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General

Industry

Travel and Hospitality

Category

Travel Agency

Works with Franchise Brokers

No

Year of Founding

2015

Fees

Marketing Fee

$300 per month

Royalty Fee

VARIES

Franchise Fee

$15,000-$19,000

Investment Range

$37K-$59K

Location units

Total U.S. Locations

1

U.S. Franchised Units

1

U.S. Corporate Units

N/A

Headquarters (City)

Kitchener

Other

Item 19 - Franchise Financials

No

E-2 Visa Eligibility

No

Started Offering Franchises

2019

Issuance of FDD Data

12/11/2019

Key Indicators

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Franchise Payback Period (Years)

Owner Salary / Compensation

Average Unit Volume (AUV)

Franchise Cost

$37K-$59K

Franchise Fee

$15,000-$19,000

What to know about Driverseat franchise?

Driverseat was crafted with a dual mission: to provide a unique, care-based approach to transportation while also building a franchise system that allows like-minded entrepreneurs to create a great life for themselves. Driverseat's team is filled with passionate, Driverseat franchisees who are committed to safety, service and providing an amazing customer experience. Driverseat customers are people who value their time and appreciate being able to relax and enjoy the ride while they take care of the driving. Driverseat is a unique transportation company that offers a variety of services designed to make life easier for its customers. From airport transportation to corporate events, Driverseat has a solution for just about any occasion.

Driverseat is based in Kitchener, N/A. Scroll down to learn more!

How much does a Driverseat franchise cost?

Are you wondering how much is a Driverseat franchise? Before starting a Driverseat franchise, it is important to know the franchise fee, working capital and other costs required to start the business.

The minimum investment amount required to open a Driverseat franchise is $37,400 and can go all the way up to $58,550. Keep in mind, you should also allocate additional funds to live off of while the Driverseat business ramps up. This can take as little as 6 months to over 2 years depending on the franchise opportunity. You should speak to at least 5 Driverseat franchisees to understand the true cost of opening the franchise and how long it takes to: 1) start a Driverseat business 2) pass break even 3) hit significant income.

After (and if) you pass the point of earning significant income from your Driverseat franchise, there may be enough margin to hire a day-to-day manager and work less hours in the business.

Franchise Net Unit Growth

Industry Report Request

Download our guide to compare Driverseat. Hotels to the Travel Agency, Outdoor Travel and Hospitality industry.

Additional Details

How much does a Driverseat franchise owner make?

Driverseat franchise earnings and revenue can vary significantly from one franchisee to another.
The Driverseat franchise owner profits can be influenced by labor costs, lease rates, hours worked as well as other factors.

Driverseat unfortunately does not disclose financials on how much Driverseat franchise owners make. This means they do not disclose sales or earnings for franchisees operating in the U.S.

Every franchisor is required by law to disclose income statements and balance sheets for how the franchisor is performing but not for the franchisee level. Unfortunately, Driverseat does not make it easy to understand franchisee financial performance. This can be seen as a red flag and it is important to be that much more diligent in your conversations with Driverseat franchisees. Do note that Driverseat is not alone as about 40% of franchises do not disclose franchisee financial performance.

At Vetted Biz, we suggest you to speak with 5 to 10 Driverseat franchisees to understand how much money they are making from their Driverseat business.

You should also speak to former Driverseat franchisees to understand why they left the system. Did they sell their Driverseat at a profit? Were they forced to close their Driverseat franchise down because it kept losing money?

What is the Driverseat franchise fee?

Owning a Driverseat franchise requires a variable royalty fee and $300 per month marketing fee. These two expenses represent the main ongoing costs you can expect to pay the franchisor throughout the franchise relationship. There may be other ongoing fees disclosed in the Driverseat Franchise Disclosure Document

Keep in mind, there is also an initial Driverseat franchise fee of $15,000 that is included in the initial investment amount of $37,400 to $58,550. Depending on the franchise agreement you sign, you might have to pay the full franchise fee again if you decide to extend the Driverseat franchise relationship. Consult with a licensed franchise attorney to understand exactly what you receive for paying the Driverseat franchise fee of $15,000.

Visit the Driverseat metrics tab to explore the financials for this business, royalty and marketing fees compare to other Travel and Hospitality franchises. You can also compare these fees for 2,000+ franchises currently offered in the U.S.

When was Driverseat founded?

Driverseat started offering franchises in 2019. Driverseat was founded 7 years ago in 2015.

At Vetted Biz, we recommend franchises have 3-5 corporate locations and 5+ years of experience before offering a franchise. There needs to be proof that the business model works and is replicable before offering the franchise to other!

How many Driverseat locations are in the U.S.?

As of 2019, there were 1 locations across the U.S. There are also 0 corporate locations. Most Travel and Hospitality franchises like Driverseat have more franchised locations than corporate locations.

How many Driverseat franchises opened over the past few years?

Over the prior 3 years we have data for, Driverseat has opened 1 outlets throughout the U.S. Visit the Driverseat metrics tab to explore how the openings compare to other Travel and Hospitality franchises.

How many Driverseat franchises closed over the past few years?

Over the prior 3 years we have data for, Driverseat has closed 0 outlets throughout the U.S

Visit the Driverseat metrics tab to explore how the openings compare to other Travel and Hospitality franchises.

Is Driverseat growing? Are they opening more locations than they are closing?

The net unit growth rate for Driverseat over the past 3 years is 0%. Over the last year we have data for, Driverseat had a net unit growth rate of 0%.

Without a comparison, this number doesn’t mean much. Compare how the Driverseat growth rate compares to 2,000+ other franchises and Industry franchises like Driverseat. More info in the Driverseat metrics tab.

Is Driverseat franchise eligible for an SBA Loan?

Driverseat is eligible for SBA loans including the 7(a) loan. To find out more about the SBA loan program for franchising click here.

Driverseat franchise was assigned the SBA Franchise ID of S4676 on 11/05/2019. This DOES NOT mean the SBA endorses this franchise. The SBA Franchise Directory will only include business models like Driverseat that are reviewed and found eligible under SBA’s affiliation rules and other eligibility criteria. Currently, there are over 7,000 franchise opportunities that the SBA has deemed eligible for SBA financing.

Is Driverseat a franchise in the United States?

According to the SBA, Driverseat meets the Federal Trade Commission (FTC) definition of a franchise. The FTC Franchise Rule requires franchisors to provide all potential franchisees with a disclosure document (FDD) containing 23 items about the franchise, its officers, and other franchisees. Be sure that Driverseat provides you with an FDD if you are in discussion to buy a Driverseat.

What is the Driverseat Franchise for Sale Rate?

The Driverseat systemwide health and franchisee satisfaction can be measured by the Driverseatfranchise for sale rate. The franchise for sale rate is calculated by the percentage of units transferred to new franchisees and reacquired by franchisor.

Driverseat franchise for sale rate over the past 3 years is 0%. Over the last year we have data for, Driverseat had a franchise for sale rate of 0%.

Without a comparison, this number doesn’t mean much. Compare how the Driverseat franchise for sale rate compares to 2,000+ other franchises and Industry franchises like Driverseat. More info in the Driverseat metrics tab.

What is the Driverseat Franchise Failure Rate?

Driverseat franchise failures comprise franchise terminations, franchise non-renewals, and franchises that ceased operations for other reasons. The failure rate is one of the most important franchise metrics to consider when investing in a franchise!

Driverseat failure rate over the past 3 years is 0%. Over the last year we have data for, Driverseat had a franchise failure rate of 0%.

Without a comparison, this number doesn’t mean much. Compare how the Driverseat franchise for sale rate compares to 2,000+ other franchises and Industry franchises like Driverseat. More info in the Driverseat metrics tab.

How can I find out more details on Driverseat franchise?

Visit the Driverseat metrics tab to explore franchise profitability, industry comparables and more. Become a Vetted Member today today for exclusive access on this franchise opportunity!

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Investment Midpoint

The average of the low and high range of the investment amounts calculated from the most recently available Franchise Disclosure Document

Driverseat

$47,975

Industry median

All franchises median

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Royalty Fee

The median royalty fee from the Franchise Disclosure Document

Driverseat

VARIES

Industry median

All franchises median

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Franchise Fee Midpoint

Payment that the franchisee must pay to the franchise owner in order to start a franchise.

Driverseat

$17,000

Industry median

All franchises median

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Item 19 – Financial Performance Representations

Historical financial performance representations

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Franchise Financials

Franchisor company financial information and financial performance representations, if disclosed by the franchisor.

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General

Industry

Travel and Hospitality

Category

Travel Agency

Works with Franchise Brokers

No

Year of Founding

2015

Fees

Marketing Fee

$300 per month

Royalty Fee

VARIES

Franchise Fee

$15,000-$19,000

Investment Range

$37K-$59K

Location units

Total U.S. Locations

1

U.S. Franchised Units

1

U.S. Corporate Units

N/A

Headquarters (City)

Kitchener

Other

Item 19 - Franchise Financials

No

E-2 Visa Eligibility

No

Started Offering Franchises

2019

Issuance of FDD Data

12/11/2019

Detailed Franchise metrics for Driverseat

Detailed Franchise Metrics are metrics calculated and reviewed by Vetted Biz. You can find the available metrics for Driverseat below. “N/A" or Not Applicable results mean that there is not enough data available to compute a precise rate or that the result is not mathematically computable. When results are not mathematically computable, you should pay attention to the absolute values (#) instead of the percentage rate itself.

Growth Rate

The percentage change of total franchise units from one year to the next by franchisor.

 

1 year

3 years

Driverseat

0%

0%

Industry median

All franchises median

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Franchise for Sale Rate

The percentage of units transferred to new franchisees and reacquired by franchisor.

 

1 year

3 years

Driverseat

NA

0%

Industry median

All franchises median

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Net Unit Growth (most recent year)

Net Unit Growth (3 years)

Failure Rate

Franchise failures comprise franchise terminations, franchise non-renewals, and franchises that ceased operations for other reasons.

 

1 year

3 years

Driverseat

NA

0%

Industry median

All franchises median

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Business details

Website

www.driverseatinc.com

Business email

**********@******.com

Mailing address

259 Gage Avenue

State headquarters

Ontario Canada

Contact Name

Driverseat

Phone

+1 (000) 0********00

City

Kitchener

Zip code

N2M 2C9
Name Email State City Zip Code

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