Thoroughbred Auto Care is a full-service auto repair shop located in Laurel, Maryland. With decades in business, Thoroughbred Auto Care prioritizes building positive, long-lasting relationships with their customers. At Thoroughbred, everyone at the shop works diligently to ensure that the customer experience is first class. The shop employs ASE certified Technicians and offers complimentary shuttle service and digital vehicle inspections for complete transparency.
Rich Young, the new owner of Thoroughbred Auto Care, originally began his career in the equipment rental industry. Rich started as a driver and worked his way up through the ranks, holding several managerial roles including Branch and District Manager. This experience exposed him to many elements involved in running a business, including operations, safety, logistics, human resources, and finance. Rich eventually left his last role as an Area General Manager to pursue a better work-life balance and transitioned into the auto industry, specifically in collision repair. With his background in management and his love for cars, he knew that the next best step would be to purchase a shop of his own. Rich officially became a business owner by purchasing Charlie & Ray’s Auto Repair, located in Essex, Maryland. After a few years of running the business, it was time to expand, and Rich began his search for a second shop to acquire.
Rich evaluated several shops in the area, including one that he seriously considered acquiring. The broker in the transaction introduced him to Dennis Wagner, one of our experienced Business Development Officers, to help finance the deal. Rich ended up choosing to acquire Thoroughbred Auto Care, due to its facility size and capacity and opportunities for future growth. During the acquisition search process, he worked with a different lending institution and broker, which ultimately fell through. Rich remembered Dennis from the previous shop he had considered and reconnected with him for financing on this acquisition. Through their partnership, Dennis was able to structure an SBA 7(a) loan that allowed Rich to acquire Thoroughbred Auto Care, all while preserving cash flow in the business.
Rich had this to say about his experience with Dennis and the team at FNB Small Business Finance:
Dennis was pretty fantastic! He was very knowledgeable, responsive, and easy to work with. Dennis knew the process well and made it a pretty seamless and easy experience. I would absolutely recommend him to other business owners.
Congratulations to Rich for his successful acquisition of Thoroughbred Auto Care! We look forward to seeing how he continues to expand and wish him all the success in the world.
