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Mar 25, 2020 — Insurance company is a niche industry - specializing in serving used car dealers in the State of California - the business provides high-profit surety bonds, garage liability, and a full line of commercial insurance products. Feeding the insurance business is a subsidiary education company that is one of only 42 DMV-approved dealer education providers in the State. New (used car) dealers are mandated by law to participate in an initial education program and to attend continuing education classes. The educational arm of the Company is not included in the price but can be negotiated separately.
Company has 1053 policies in place with a 94% Retention Rate. Commercial lines are comprised of Bonds, P&C, and Garage Liability.
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Facilities: Monthly rent at the professional 2,500 square foot office is $3,000.
Employees: In addition to the Seller, who is a Broker, the Business employs one Agent, one Customer Service Specialist and one Account Representative. Buyer will have to have or obtain a Broker’s License to operate the Business.
Growth & Expansion: A Buyer could find increased profitability with the acquisition of another agent and launching an advertising campaign to reach motorcycle, RV and ATV dealers. A concentrated effort to build a social media presence would be beneficial as well.
Financing: Cash or SBA financing preferred. Seller will consider carrying a portion of the purchase price for a well-qualified Buyer will a substantial down payment and a limited term.
Support & Training: Initial training for 20 hours a week for one month, with availability for phone calls up to 4 months.
Reason for Selling: Health reasons.
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