Tire Business Gains Traction and Fuels Expansion with Revenue-Based Financing

August 7, 2024

Bob Garrett has worked in the tire industry for over forty years, and for most of his career worked at a major retail outfitter. Over time, Bob noticed that customer care wasn’t what it used to be, and knew with his knowledge, expertise, and reputation, that he could successfully open his own shop and service his clients in a way he felt proud of. Bob’s wife Carole believed in his mission too, and decided to leave her 25 year career in the legal field to open Necessary Tires, a retail tire shop in Kennebunk, Maine, where they always put the customer first.

Initial Need for Capital

Necessary Tires officially opened their doors in October of 2019. While Bob had a fantastic reputation all throughout the state, it still took some time to get his name out there. After only five months of operation, COVID slowed this process down significantly. Therefore, they needed additional working capital to keep moving forward in terms of inventory, overhead and operating expenses.

Why Forward

After quite a bit of research, Bob was introduced to Forward Financing. Forward was willing to partner with them as a relatively new business and provide working capital quickly and efficiently. Once the business had overcome this COVID setback and their sales picked up, Bob and Carole decided to come back to Forward with the dream of expanding.

Bob previously had a large customer base, from Southern Maine all the way up to the Canadian border, and wanted to be able to service more of this demographic. So with the help of Forward, they were able to maintain the Kennebunk location, while opening a second store up in Gardiner, Maine, called “Necessary Tires TOO”. They proudly opened their doors in October, 2023, and are now on to their next project of opening a wholesale shop servicing semi-trucks next to their Gardener location.

Throughout all of their success and expansion, Bob and Carole have maintained their customer-centric approach to everything they do, going above and beyond for every customer that comes to them. Bob and Carole believed whole-heartedly in the success of their business from the very beginning, and they are grateful that Forward believed in them too.

Interested in learning more about how Forward can help your business? Check out our product or submit your application today. Still have questions? Give us a call at 888-244-9099 or email us at info@forwardfinancing.com, our team is available Monday through Friday from 9 AM to 6 PM EST.