Some claimed it was a market pause while others noted it was a market reset. There are many ways to describe how 2023 unfolded in the professional carwash industry. However, there was no drop in excitement for the future of this great industry.
Undoubtedly, the pace of mergers and acquisitions among operators slowed in 2023. How much? According to a PC&D Executive Interview with Amplify Car Wash Advisor’s Jeff Pavone, the volume of M&A deals in the market decreased by as much as 75% to 80% from 2022 levels.
“A lot of buyers had to get recapitalized, credit was really tight and they had to take a hard look at what they bought too,” noted Pavone in our interview.
However, Pavone’s firm and others are noting a rebound is imminent in carwash operator M&A activity for this year. While buyers will be more careful and strategic, the big chains we featured in the last issue’s Top 50 list will continue to grow and look to acquire top-performing washes. And, even though sellers might not see the high multiples that were offered earlier in this decade, offers and opportunities will still be fruitful for those looking to make a move or join a larger organization.
As the calendar flips this month, another year of excitement is in store and Professional Carwashing & Detailing as well as Carwash.com will continue to be the go-to resource to stay updated on the movements and trends of the market.
If you are new to the professional carwash market or our publication, we offer a variety of free print and multimedia resources to help elevate your market awareness. In addition to our monthly print publication, we offer three weekly enewsletters as well as podcasts and videos on Carwash.com. You can also find us at the three major carwash trade shows, including the upcoming SCWA Convention & EXPO in Fort Worth, Texas.
We could not offer these free resources to you without the help of our advertisers and sponsors. These companies partner with our brand because they support your business and its future. Be sure to connect with these companies throughout the year to take your business to new heights. Thank you for reading our publication and website and let’s make 2024 a great year to remember and celebrate.
