Driven Brands opens 10th Take 5 co-development, driving synergies across Take 5 Oil Change® and Take 5 Car Wash®

Rhea-AI Summary

Driven Brands Holdings (NASDAQ: DRVN) has announced the grand opening of its tenth Take 5 co-development site in Concord, North Carolina. The company is on track to double its franchise footprint by signing its 1,000th Take 5 Oil Change franchise license. Driven Brands aims to complete the rebranding of over 200 car wash locations to the Take 5 brand by the end of this year, emphasizing a streamlined car care experience that integrates oil changes and car washes. The initiative is projected to lead to significant operational synergies and has a pipeline of over 50 new co-developed locations planned for the next two years.

Positive

• Grand opening of 10th Take 5 co-development site in Concord, NC.
• Signed 1,000th franchise license for Take 5 Oil Change.
• Plans to double franchise footprint over the next 3-4 years.
• Over 200 car wash locations rebranded to Take 5, with full rebranding expected by year-end.
• Pipeline of 50 new co-developed locations in the next two years.

Negative

• None.

Take 5 Car Wash® completed rebranding of over 200 stores; on track to full rebrand by end of year

Take 5 Oil Change® signs 1,000^th franchise license; on track to double footprint over the next 3-4 years

CHARLOTTE, N.C., Jan. 31, 2023 /PRNewswire/ -- Driven Brands Holdings Inc. (NASDAQ: DRVN), the largest automotive aftermarket company in North America, today announced the grand opening of its tenth Take 5 co-development in Concord, North Carolina.

Bringing Take 5 Oil Change and Take 5 Car Wash together in one location simplifies the car care experience for customers

Bringing Take 5 Oil Change® and Take 5 Car Wash® together in one convenient location simplifies the car care experience for customers and drives operational synergies by developing a quick lube and car wash concurrently, further enhancing the unit-level economics. Building on the early success of the concept, the Company has a pipeline of over 50 co-developed locations set to open in the next two years. 

"At Take 5, we dreamed of building a brand that transformed the category by embracing simplicity, transparency, and a great customer experience. Co-developing our Take 5 concepts is the next evolution of that transformation, improving the customer value proposition and driving share of wallet for Driven Brands," said Danny Rivera, Chief Operating Officer – Elect. "As the car wash business benefits from the strong and growing brand awareness of Take 5, its high-volume locations provide a lower cost of customer acquisition for the quick lube business. 

"With such substantial benefits to our consumers, the benefit to our franchisees is also tangible.  Last month we signed our 1,000^th franchise license for Take 5 Oil Change, giving us a path to more than double our footprint over the next three to four years," continued Rivera.

This grand opening milestone follows the Company's 2022 announcement that it would convert all its U.S. car wash locations to the Take 5 brand – which has become synonymous with fast, friendly, simple, and convenient. Over 200 of Driven Brands' car wash locations now operate under the Take 5 banner, and the Company is on track to complete the full rebranding by the end of the year.

"Creating a one-stop-shop for a customers' car wash and quick lube needs in one convenient location is a testament to the brand power behind Take 5, redefining the category with a solutions-based approach to car care. As we scale our footprint, the synergies across our business will only grow," said John Teddy, EVP and President, Take 5 Car Wash. "In addition to superior brand recognition and cross-selling capabilities, this will be a meaningful tailwind to our large and growing Take 5 Unlimited wash club subscription program."

The new Take 5 Oil Change and Take 5 Car Wash co-development is located at 1015 Concord Pkwy N, Concord, NC, 28027. For more information about Take 5, visit: https://www.take5.com/.

About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America's leading automotive service businesses including Take 5 Oil Change®, Take 5 Car Wash®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, Auto Glass Now®, and CARSTAR®. Driven Brands has more than 4,700 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands' network generates approximately $1.9 billion in annual revenue from more than $5.3 billion in system-wide sales.

Established in 1984, Take 5 Oil Change® is a quick lube service featuring a unique drive-thru concept that allows customers to never leave the comfort of their car. The brand offers an on average 10-minute oil change service and ancillary services such as air filter replacement, wiper blade changes, and coolant exchanges. Take 5 Oil Change® has more than 800 company-owned and franchised service centers throughout the United States and Canada. For more information, visit www.take5oilchange.com.

Headquartered in Charlotte, N.C., Take 5 Car Wash® is the largest express car wash operator in the U.S. with over 360 sites nationwide. Take 5 Car Wash® was established in 2020 on the foundation of delivering a fast, friendly, and convenient car wash experience with a customer- and people-first culture. Currently operating under regional marquee brands, Take 5 Car Wash® drives performance through national procurement, marketing, and training programs. For more information, visit https://www.take5carwash.com/.

Disclosure Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology.  All statements other than statements of historical facts contained in this press release, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, and expected market growth are forward-looking statements.  In particular, forward-looking statements include, among other things, statements relating to: (i) our strategy, outlook and growth prospects; (ii) our operational and financial targets and dividend policy; (iii) general economic trends and trends in the industry and markets; and (iv) the competitive environment in which we operate.  Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.  It is not possible to predict or identify all such risks.  These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 25, 2021, in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2022 and in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov.  Given these uncertainties, you should not place undue reliance on these forward-looking statements.

Forward-looking statements represent our estimates and assumptions only as of the date on which they are made, and we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE Driven Brands

FAQ

What is the significance of the grand opening of the 10th Take 5 co-development?

It marks Driven Brands' expansion strategy, integrating oil changes and car washes, enhancing customer convenience.

How many franchise licenses has Take 5 Oil Change signed?

Take 5 Oil Change has signed its 1,000th franchise license.

What are the future expansion plans for Driven Brands?

Driven Brands plans to double its franchise footprint over the next 3-4 years.

What is the rebranding status of Driven Brands' car wash locations?

The company has rebranded over 200 car wash locations to Take 5 and expects to complete the rebranding by the end of the year.

How many new locations does Driven Brands plan to develop?

Driven Brands has a pipeline of over 50 new co-developed locations set to open in the next two years.