Pure Clean Express

The Opportunity

Brian and Jennifer Carroll both had successful corporate careers in New York. Brian worked in finance trading and Jennifer in advertising for a television broadcast company. But the long hours and commute were taking a toll and the Carrolls knew something needed to change. Then Brian watched a client open and successfully operate a car wash. The client encouraged Brian to also get into the industry. The idea stuck. 

For a couple years, Brian and Jennifer seriously researched the industry. They developed a relationship with a car wash consultant and eventually found the perfect location to break ground on a new express tunnel car wash. The site? Columbia, Tennessee. While a drastic change from New York, the Carrolls found the area’s growing population and the number of retail locations and nearby neighborhoods attractive. 

Although Brian and Jennifer had never owned and operated a car wash before, they believed their business background gave them the skillset to run a car wash. They just needed a lender that shared their vision and that was experienced financing car wash construction projects.   

The Challenge

Their consultant had worked with Celtic before and recommended the Carrolls to us for car wash financing.  

They were referred to a knowledgeable and hands on loan officer. This was the Carrolls first time applying for any business loan, let alone an SBA 7(a) loan. But as their loan officer navigated them smoothly through the process, the Carrolls knew that they were getting financing with the right lender.  

For example, to keep more money liquid for the project, their loan officer suggested they use a ROBS account for their equity injection. This was a solution the Carrolls had never heard of before, allowing them to invest funds from their 401ks into a business without paying penalties or taxes.  

Even though the Carrolls didn’t have direct industry experience, Celtic found their management background in their previous roles was transferrable. Because of their experience, outside income, and a healthy equity injection, Celtic was able to extend $5.3M in financing via a pari-passu loan structure.  

The Solution

Construction started fall of 2019 and the car wash was successfully completed by summer 2020. 

In the two years since the grand opening, the Carrolls have successfully built a car wash business, and during a pandemic no less. One of the secrets to the Carrolls success is their unlimited car wash subscription. Their subscription-based revenue model gives them consistent cash flow for operating costs.   

The Carrolls are looking to get financing for another car wash with Celtic soon.