Operating from our headquarters in Arizona, we have developed a reputation as the “go-to source” for classic automobile service and restoration for vehicles manufactured prior to 1976. We service and restore these classic cars for our clients and specialize in sales of certain classic car aftermarket parts including glass, carpeting and headliners. We restore classic cars for our own account and export them, but we have elected recently to focus on restorations and services for our clients and sales of aftermarket parts. We believe that we are the low cost provider in our region for most services and restoration tasks including body work and parts replacement as well as mechanical restorations and upgrades. We lease our 10,000 square foot facility from a third party. Ownership believes that the business could be easily relocated if necessary. Our customer base for service and restoration consists primarily of regional residents, high net-worth individuals, other automotive restoration shops, and car body shops. Classic car owners nationwide contact us for our knowledge of aftermarket glass, carpeting and headliners. We generally have these products dropshipped by our manufacturing partners to our customers. We sell our restored classic cars for our own account to clients throughout Europe with a high percentage being sold in Sweden. Our revenue has declined over the last three years as we have sold fewer cars for our own account. However, our margins have been expanding during this time given our focus on restorations for others and sales of aftermarket parts. Our sellers’ discretionary earnings for the year ended December 31, 2020 increased to $171,000 from $154,000 for the year ended December 31, 2019. The seller is willing to enter into an extended transition period agreement as well as a consulting agreement when the transition period concludes. Ownership will satisfy all liabilities prior to or upon closing.
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