Chicago Autoplex Inc | Application Preview
Chicago Autoplex Inc. is seeking government grants to help alleviate financial pressures caused by rising vehicle costs during the Pandemic. The funding will primarily be allocated towards inventory, as the increasing prices have reduced profit margins, making it essential to secure grants for business sustainability.
The company highlights a growing demand for used vehicles, with prices in the wholesale market surging recently. With 25 years in the auto industry, the owner feels optimistic about the business's future but requires additional funding to capitalize on emerging opportunities.
The owner reflects on the journey of starting the business as a sole wholesale operation a decade ago, emphasizing growth and familial support. Currently, the team consists of three employees, including family members, who contribute their time to assist in various capacities. With this solid foundation, the owner believes the business is poised for the next phase of growth but is constrained by current financial limitations due to inflated vehicle prices.
In terms of competition, the owner asserts that traditional competition is not a concern, as the strategy focuses on acquiring vehicles at below wholesale prices to resell at wholesale values, ensuring profitability. This unique approach provides a competitive edge in the market, reinforcing the need for funding to continue expanding the business effectively.
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General Information
Business Registration Number: Chicago Autoplex Inc
Location: Morton Grove, IL, United States
Length of Operation: 10
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: NO
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Funding Usage
For inventory as the cost of the vehicles has gone up in the Pandemic and the margin of profit has been shrunken. To stay above the red line and making a profit will need the grant.
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Business Plan
The demand for the used vehicles has significantly increased in the last few months with prices in the wholesale market has skyrocketed. Being in the car business of the last 25 years, I am positive and upbeat about my business prospect but would need additional funds to make it prosper. I started this business alone doing wholesale on a small scale 10 years ago and have grown since. Now I have three employees including myself, wife, and my three young daughters volunteering on the weekends doing the paperwork. My family has invested our hearts and work into this business and at this time believe that we are entering into the next step of our business but because of the higher prices of the used vehicles nowadays and looks like in near future, limited funding is stopping us.
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Self Identified Competition
Since I am dealing with wholesale, competition doesn't matter. It is buying the vehicles at below wholesale value so that I can flip it at the wholesale value. I don't feel that I have competition as I am buying the vehicles for less than their wholesale values and flip them at the wholesale values.
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Contact Applicant
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