Franchise 500 List Shows Industry Strength
Feb. 24, 2021—It's the time of year again when Entrepreneur magazine releases its annual Franchise 500 rankings. And with such a strong presence in the franchise world, quick lube and automotive maintenance companies are well represented in 2021.
The biggest move in the industry came from Take 5 Oil Change, which improved by 210 spots from the 2020 list. The company is ranked at No. 216 with its aggressive growth plan. Entrepreneur noted that the company added 341 units in three years.
“I’m very proud of our team and all our franchise partners on their efforts to continue to expand the Take 5 brand and deliver the same level of unmatched customer care at all our locations,” Danny Rivera, executive vice president and group president of maintenance for Driven Brands, said in a press release celebrating the movement.
It's been a wild ride for Take 5 in recent years. The company announced its 500th shop in late 2019 and launched its first units in Canada just months later. Of course, COVID-19 severely affected car counts, and that hit the company hard. Company-owned assets of Take 5 saw layoffs in early 2020.
Parent company Driven Brands started 2021 with big news of an initial public offering. The initial sale reportedly raised $700 million.
Other Big Moves
Take 5 isn't the only brand that made a strong showing in this year's list. Valvoline Instant Oil Change moved up 37 spots to land at No. 20 this year. That makes it the highest-ranking quick lube on the Franchise 500 list.
Midas also made big gains, going from 199 in 2020 to No. 111 in 2021.
One of the biggest slips in the automotive segment came from Big O Tires, which landed at No. 205 in 2021 after being in the top 100 (No. 91) last year.
Overall, the industry is showing great resiliency. Looking at the list just two years ago, VIOC has gained 86 spots. Jiffy Lube has gained 13 spots. Midas is now 190 spots higher than in 2019. Grease Monkey has gained 111 spots since 2018.