Lending some insight into financing
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Lending some insight into financing

Smart lending decisions can save you and your business thousands of dollars over the course of a loan, while bad choices can cost you every day.    

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I recently interviewed Michael Ford, managing director of Coast Commercial Credit, in a PC&D Unscripted video interview

The topic of the video interview is financing a new carwash. Ford is always a wealth of information when it comes to lending and financing options for operators, and this video interview was no different. He provided a detailed look at some of the most common financing options investors have when looking to start or acquire a carwash. 

In addition to discussing the financing options available to operators, the interview with Ford was very insightful regarding how lenders view the carwash industry.  


I asked Ford, “What do lenders think about the potential and stability of the professional carwash market today?”  

“I can’t speak for other lenders, but from our experience, the carwash market is fantastic,” he responded. “We saw a dramatic shift in the marketplace when the express exterior model came about.” 

Ford credits this to, among other factors, the success of wash clubs providing recurring revenue and steady income for operators. In fact, according to Ford, express washes with successful subscription programs have been a very “calming influence” in the lending industry when it comes to the carwash market. With the dependable income derived from club memberships, successful operators are able to cover critical operating costs and pay back loans on time and in full. 


“Prior to COVID, for a 10-year period, [our company] had no delinquency in the carwash market — and we have written hundreds of millions of dollars of loans,” informs Ford. While he adds that part of that success is writing good loans, other factors, such as the express exterior model’s evolution in the market, contributed to this record. 

Thank you to Michael Ford and all of the industry professionals who have answered the call to appear on all of our podcast series. You give our industries a voice, and we couldn’t do it without you.

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