Current year on track
CARSTAR said it surpassed its financial objectives for 2011, delivering $600 million in sales, double-digit same store sales increases, a record year for rebates at $3.5 million and double-digit growth for corporate managed insurance revenues, and it is on-track to do so again in 2012.
For the 2011 fiscal year, CARSTAR was ranked 19th out of 150 regional companies by the Kansas City Business Journal, which recently published its annual list of top private companies in the region by gross sales.
“This year, we are optimistic about the growth opportunities in the marketplace, both for our current store owners and new store additions, and look forward to fulfilling our potential as North America’s largest MSO network,” said Byers.
Through the first two quarters of 2012, CARSTAR has seen business at its store locations stabilize and, in many cases, benefit from spring and summer storms. CARSTAR said its stores were cushioned from the mild winter, relative to other independents, with assistance from purchasing programs, rebates, management assistance and brand/marketing support that helped them improve operational efficiency.
In 2012, CARSTAR forecast adding 40 new stores in the system, and has announced 24 new stores through August, a record for the company. CARSTAR stores opened for business in California with several locations in 2012.
“Consolidation is changing the industry, and independent owners have three options – go it alone, sell out for a negotiated price or join a network that allows them to retain their independence but benefit from resources, support, buying power and management expertise of a larger network,” said Byers. “CARSTAR offers that third option, and we believe it’s the best for the industry overall and for the owners.”