Located in Asheville, North Carolina, Precision International is a one-stop auto repair shop that specializes in both foreign and domestic cars. With over 30 years in business, Precision International is known for its transparency with customers, recycling their parts, and maintaining a good work-life balance for its employees. These reasons, among others, attracted new owner Shane Sharkey to purchase the business.
Shane is a life-long car enthusiast and started working in a Mercedes car shop when he was 15 years old. From there, he went to automotive school in Charlotte, North Carolina and worked in a Toyota dealership and various car shops after graduation. Shane then worked his way up the ladder at Organic Mechanic, another car shop in Asheville, and bought the business in 2018. He and his wife, who does marketing for the business, grew Organic Mechanic over the following years. During COVID, Shane wanted to expand his horizons and purchase Precision International, as the owner was ready to retire. However, he needed financing to fund the transaction.
When Shane began to look at financing options, an automotive accountant recommend he partner with Jeff Peisach, one of our experienced Business Development Officers. Together, Shane and Jeff looked at the numbers and how much Shane was able to put down for the deal. Due to its lower down payment requirements, the SBA loan product ended up being the right fit for him. Jeff was then able to structure an SBA 7(a) loan that allowed Shane to purchase Precision International, all while meeting his down payment needs and preserving cash flow in the business.
Shane had this to say about his experience with Jeff and the team at FNB Small Business Finance:
Jeff was really good at helping us not guess through the process and giving us hard numbers and facts. He was helpful in answering any questions I had and drew us a map for success. Jeff made sure I had everything I needed. We’ve already talked about plans to open up more shops and expand in the future!
Congratulations to Shane on achieving ownership of both Organic Mechanic and Precision International! We look forward to seeing his future plans for expansion and growth.
