Car Washes acquisitions in California: SBA loan data
Since FY2018, SBA lenders have approved 50 7(a) loans to buy an existing business classified as Car Washes in California, totaling $121M. The median loan was $2,073,600. That is 1.0% of the 5,184 acquisition loans in California.
The purchase agreement decides what you bought, not the loan approval.
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How this compares
The median Car Washes loan in California is 246% higher than the $600,000 median for all California acquisitions, and 57% higher than the $1,324,100 median for Car Washes acquisitions nationwide (406 loans).
On losses, none of the 28 seasoned Car Washes loans in California were charged off, against the 4.1% rate for all California acquisitions, and against the 0.9% rate for the industry nationally.
Car Washes acquisition loans in California by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 6 | $17.9M | $3,205,000 | |
| FY2019 | 8 | $16.5M | $2,090,000 | |
| FY2020 | 6 | $11.6M | $1,571,000 | |
| FY2021 | 8 | $18.9M | $1,966,450 | |
| FY2022 | 8 | $23.7M | $2,731,000 | |
| FY2023 | 2 | $9.7M | $4,825,000 | |
| FY2024 | 5 | $11.7M | $1,543,000 | |
| FY2025 | 3 | $7.7M | $2,167,000 | |
| FY2026 | 4 | $3.4M | $732,250 |
How often do these acquisition loans fail?
Of the 28 Car Washes in California acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), none have been charged off by the SBA. 18 have already been paid in full.
For comparison, Car Washes in California has none charged off, against the 3.5% average across all SBA 7(a) acquisition loans in the same cohort. 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.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Open Bank | 7 | 14.0% | $14.7M | |
| 2 | Plumas Bank | 4 | 8.0% | $6.9M | |
| 3 | VelocitySBA, LLC | 4 | 8.0% | $5.3M | |
| 4 | Celtic Bank Corporation | 3 | 6.0% | $7.5M | |
| 5 | Byline Bank | 3 | 6.0% | $2.9M |
Top franchise brands
No franchise brands recorded in this combination.
Terms signed in the LOI shape the purchase agreement that follows.
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Questions buyers ask
How much do SBA loans for Car Washes acquisitions in California run?
The median SBA 7(a) loan was $2,073,600 across 50 loans (FY2018 to FY2026), with the middle half between $975,000 and $4,086,250. 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 Car Washes acquisitions in California?
Open Bank (7), Plumas Bank (4), VelocitySBA, LLC (4), Celtic Bank Corporation (3), Byline Bank (3). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do Car Washes acquisition loans fail in California?
Of 28 seasoned loans (FY2018 to FY2021), none were charged off, against the 3.5% rate for all SBA acquisition loans. With a sample this size, treat the figure as a direction, not a precise rate.
Are franchised businesses part of Car Washes acquisitions in California?
1 of the 50 loans (2%) involved a franchise brand.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
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Related
- All California acquisitions
- Financing one? How to get an SBA loan to buy a car wash
- Car Washes nationally
- Car Washes in Texas
- Car Washes in Georgia
- Car Washes in Michigan
- Car Washes in Colorado
- Car Washes in Missouri
- Car Washes in New Jersey
- Full-Service Restaurants in California
- Beer, Wine, and Liquor Retailers in California
- Limited-Service Restaurants in California
- Gasoline Stations with Convenience Stores in California
- Hotels and Motels in California
- Convenience Retailers in California
- General Automotive Repair in California
- Supermarkets and Other Grocery Retailers in California
Small samples move a lot: each loan in this combination is 2% of the count. Industry is the NAICS code the lender recorded. See the methodology.