EBITDA Multiplier for Car Washes - Midwest 2023

[Justin Ball]

I'm helping a client who is interested in purchasing a car wash in Central Illinois (Peoria).  Has anyone bought or sold a Midwest car wash recently who could share the EBITDA multiplier that it was valued and/or sold at?   We don't have much post-pandemic data in our region. 

Thanks in advance! 

[Henry Clark]

Recommend they build their own financial model.  There are too many variables.  Age of equipment, type of bays, type of vacuum stations, property taxes, markets, manned or not, how mechanically inclined they are, will they shovel out after the “mudders” clean off, will they empty the trash after it is filled by people who don’t even wash their cars, etc. Etc. 

My buddy has a car wash and laundromat combo.  He is a farm boy and mechanically inclined.  Hates the car wash. 10% of his profit and 90% of his cost comes from the car wash.