Jiffy Lube’s business approach is primarily focused on efficiency and convenience. The business wants to offer quick, excellent services that are accessible and inexpensive to its clients. Jiffy Lube does this using a number of crucial components, including:
- Streamlined Services: Jiffy Lube’s services are made to be quick and effective.
- Franchise Model: Jiffy Lube uses a franchise model to operate, which enables it to grow quickly and attract a variety of clients.
The chain was founded in 1979 by W. James Hindman after purchasing all seven existing Jiffy Lube franchises from Edwin H. Washburn and establishing Jiffy Lube International. Its franchises offer oil change and lubrication services for cars and light trucks, air conditioning maintenance, brake maintenance, and more. Now a wholly owned subsidiary of Shell, the brand began franchising in 1979 and has more than 2,100 locations globally.
For the franchisor it is a very profitable business with retained earnings of $1.9 billion in 2022 Q1.
Franchise Opportunities
If you are looking for the perfect franchise opportunity, look no further than Jiffy Lube Franchise. As one of the largest automotive franchises in North America, Jiffy Lube offers various services and products that make it an excellent choice for aspiring entrepreneurs. This article will provide detailed information to help you decide if it is right.
Financial Performance and Franchise Owner Income
Jiffy Lube is a very profitable franchising business.
The chain offers oil change and lubrication services for cars and light trucks, air conditioning maintenance, brake maintenance, and more. With a low average investment of $337,000, you can get a Jiffy Lube franchise. The average income for franchise owners ranges from $70,000 to $150,000. This figure varies based on location, years operating, and revenue. Jiffy Lube ranks among top performers in income potential.
Jiffy Lube uses efficiency and convenience in its business approach. It provides quick, excellent, inexpensive, accessible services to clients. Crucial components include:
1) Streamlined Services – Made to be fast and effective; most finish in under 30 minutes.
2) Franchise Model – Enables quick growth and attracts a variety of clients.
Jiffy Lube technicians are responsible for maintenance like oil changes and tire rotations. With many oil franchises bringing in nearly $250,000 a year, owners can see $75,000 to $80,000 in annual net profit.
Additional Information for Potential Franchisees
Jiffy Lube provides financial information on select franchisees. It offers veteran discounts but does not currently seek international franchisees, only domestic opportunities. Jiffy Lube plans to grow through new stores and locations, recently announcing a fully owned subsidiary and capital raised to build stores. The startup cost for a mobile oil change business runs $2,000-$10,000 without a brick-and-mortar site. The average Jiffy Lube franchise owner salary is $44,424 per year.
In California, Jiffy Lube Lube Technician hourly pay averages $14.86, 11% above the national average. The state minimum wage increased to $15 per hour in 2022 for employers with 26+ employees and $14 for smaller. Jiffy Lube went public in 1987, opened 1,019 franchises and company stores by 1989. A livable California salary for one adult is roughly $20 per hour, or $39,000 per year.