General Automotive Repair acquisitions in Washington: SBA loan data
Since FY2018, SBA lenders have approved 38 7(a) loans to buy an existing business classified as General Automotive Repair in Washington, totaling $42.6M. The median loan was $772,050. That is 1.9% of the 2,006 acquisition loans in Washington.
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How this compares
The median General Automotive Repair loan in Washington is 14% higher than the $675,000 median for all Washington acquisitions, and 37% higher 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 3.4% of seasoned Washington acquisition loans of any type.
General Automotive Repair acquisition loans in Washington by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 1 | $540K | $540,000 | |
| FY2019 | 1 | $669K | $668,600 | |
| FY2020 | 6 | $4M | $540,150 | |
| FY2021 | 3 | $5.6M | $2,322,000 | |
| FY2022 | 4 | $6.4M | $1,353,900 | |
| FY2023 | 6 | $6M | $881,450 | |
| FY2024 | 5 | $3.9M | $760,200 | |
| FY2025 | 7 | $5.5M | $594,000 | |
| FY2026 | 5 | $10.1M | $1,597,000 |
How often do these acquisition loans fail?
Fewer than 20 General Automotive Repair in Washington 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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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | KeyBank National Association | 7 | 18.4% | $3.6M | |
| 2 | Peoples Bank | 4 | 10.5% | $4.1M | |
| 3 | Columbia Bank | 4 | 10.5% | $3.7M | |
| 4 | Live Oak Banking Company | 3 | 7.9% | $6.1M | |
| 5 | Gesa CU | 3 | 7.9% | $3.7M |
Top franchise brands
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Midas | 1 | 2.6% | $3.1M | |
| 2 | Precision Tune Auto Care | 1 | 2.6% | $669K | |
| 3 | Meineke Car Care Center | 1 | 2.6% | $400K |
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Questions buyers ask
How much do SBA loans for General Automotive Repair acquisitions in Washington run?
The median SBA 7(a) loan was $772,050 across 38 loans (FY2018 to FY2026), with the middle half between $547,550 and $1,540,250. 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 General Automotive Repair acquisitions in Washington?
KeyBank National Association (7), Peoples Bank (4), Columbia Bank (4), Live Oak Banking Company (3), Gesa CU (3). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do General Automotive Repair acquisition loans fail in Washington?
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 Washington?
3 of the 38 loans (8%) involved a franchise brand, most often Midas (1).
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Related
- All Washington acquisitions
- Financing one? How to get an SBA loan to buy an auto repair shop
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- General Automotive Repair in Minnesota
- General Automotive Repair in Illinois
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- General Automotive Repair in Arizona
- General Automotive Repair in Pennsylvania
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Small samples move a lot: each loan in this combination is 3% of the count. Industry is the NAICS code the lender recorded. See the methodology.