TAMPA, Fla. — Rent-to-own franchisor RNR Tire Express is gearing up for growth in 2021 after closing out 2020 with a dozen new stores in the network and systemwide sales of over $211 million, up 12.1% over 2019.
Summarizing 2020, RNR Tire Express President Larry Sutton noted, "This year has certainly presented its share of unique challenges, but I am so grateful for the dedication and support of our franchisees and team members systemwide for their ongoing commitment to helping RNR become the best tire and wheel franchise by providing quality tires and custom wheels with affordable payment options in the safest environment for our staff and customers."
At the same time, RNR pointed out it recently earned a spot on Entrepreneur Magazine's Franchise 500 ranking, ranking first in the tires/wheels category and No. 175 overall, up 90 spots from 2020.
The magazine ranks companies on brand strength, financial strength, unit growth, corporate support, etc. To be eligible, a franchisor must have had a minimum of 10 units open and operating as of July 31 and be seeking new franchisees. Each eligible franchisor was scored based on more than 150 data points, and those with the highest cumulative scores became the Franchise 500.
"As we forge ahead with new store openings and continued record-growth, we are humbled and honored for our brand to be recognized for strong performance in our 20th anniversary year," Mr. Sutton said.
The dozen stores opened during 2020 expanded the RNR network to over 140 locations in 24 states, including a handful of stores in Florida owned by Mr. Sutton.
Looking ahead, RNR has signed development agreements with experienced entrepreneur groups to open 47-plus stores in markets like Ohio, Indiana, Kentucky, Colorado, Arkansas, Arizona and New York.
Stores opened in 2020 included shops in Anderson and Columbus, Ind.; Orlando, Fla.; Macon, Ga.; Lafayette, La.; Greenville, N.C.; and Hewitt, Texas.
RNR said it has development contracts signed that call for as many as 280 more stores to open in the coming years.
Included in this growth are agreements covering:
- 29 stores in Ohio, in markets like Akron, Canton, Columbus, Dayton and Lima;
- 25 stores in Indiana, including the locations in Anderson and Muncie opened in 2020;
- seven stores in Kentucky, in markets like Louisville, Lexington and Bowling Green;
- five stores in Colorado, including markets like Fort Collins, Greeley, and Pueblo;
- three stores in Indiana, including markets like Bloomington and Terre Haute; and
- single stores in El Dorado, Ark.; Queensbury, N.Y.; and Phoenix.
RNR did not identify any of the individuals or companies behind these commitments.
In addition to the Entrepreneur magazine ranking, RNR was recognized on the Inc. 5000 ranking last year, coming in at No. 3953 with a growth rate of 89.1% over the prior three years, as well as being ranked by Franchise Times in its Top 200+ Awards.
The Tampa-based company is seeking both single- and multi-unit franchise owners with room for growth in markets throughout the U.S., including Hawaii and Puerto Rico. The initial franchise fee is $35,000 with the total single-unit investment ranging from $500,000 to $1 million.