Suppose you are interested in starting your own franchise business as a dealer or a distributor in a tyre business. Then you need to contact Goodyear for their Goodyear tyre dealership. The company gives you access to the dealer catalog and online portal for online inventory.
You can sell almost all tyres for automobiles, commercial trucks, SUV cars, light trucks, etc. So in this article, we have curated a detailed guide on Goodyear dealerships in India only for you. The article includes the Goodyear dealership, cost, profit margin, shop space requirements, etc.
Goodyear is an American-based company that is famous for manufacturing tyres. The company has nearly 55 manufacturing plants in over 23 countries globally.
However, you can partner with any tyre company to start your own business. But with this brand, you will make an exceptional effort in your business. Some of the other well-established tyre brands in India competing with Goodyear are Apollo, Ceat, MRF, JK tyres, Bridgestone, Falken, Michelin, etc.
As far as we know, the automobile business has been a booming industry in India with new developments. So starting your franchise in this sector will have good profits.
Goodyear is one of the reputed companies ranked in the highest position in the automobile industry. Goodyear has established its business over 90 years in India, with its manufacturing plants in Maharashtra and Haryana. The brand has its pan dealers in every state and offers their assistance to customer needs.
What Are The Licenses and Registrations Required For Goodyear Dealership?
To start your own Goodyear dealership, certain requirements such as licensing and registration are to fulfill. They are
- Shop & Establishment Registration – from the state government
- GST Registration
- Company Registration – Sole proprietorship/LLP/Pvt Ltd
- Trade Licence – from your local municipality
- Previous bank statement / Income Tax Returns Returns
- Business Insurance if required
If you require any business loan, you can approach the banks such as SIDBI.
What Is Goodyear Tyre Dealership Cost?
To start your own business in this dealership, you need to approximately invest an amount of INR 8- 10 lakhs. However, this amount may vary from one city to another city. As in 1 tier cities, it might be expensive compared to tier 2 and tier 3. Other factors to consider are whether the shop location is your spot or a rental one, as the rental one might cause you more money due to the rents. Also, you need to verify the stock quantity and quality purchase. So here we go with the breakdown of all the details related to the Goodyear dealership.
- For the initial inventory purchase – INR 5 – 7 lakhs.
- Dealership security deposit – INR 2 lakhs.
- Shop interior warehouse – INR 1.5 – 2 lakhs. That includes computers, printers, racks, furniture, and other materials.
- Shop rent advance +first rent of the shop – Extra cost if you don’t own your shop.
- Miscellaneous – INR 50,000
The working capital is required for employees, utilities, adding stocks, shop rent, etc.
What Is The Profit Margin in Goodyear tyre Dealership?
For the initial period, your business will have slow growth. But after some time, you will see the change in the business where you can expect a profit margin of about 10% – 15% as the brand believes in the margin that the more sales, the more you earn a profit and bonuses from the company.
The brand company has a scheme that ranges from 6 months to 1 year after starting your business in this dealership. If you are successful in meeting the margins of the company, then you can expect a turnaround of over 15% margin by meeting those sales targets provided by the company.
Like other tyre businesses, almost every other brand offers special schemes, such as outstanding balance nil, product discounts, cash discounts, quantity discounts, etc.
Which Space Requirements For Goodyear Dealership?
To open your shop dealership in this business. You must require a minimum space of about 700 sq. ft area to open this business. Also, make sure the area has good connectivity along with the space.
How To Get A Goodyear Dealership?
Firstly you need to contact your sales manager to talk about this dealership. So for that, you need to give a call on their toll-free contact number 1800 266 6767. Moreover, you can visit their official website. Once you have contacted them, they will be in touch with you regarding all the information and eligibility requirements.
The eligibility requirements required to start this dealership depend upon these factors, such as your shop location, your experience in the automobile industry and trading, the density of other dealers in your area, your financial background and assistance, etc.
You can also apply online by filling out the required details and submitting them. Within 3 – 6 weeks, you will be given a date to hear from them. If you don’t receive any information from them, you can contact them with the number or mail it to them.
Some of the basic details include your name, address, mobile number, email ID, along with your photograph. You will also be asked to submit your ID proofs, address proof, bank details. Then you will receive the option of submitting it via regular email, fax, or email. Click the one that is standard for you and wait for their turn.
I hope we have mentioned the necessary details about the Goodyear Dealership to help you get started.
If you like this article, kindly share and let us know in the comments below. If you are looking to create your own tyre business, you need to check all the information and the eligibility requirements.
So that you can fulfill and provide the investment mentioned by the company, even if you need business loans, you can have basic information regarding them from the bank and apply for them. Hope you find these basic information and details useful.