Take 5 Oil Change reaches milestone with 1,000th location grand opening

Rhea-AI Summary

Take 5 Oil Change (T5OC) Celebrates Opening of 1,000th Location, Marking 1,400% Growth Since 2016

Industry Analyst

Expansion to a 1,000th location signifies a substantial growth trajectory for Take 5 Oil Change, particularly in the context of the quick lube industry. The rapid expansion since the company's acquisition by Driven Brands reflects a successful franchise model and an aggressive growth strategy. This achievement is likely to bolster investor confidence, signaling operational efficiency and a strong brand presence.

Moreover, the brand's climb in industry rankings, such as the Franchise Times' Top 400 and Entrepreneur's Franchise 500, indicates increasing market recognition and competitiveness. These rankings often correlate with increased franchise interest and can lead to higher franchisee-generated revenues. The company's growth can also be expected to contribute positively to Driven Brands' stock performance, given that new locations can translate into higher revenue streams.

Financial Analyst

The opening of the 1,000th location by Take 5 Oil Change is a significant financial milestone that reflects on the parent company Driven Brands' revenue potential and market expansion capabilities. The 1,400% increase in locations since 2016 suggests robust scalability of the business model. This level of growth can result in economies of scale, potentially improving profit margins over time.

Investors should also consider the impact of community engagement and corporate social responsibility initiatives, such as the charitable donation to GraceWay Village. While not directly affecting the financial bottom line, these actions can improve brand image and customer loyalty, which are critical factors for long-term success and can indirectly influence financial performance.

Corporate Strategy Expert

The strategic partnership with premier oil suppliers like RelaDyne and Mobil 1, as highlighted during the grand opening event, suggests a focus on quality and brand associations. These collaborations could enhance the customer value proposition and drive customer retention. Additionally, the community involvement and fundraising for social causes demonstrate a commitment to corporate social responsibility, which can differentiate the brand in a competitive market.

Long-term, the aggressive expansion strategy could pose challenges, such as market saturation and increased operational complexity. However, if managed effectively, Take 5 Oil Change's growing footprint could strengthen its market position and create barriers to entry for competitors.

CHARLOTTE, N.C., Dec. 20, 2023 /PRNewswire/ -- Take 5 Oil Change, a leader in the quick lube industry, celebrated a momentous occasion today with the grand opening of its 1,000th location. This marks an extraordinary achievement, propelling the brand's growth by more than 1,400% since its acquisition by Driven Brands in 2016.

Following on the grand opening of its 300th franchised location in the U.S. earlier this year, Take 5 Oil Change continues to solidify its position as a leading player in the quick lube industry. The stay-in-your-car oil change franchise climbed the ranks on the Franchise Times' Top 400 and Entrepreneur's Franchise 500 lists in 2023, coming in at #87 and #106, respectively.

"This is a major milestone for our brand, which started with humble beginnings as a local oil change shop in New Orleans back in the 1980s," said Mo Khalid, EVP and Group President, Maintenance, Driven Brands. "Since acquiring Take 5 Oil Change with only 50 locations, we have seen tremendous growth and have more in the pipeline to look forward to."

The newest service center, operated by franchisee Purple Square Group and located in Fort Pierce, Florida, hosted a 1,000^th grand opening celebration in honor of the milestone. The event featured Take 5's partners and premier oil suppliers, RelaDyne and Mobil 1. RelaDyne showcased a sprint car exhibition and hosted a meet and greet with accomplished sprint car driver, Logan Schuchart. Mobil 1, one of Take 5's newest collaborators, added to the excitement with a NASCAR vehicle display and an immersive racing simulator, creating an unforgettable experience for attendees.

As part of its commitment to local communities, Take 5 Oil Change will make a charitable donation of $5,000 to GraceWay Village, which serves the Fort Pierce community. GraceWay Village is a nonprofit organization dedicated to assisting residents who face challenges related to poverty, food scarcity, homelessness, and other pressing needs. Take 5 Oil Change's support of local communities runs deep. Throughout 2023, Take 5 Oil Change locations collectively raised over $1.1 million for children's hospitals nationwide and organizations supporting active duty military, veterans, and their families.

About Take 5 Oil Change
Established in 1984, Take 5 Oil Change® is a quick lube service featuring a unique drive-thru concept that allows customers to never leave the comfort of their car. The brand offers an on average 10-minute oil change service and ancillary services such as air filter replacement, wiper blade changes, and coolant exchanges. Take 5 has more than 900 company-owned and franchised service centers throughout the United States and Canada. Take 5 Oil Change is a member of Driven Brands, the largest automotive services company in North America. For more information, visit https://www.take5.com/oil-change/. To learn more about Take 5 Oil Change franchise opportunities, visit https://take5franchise.com/.

About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America's leading automotive service businesses including Take 5 Oil Change®, Take 5 Car Wash®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, Auto Glass Now®, and CARSTAR®. Driven Brands has more than 4,900 locations across 14 countries, and services over 70 million vehicles annually. Driven Brands' network generates approximately $2.3 billion in annual revenue from more than $6.2 billion in system-wide sales.

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SOURCE Driven Brands

FAQ

What is the significance of Take 5 Oil Change's 1,000th location opening?

The opening of the 1,000th location marks a significant milestone for Take 5 Oil Change, reflecting a growth of over 1,400% since its acquisition by Driven Brands in 2016.

How has Take 5 Oil Change solidified its position in the quick lube industry?

Take 5 Oil Change has solidified its position as a leading player in the quick lube industry through the grand opening of its 1,000th location and its inclusion in the Franchise Times' Top 400 and Entrepreneur's Franchise 500 lists in 2023.

What charitable initiatives has Take 5 Oil Change undertaken?

Take 5 Oil Change has made a charitable donation of $5,000 to GraceWay Village in Fort Pierce, Florida, and has collectively raised over $1.1 million for children's hospitals nationwide and organizations supporting military personnel and their families in 2023.