Car Wash Feasibility Study in the Columbus, OH Metro Area

Columbus car washes: below the national ticket

Car wash lending in the Columbus area is smaller in ticket than across the nation. Against the national class, the $440,000 median comes to 0.48x, and the 43 loans total $30.1 million across FY2017 to FY2026. The class ranks 13 of 39 locally, the metro stands 17 of 458 on its car wash volume, and a location quotient of 1.02x leaves the share near the national one.

Holders, programs and counties

Amounts in the central band span $171,000 to $1.0 million. On programs, 7(a) accounts for 36 and 504 for 7; the franchise share is withheld. The Huntington National Bank holds 10 7(a) loans worth $3.9 million, First Commonwealth Bank 6 worth $4.7 million and Celtic Bank Corporation 5 worth $8.8 million; the Celtic average is the largest. The holder file at SBA is the only source, and it implies nothing about lending practice. Franklin County has 25 of the loans and Licking County 8.

Only three years print: 5 loans in FY2018 ($1.6 million), 7 in FY2021 ($4.0 million) and 7 in FY2022 ($6.8 million). Nine other years are withheld together with both outcome rates. The industry code shares space with truck washes, so some rows may be heavy-vehicle washes. For Columbus, belonging to the metro is a matter of the project county.

Two figures deserve a second look. The 0.48x median ratio says Columbus washes borrow less than washes elsewhere, which can reflect smaller formats such as in-bay automatics or older sites, while the 17 of 458 national rank says the metro still finances plenty of them. A study should state the format and the land basis plainly. Because the franchise share is withheld, no claim should be made about branded operators, and the competitive review should list the formats already operating within a short drive of the proposed site.

Testing a Columbus car wash

A car wash study must test the site: traffic count, visibility, access and stacking space, competitors by format, and the equipment and land cost. With a median below the national figure, a project far above $440,000 should explain what drives its size, such as a tunnel format or real estate purchase. Cash flow should cover debt service on conservative wash volume and price, including weather and seasonal swings. Environmental and water rules need a place in the schedule. An appraiser will test income and land value separately. None of this predicts an approval.