Oasis Car Wash Inc. has a Blockbuster Plan for the Car Wash Industry
24 August 1999
Oasis Car Wash Inc. has a Blockbuster Plan for the Car Wash Industry
DALLAS--Aug. 24, 1999--They say everything is bigger in Texas, and that is exactly what Oasis Car Wash Inc. is thinking as they finalized the purchase of their 30th Full Service Car Wash on Aug. 18th to become the largest chain in the state.Poised for national growth, Oasis Car Wash Inc. has one of the thirty stores in Mandeville, La., with an additional 80-plus full service car washes either under contract or in negotiations throughout the nation.
"We are planning to be the Blockbuster of car washes," says President and CEO Rick Weyand with an air of confidence. There is a lot to that statement as Blockbuster Video, a Dallas neighbor, recently completed a successful initial public offering. "They took the mom and pop video industry and consolidated it into one of the nation's most consistent products and recognizable brands," Weyand continued, speaking of Blockbuster's road to national prominence. "And with the right team focused on excellence and innovation, the consumer, in the end, receives all of the benefit and is the real winner." The comparison to Blockbuster is one Rick Weyand likes to make, when talking about the plan for Oasis Car Wash's expansion. With plans to go to the public marketplace before the end of the year, Weyand sees the innovative products, services, and public offering as the "ultimate consumer value."
Beginning with the purchase of two independent stores in Dallas and Addison, Texas, in December of 1995, Oasis Car Wash was born. Weyand has held on to this big idea as he and his premier Wall Street investment fund partner, The Apollo Group, continue their march toward industry significance under a single brand. In less than two weeks, Oasis has purchased Spencer Car Wash, in Pasadena, Texas, Midway Car Wash in Dallas, and the Magic Car Wash chain of eight stores in the Beaumont-Port Arthur area. Oasis Car Wash Inc. remains very secretive regarding their next acquisitions and current contracts, but they are very public about their industry leadership goals. "Our focus is on building an organization based on empowerment and personal integrity, while growing a brand based on product and customer service excellence. If we can achieve these goals, we will be successful at every level of our development continuum," states partner and CEO Rick Weyand. A winner in most of his previous business ventures, Mr. Weyand's car wash venture is looking like a chip off the ole' Block - buster.
Background of Principals
Mr. Weyand was born in upstate New York and grew up in Indiana and Louisiana. He attended SMU in Dallas and received a B.B.A. and M.B.A. in accounting and finance. With a background in commercial banking, Mr. Weyand went to work for himself in 1980, and has since amassed his wealth in such diverse industries as oil and gas, finance, manufacturing and commercial real estate development. Mr. Weyand is married and has six children.
The Apollo Real Estate Advisors, L.P. are a Wall Street real estate investment firm lead by a group of senior professionals with extensive experience in all facets of real estate ownership, development and management. Apollo Real Estate Advisors and its affiliates serve as the General Partner of Apollo's three real estate investment funds with holdings exceeding $16 billion dollars. Apollo is the second largest owner of real estate in the United States.