How an Auto Body Shop Revved Up Success with Revenue-Based Financing

June 6, 2024

When Pete Hodge was eighteen years old, he opened up an auto body shop called Pete’s Economy Muffler, in Spencer, Indiana. He learned the trade from his older brother and has since owned and operated his business for 34 years.

Need for Capital

Throughout the years, Pete has financed everything for the business himself, either by saving up or buying and fixing old cars to sell. He was never interested in traditional bank loans, as they are challenging to apply for and inflexible in their terms.

As the automotive industry evolved, so did Pete and his business. His operation grew from two employees to five, and he found himself with the problem (albeit fortunate) of having too much business and not enough capacity. Due to high demand, he decided to explore alternative forms of funding in order to expand his operation.

Why Forward

Pete’s brother, who owns a shop a few towns over, introduced him to revenue-based financing. After further research, Pete decided that Forward Financing was the best fit for him and his business. He appreciated the quick and easy funding process and the opportunity for payment relief if he ever needed it.

With the capital he received, Pete was able to purchase new tire changers, two new car lifts, and two additional car bays to operate in. Since then, his revenue has increased by 25%. Pete is excited to continue his relationship with Forward Financing so that his business can continue to grow with his ever-increasing demand.

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.