J.D. Byrider marks expansion

Thursday, August 09, 2007

By MARIAN ACCARDI

Times Business Writer marian.accardi@htimes.com

Company executives celebrate with local owner, employees

Jeff Sikes opened a J.D. Byrider franchise in Huntsville in 1992, operating out of a double-wide trailer, with his wife, Maxine, as the office manager.

Executives with the largest used-car and finance company franchise joined Sikes and J.D. Byrider employees in Huntsville Wednesday to celebrate the opening of a new complex at Sparkman Drive and North Memorial Parkway. It includes a 5,000-square-foot office building and a 2,500-square-foot service center.

The Huntsville Byrider dealership, which now has 25 employees, has sold more than 10,000 vehicles since opening, said Sikes.

The J.D. Byrider network of 130 company- and franchisee-owned dealerships in 30 states specializes in selling vehicles to people who have no credit or need to rebuild their credit. Some locations are new-car dealers. Each dealership has its own finance company, CarNow Acceptance Company.

Systemwide, J.D. Byrider is approaching $1 billion in receivables, said James F. DeVoe Jr., the chief executive officer. His late father, Jim DeVoe, founded the company in 1989.

"We've opened 10 stores this year, and we'll open another eight or so before the year's out," said Steven Wedding, Byrider's president of franchising and chief financial officer. Two dealerships will open by the end of this month, he said.

J.D. Byrider, which is based in Carmel, Ind., has now licensed a location in California. "We're excited about movement to the west," said DeVoe.

The Federal Reserve on Tuesday ended up leaving interest rates unchanged, though some economists and investors believe the Fed might cut rates in the future if economic conditions take a turn for the worse.

Any changes in interest rates definitely have an impact on the business, DeVoe said. There are currently 14 corporate-owned stores in four states, and "we have $165 million in receivables ourselves," with some 23,000 loans on the books. "We just can't lend all that money ourselves," he said, and must rely on banks.



J.D. Byrider marks expansion Thursday, August 09, 2007 By MARIAN ACCARDI Times Business Writer marian.accardi@htimes.com Company executives celebrate with local owner, employees Jeff Sikes opened a J.D. Byrider franchise in Huntsville in 1992, operating out of a double-wide trailer, with his wife, Maxine, as the office manager. Executives with the largest used-car and finance company franchise joined Sikes and J.D. Byrider employees in Huntsville Wednesday to celebrate the opening of a new complex at Sparkman Drive and North Memorial Parkway. It includes a 5,000-square-foot office building and a 2,500-square-foot service center. The Huntsville Byrider dealership, which now has 25 employees, has sold more than 10,000 vehicles since opening, said Sikes. The J.D. Byrider network of 130 company- and franchisee-owned dealerships in 30 states specializes in selling vehicles to people who have no credit or need to rebuild their credit. Some locations are new-car dealers. Each dealership has its own finance company, CarNow Acceptance Company. Systemwide, J.D. Byrider is approaching $1 billion in receivables, said James F. DeVoe Jr., the chief executive officer. His late father, Jim DeVoe, founded the company in 1989. "We've opened 10 stores this year, and we'll open another eight or so before the year's out," said Steven Wedding, Byrider's president of franchising and chief financial officer. Two dealerships will open by the end of this month, he said. J.D. Byrider, which is based in Carmel, Ind., has now licensed a location in California. "We're excited about movement to the west," said DeVoe. The Federal Reserve on Tuesday ended up leaving interest rates unchanged, though some economists and investors believe the Fed might cut rates in the future if economic conditions take a turn for the worse. Any changes in interest rates definitely have an impact on the business, DeVoe said. There are currently 14 corporate-owned stores in four states, and "we have $165 million in receivables ourselves," with some 23,000 loans on the books. "We just can't lend all that money ourselves," he said, and must rely on banks. © 2007 The Huntsville Times © 2007 al.com All Rights Reserved.