Buying a Strickland Brothers 10 Minute Oil Change franchise: SBA acquisition loan data
Since FY2018, SBA lenders have approved 14 7(a) loans to buy an existing Strickland Brothers 10 Minute Oil Change (classified mostly as Automotive Oil Change and Lubrication Shops), totaling $15.9M. The median loan was $1,062,500, 65% higher than the $645,250 median for all SBA-financed acquisitions.
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What this tells a buyer
- Price range to expect. Loan size tracks purchase price. Half of Strickland Brothers 10 Minute Oil Change resale loans landed between $682,500 and $1,541,250.
- Lender experience exists. Live Oak Banking Company alone has financed 13 Strickland Brothers 10 Minute Oil Change resales.
- Guaranty. The SBA guaranteed 80% of the dollars lent here.
- What the file leaves out. The SBA file does not record franchisor transfer terms or fees.
Financing a Strickland Brothers 10 Minute Oil Change resale
The median SBA 7(a) loan for a Strickland Brothers 10 Minute Oil Change resale was $1,062,500 across 14 loans (FY2018 to FY2026). Live Oak Banking Company and INTRUST Bank National Association have financed the most Strickland Brothers 10 Minute Oil Change resales. Too few of these loans are old enough to measure a charge-off rate; the average for all SBA acquisition loans is 3.5%.
Strickland Brothers 10 Minute Oil Change acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 0 | $0 | - | |
| FY2021 | 4 | $6.6M | $1,582,500 | |
| FY2022 | 7 | $5.8M | $660,000 | |
| FY2023 | 3 | $3.5M | $1,125,000 | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 0 | $0 | - |
How often do these acquisition loans fail?
Fewer than 20 Strickland Brothers 10 Minute Oil Change acquisition loans are old enough to measure losses reliably, so no charge-off rate is shown. The benchmark across all SBA acquisition loans in the FY2018 to FY2021 cohort is 3.5% by count. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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Lenders financing Strickland Brothers 10 Minute Oil Change resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 13 | 92.9% | $13.4M | |
| 2 | INTRUST Bank National Association | 1 | 7.1% | $2.5M |
States where Strickland Brothers 10 Minute Oil Change units are bought
The purchase agreement decides what you bought, not the loan approval.
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How lenders classify Strickland Brothers 10 Minute Oil Change
Lenders code each loan to a NAICS industry. For Strickland Brothers 10 Minute Oil Change the codes used were:
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Automotive Oil Change and Lubrication Shops | 13 | 92.9% | $15.3M | |
| 2 | General Automotive Repair | 1 | 7.1% | $660K |
Questions buyers ask
How much do buyers borrow to buy a Strickland Brothers 10 Minute Oil Change franchise?
The median SBA 7(a) loan for a Strickland Brothers 10 Minute Oil Change resale was $1,062,500 across 14 loans (FY2018 to FY2026). The middle half of loans ran from $682,500 to $1,541,250. The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance Strickland Brothers 10 Minute Oil Change acquisitions?
Live Oak Banking Company has made the most SBA acquisition loans for Strickland Brothers 10 Minute Oil Change (13, 93% of the total). INTRUST Bank National Association follow.
What interest rate and term do Strickland Brothers 10 Minute Oil Change acquisition loans carry?
The average initial rate at approval was 6.50% (a blend of fixed and variable loans across several rate environments, so treat it as context, not a quote). The median term was 10 years.
Is a Strickland Brothers 10 Minute Oil Change resale riskier than other SBA-financed acquisitions?
Too few Strickland Brothers 10 Minute Oil Change acquisition loans are old enough to measure. The benchmark for all SBA acquisition loans is 3.5% charged off in the FY2018 to FY2021 cohort.
Where are Strickland Brothers 10 Minute Oil Change units being bought with SBA loans?
Texas (3), Florida (3), North Carolina (2), Colorado (2), Kansas (1). State counts follow where the brand has units and where SBA lending is most active generally; see the state pages for the overall picture.
Seller note standby terms and third-party consents are reviewed before closing.
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Related
- All Automotive Oil Change and Lubrication Shops acquisitions
- Texas acquisitions
- Florida acquisitions
- North Carolina acquisitions
- Live Oak Banking Company
- All franchise brands
Brand name as recorded by lenders in the SBA file: "Strickland Brothers 10 Minute Oil Change" (franchise code S4628). Figures are aggregates of public SBA data and are not provided or endorsed by the franchisor.