Midas is a prominent American chain specializing in automotive maintenance and service, under the ownership of TBC Corp. Its corporate headquarters are located in Palm Beach Gardens, Florida.
The inception of this chain dates back to 1954 when Nate H. Sherman established the first Midas center in Macon, Georgia.
Midas centers are known for selling and installing a variety of motor vehicle components, such as exhaust systems, brake components, suspension parts, heating and cooling system parts, tires, batteries, and other motor vehicle parts. In addition, they provide extensive general and scheduled vehicle maintenance services.
The franchising of the chain started in 1956, leading to substantial growth. Today, Midas has expanded to over 1,900 locations worldwide, with 973 franchises operating in the United States.
Here's what you would need to invest if you were to start this franchise. These costs are provided by the franchisor in the Franchise Disclosure Document.
Midas offers 3 types of franchises:
We are summarizing below the main costs associated with opening a New (8-Bay) Midas Shop franchise.
For more information on the various types of franchises and its costs, refer to the Franchise Disclosure Document (Item 7).
KEY FRANCHISE STATS
All you need to know about this franchise
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$1,080,000
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11.2%
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Below are some of
Midas
key competitors in the
Oil Change
sector.
963
$35,000
$104,000
$1,043,000
n.a.
$1,080,000
$xxx,xxx
71.6%
n.a.
11.2%
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Midas offers an operations training program specifically designed for Service Center managers. The course content and length are determined by the franchisor and held at locations chosen by Midas. The training comprises a combination of classroom instruction and hands-on, on-the-job training. The duration of each segment depends on the participant’s aptitude and willingness to learn.
Costs Associated with Training
While Midas delivers the training, franchisees are responsible for covering all related expenses. This includes compensation, travel, lodging, and personal expenses incurred during the training period.
Ongoing and Additional Training
After the Service Center opens, Midas may require franchisees and their managers to complete further training programs. These requirements are outlined in the Manual or other written communications. Midas reserves the right to update these training requirements and may charge fees for additional courses.
Local and National Training
Midas provides both local and national training opportunities. Local sessions include franchisee orientation, fleet sales representative training, and fleet transaction process training. National training also covers the fleet transaction process, ensuring comprehensive support for franchisees across the board.
Franchisees do not receive an exclusive territory. They are authorized to operate their Franchised Unit at a specific location approved by the franchisor. This agreement does not grant any exclusive geographic area, market, or territorial rights to the franchisee.
Consequently, franchisees may encounter competition from various sources, including other franchisees, outlets franchised or owned by the franchisor or its affiliates, and other distribution channels or competitive brands controlled by the franchisor.
Although there is a negotiated area for the franchisee to operate, known as the "Designated Territory," it does not ensure exclusivity. The boundaries of this Designated Territory can be defined using various methods, such as zip codes, streets, landmarks, or county lines.
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