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Recognized by entrepreneurs and franchisors as a top competitive tool of measurement, the Franchise 500 places CARSTAR 470th on the list.
CARSTAR Auto Body Repair Experts, part of the Driven Brands Inc. family of automotive aftermarket franchise brands, has been ranked in Entrepreneur magazine’s Franchise 500. Recognized by entrepreneurs and franchisors as a top competitive tool of measurement, the Franchise 500 places CARSTAR 470th on the list. Since 1989, CARSTAR has grown to become North America’s largest multi-shop operator (MSO) network of independently owned collision repair facilities.
“It’s an honor to be recognized among the top companies in the world,” said Michael Macaluso, president, CARSTAR North America. “Through the past year, we have benefitted from our new ownership by Driven Brands, grown tremendously, integrated our operations across North America and strengthened our operational and financial performance. This an excellent sign of these accomplishments.”
The key factors that go into Entrepreneur’s evaluation include costs and fees, size and growth, support, brand strength and financial strength and stability. All franchises are given a cumulative score based on more than 150 data points, and the 500 franchises with the highest cumulative scores become the Franchise 500 in ranking order.
CARSTAR ended 2016 with record sales, growth and industry performance. The company says that its success can be attributed to several key factors. There were increases in repair volumes from the top 25 insurance carriers, driven by CARSTAR’s EDGE Performance Group platform and continued KPI performance. Many CARSTAR locations repeatedly have a net promoter score exceeding 90 percent – a full 10 points higher than the industry average, the company says. A new store branding campaign has also been bringing a fresh, modern look to shops, with an emphasis on areas for customer service and amenities.
“We spend months gathering and crunching data in order to produce the Franchise 500 ranking,” said Jason Feifer, editor-in-chief of Entrepreneur. “We’re proud of the result and the way it continues to be a resource for the franchise community. Like every industry, franchising is ever-evolving and must smartly react to new technologies and consumer demands. We know it takes a lot to stay competitive, and are excited to celebrate those that do it best.”
Added Ryan Shea, president of Entrepreneur, “In order to reflect the evolving business world at large, we at Entrepreneur continue to evolve our annual ranking, too. We’ve developed new ways to measure and analyze our collected data as new critical data points come into play. We take into account pertinent factors such as social media presence and financing availability, which have become increasingly important in today’s economy. The result is a more complete and relevant Franchise 500 that can serve as a valuable resource for our readers.”