General Automotive Repair acquisitions in Virginia: SBA loan data
Since FY2018, SBA lenders have approved 22 7(a) loans to buy an existing business classified as General Automotive Repair in Virginia, totaling $20.2M. The median loan was $500,000. That is 2.6% of the 849 acquisition loans in Virginia.
Terms signed in the LOI shape the purchase agreement that follows.
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How this compares
The median General Automotive Repair loan in Virginia is 30% lower than the $719,000 median for all Virginia acquisitions, and 11% lower than the $562,500 median for General Automotive Repair acquisitions nationwide (1,089 loans).
This combination has too few seasoned loans for a reliable charge-off rate. Nationally, 4.4% of seasoned General Automotive Repair acquisition loans were charged off, and 3.6% of seasoned Virginia acquisition loans of any type.
General Automotive Repair acquisition loans in Virginia by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 1 | $2.1M | $2,105,200 | |
| FY2019 | 1 | $220K | $220,000 | |
| FY2020 | 3 | $1.5M | $500,000 | |
| FY2021 | 3 | $1.6M | $525,000 | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 4 | $2.1M | $395,500 | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 5 | $6.5M | $350,000 | |
| FY2026 | 5 | $6.2M | $1,525,000 |
How often do these acquisition loans fail?
Fewer than 20 General Automotive Repair in Virginia 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.
Terms signed in the LOI shape the purchase agreement that follows.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 9 | 40.9% | $8.3M | |
| 2 | Pathward National Association | 2 | 9.1% | $5M | |
| 3 | Manufacturers and Traders Trust Company | 2 | 9.1% | $582K | |
| 4 | TowneBank | 1 | 4.5% | $2.1M | |
| 5 | Shoreham Bank | 1 | 4.5% | $1.9M |
Top franchise brands
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Meineke Car Care Center | 3 | 13.6% | $2.1M | |
| 2 | Midas | 2 | 9.1% | $2.6M | |
| 3 | Carstar | 1 | 4.5% | $860K | |
| 4 | Honest1 Auto Care | 1 | 4.5% | $312K |
The purchase agreement decides what you bought, not the loan approval.
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Questions buyers ask
How much do SBA loans for General Automotive Repair acquisitions in Virginia run?
The median SBA 7(a) loan was $500,000 across 22 loans (FY2018 to FY2026), with the middle half between $232,500 and $1,081,500. 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 General Automotive Repair acquisitions in Virginia?
Live Oak Banking Company (9), Pathward National Association (2), Manufacturers and Traders Trust Company (2), TowneBank (1), Shoreham Bank (1). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do General Automotive Repair acquisition loans fail in Virginia?
Fewer than 20 loans in this combination are old enough to measure losses reliably, so no rate is shown. The national benchmark for all SBA acquisition loans is 3.5% (FY2018 to FY2021 cohort).
Are franchised businesses part of General Automotive Repair acquisitions in Virginia?
7 of the 22 loans (32%) involved a franchise brand, most often Meineke Car Care Center (3).
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Small samples move a lot: each loan in this combination is 5% of the count. Industry is the NAICS code the lender recorded. See the methodology.