Golf Cart Dealership in Pinehurst NC
Listing DetailsStatus: Inactive
Listing Price: $1,318,175
Gross Revenue: $1,822,581
Cash Flow: $273,395
Inventory Included: No
FF&E Included: No
Real Estate: $496,850
Real Estate Included: No
Financing/Terms:ENLIGN is in the process of qualifying Carolina Carriage for SBA Funding. In addition, the owner is willing to extend an appropriate level of owner financing. T&C’s will be discussed with a qualified buyer.
Reason for Sale:Retirement. Current owner is 71 years old and wants to play more golf.
Training:This is a turn-key enterprise that is comprised of an extremely talented, hard working, and intelligent team of people. The new owner will receive comprehensive transition assistance from the current owner. In addition, the current owner is willing to stay on with the business for up to 12 months as a consultant.
OperationsYear Established: 0
Employees (full-time): 3
Business Hours: M-F 8:30am-5pm / Saturday by Appointment
Business Description:Golf Cart Dealership located in the nation’s oldest golf vacation destination – Pinehurst, North Carolina. Carolina Carriage is the exclusive dealer of Club Car and Yamaha Golf Carts to the Sandhills Area. Impeccable financials tell the story of this solidly run business enterprise generating four recurring revenue streams (1) Sale of New, Used, & Remanufactured Golf Carts (2) Cart Rentals to established ‘events’ market (3) Sale of Golf Cart Parts & Accessories (4) Maintenance & Servicing of Private Carts & Club/Resort Fleets with onsite repair and includes daily pick up and delivery service within 50 miles. Carolina Carriage is also the exclusive dealer of the Club Car Golf carts to a 11 County Territory, Club Car XRT Utility Line of Carts and the new Yamaha Adventurer Utility Cart.
Historical Summary:Twenty Five year old dealership located in Pinehurst, an area ranked as the “world’s top golf resort” by Travel + Leisure Golf, and the “No. 2 US Golf town” by Golf Digest. Not only is this a fun business to operate but a solid financial performer as well. FY 2008 revenue was over $2,000,000 with an excess of $240,000 in SDCF (Sellers Discretionary Cash Flow). Carolina Carriage began in 1982 as an exclusive Yamaha dealership and added the Club Car line in 2007. Carolina Carriage is the largest golf cart dealer in the greater Pinehurst area in terms of sales, rentals, and maintenance work. Impressive year over year results have created a powerhouse dealership that is recognized by industry veterans across the state. With the retirement of the owner an opportunity has been created for a talented business person to take ownership of this enterprise. This is a turn-key business that comes with a team of talented and experienced employees committed to growing the business.
Owner Qualifications:A background in golf cart or motorized vehicle sales or being a scratch golfer is not a prerequisite to successfully operating this business. There are a variety of qualities that will assist the new owner in being successful: (1) Ability to manage finances (2) Ability to manage a team of skilled people (3) Customer interface skills (4) Computer literacy with capabilities to operate MS Word, Excel, & QuickBooks (5) Some marketing experience. Current owner is offering complete transition assistance and is able to provide consultation for up to 12 months if properly incentivized.
Competition:Carolina Carriage is the exclusive dealer of Club Car & Yamaha Golf Carts to the greater Pinehurst area (aka The Sandhills). There is only one other dealer in the local market and they represent the E-Z-GO Brand. Carolina Carriage is also the sole dealership representing the Club Car industrial line of carts – XRT Series, which is a notable point as many Club Car dealerships are not authorized to sell this product line. Carolina Carriage has a dominant position and competitive advantage in the market for all rental carts and has the largest rental fleet in the area. Last but not least, Carolina Carriage is the only dealership that has agreements to maintain and provide warranty service to a variety of the Club/Resort Golf Cart Fleets. The Service Department at Carolina Carriage has some of the most experienced mechanics and technicians in the area and they are recognized as trusted advisers.
Potential Growth:Pinehurst is known around the world as “Home of American Golf” and this reputation for world class golf coupled with the areas mild climate, low cost of living, cultural activities, and proximity to both the coast and mountains, not to mention major cities – Charlotte & Raleigh have been the catalyst for major growth plans. Florida-based Stonehill Capital Group purchased 1,500 acres in March of 2009 for development of a ~1,000 home master-planned resort community in neighboring Foxfire Village. This community will include two Jack Nicklaus-designed signature courses and a Ritz-Carlton hotel complete with spa and conference center. Oceanico Group, and international golf developer out of Portugal recently purchased the Little River Golf Resort and has made Pinehurst their US headquarters office. The Master Plan for Little River calls for a total of about 1,150 single family homes, town homes, and condos in addition to a hotel, a spa, a lazy river, tennis courts and some boutique retail areas. Last but not least, the Sandhills area is soon to be a benefactor of a major Army Base Realignment at neighboring Fort Bragg responsible for bringing 40,000+ people to the area in February 2011. The upper echelon is anticipated to reside in the greater Pinehurst area based upon the desirable school districts, area amenities, and lifestyle offered.
LocationReal Estate for Sale: Yes
Real Estate: $496,850
Square Footage: 10400
Facilities:Real Estate being sold with Business. 3 Buildings and Fenced storage yard on 1.3 Acres in Prime Location that is well known throughout the community. Retail showroom with brand new building housing maintenance/service area.
Last Updated: Dec 18, 2017 / 11:53 AM
Financial Information Current As Of: Nov 30, -0001 / 12:00 AM