New wash owners turned to friends for financing
FLAGSTAFF, AZ — A family here admitted to being clueless about the car care business when they bought the multi-profit Speedi Car Wash in 2011, azdailysun.com reported.
The March 10 story stated that, over the past two decades, the family has owned hotels, a dry cleaning chain, a car lot, a rental car business, a strip mall and a flower shop. They spent approximately $3 million to add the carwash/c-store/gas station and hot dog drive-thru.
Pragna Perma bought the gas station for $1.65 million. Then, friends helped him finance $1.4 million in renovations when the banks refused to help.
Unfortunately, the project went over budget by $400,000. Almost everything on the property was rebuilt in some way, Pragna noted in the story.
The family is now planning to hold several fundraisers at the carwash. Proceeds from events held in April will benefit the American Cancer Society and two high schools.
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