorbitantly overpriced. Does anyone have experience purchasing / operating a car wash - and if so, what entry multiple are you comfortable getting into it?

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reply by a searcher 1yr ago
from Appalachian State University in Charlotte, NC, USA

I purchased, operated, and sold an express car wash recently. Like others have said, the type of car wash will determine the multiple. The three types are self serve/IBA, express, and Full Service. Express washes are incredibly popular at the moment due to the ability to have a high volume of customers, recurring revenue through subscriptions, and low labor. Multiples for express washes can range anywhere from 8x-15x, but most seem to be in the 8-12x range. Happy to answer any questions on the express wash industry.

reply by a searcher 1yr ago
from The University of Chicago in 2122 W Le Moyne St, Chicago, IL 60622, USA

My business serves the car wash industry, and we attend the International Car Wash Association trade show every year. Over the past several years, the industry has undergone a significant transformation. Most car washes now take mainly credit card, making them more bankable than the traditional cash revenues of the past. They are also converting heavily to monthly subscriptions, with recurring revenue models. Private equity has entered the space aggressively with roll-up strategies.

All of these factors combine for very high multiples. The general consensus from the industry is "who's going to get caught holding the bag after all this over-paying for washes?"