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Auto Parts Store Business Plan

3 March 2023 Businnes Plan


Auto Parts Store Business Plan


Southeast Racing Parts, a North Carolina-based automobile racing part brick and mortar business and mail order firm, is called SRP. SRP will not grow in size to provide unrivalled customer attention. Southeast Racing Parts is the best destination for novice and entry level racing parts.

The Market

Southeast Racing Parts will be participating in an exciting, growing market. Motorsports has experienced rapid growth in the USA over a decade. It is the fastest-growing sport in America. The market is worth $1.5 billion annually. Recent research shows that 385,000 people have participated in organized motorsport events. This includes more people who “souped” up their cars but still haven’t compete in organized events. Motorsports have seen a dramatic increase in TV coverage, which has helped to fuel growth. SRP has chosen the Carolinas as their preferred location due to its record population growth. It has increased 25% in the last 10 years.

The Organization

Southeast Racing Parts was founded on the belief that satisfied customers are essential to the financial health and success of an organization. SRP will strive to exceed the expectations of all customers in all transactions. Southeast Racing Parts is committed to being a part of the local racing scene, through sponsorship and participation.

Products, Services, and Delivery

SRP will be both a brick and mortar company serving the local community as well as offering a catalog with a mail order service. The first four-color edition of the catalog will be available. Future editions will also be available. Cost effectiveness will be determined by analyzing subsequent editions. SRP will offer engine and chassis parts for a wide variety of cars. Safety equipment and set-up equipment will also be available. In addition to the most popular brands, there will be a wide variety of generic labels parts. SRP will provide services such as coil rating and scaling for race cars.

Financials

Southeast Racing Parts expects to be profitable beginning in month 1. It is expected that margins will be reasonable. Year one sales will be remarkable with a steady increase rate for the first 5 years.

Southeast Racing Parts is an exciting opportunity that combines a customer-centric organization with an explosive industry. Motorsports are becoming more popular in the United States, with more people actively participating. Even for those who are not true participants, it is now “cool” to have your car “tweaked out” even just for aesthetics. Southeast Racing Parts offers a reasonable risk and high growth opportunity.

1.1 Objectives

  1. Southeast Racing Parts will be the #1 destination for entry-level and novice racing supplies in the Carolinas.
  2. To reach our final goal of a modest gross profit margin in the initial year, we must increase it by at least 1% each year.
  3. To sell a significant amount of product in the first year.
  4. Maintaining a steady growth rate for the first five year.

1.2 Mission

Southeast Racing Parts is dedicated to providing racing products that combine quality performance with value pricing. We seek to form a long-lasting partnership with our customers, suppliers, and employees that respects all parties’ interests and goals.

We are committed to providing the best possible service to our customers and will continue to improve on what is already available.

Our customers’ trust in our ability and ability to exceed their expectations regarding price, selection, and service will determine our success.

1.3 Keys for Success

To succeed in this business, we must:

  • Participate in racing events, such as at local races tracks, regional and national tradeshows, or attend functions.
  • Send your products immediately
  • As opposed to large mail order companies’ ‘#8220’ mentality, we work with our customers one-on-one.


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