Driven to succeed

Tequila Baxter has been fascinated with cars since she was a little girl. As an adult, she began working on vehicles with her husband Donnie who also is a “motorhead.” After having their second child, the couple decided to shift gears and pursue a different venture. Given their combined knowledge and shared passion

Industry: Automotive

Initial Challenge: After the launch of her business in 2019, the client was forced to close in March 2020 due to the pandemic. Client needed urgent assistance with qualifying her business as “essential” to re-open and recoup lost revenue.

Approach: Consultant introduced client to lenders and helped her apply for and receive relief funding to purchase new equipment and an adjacent building. Consultant also helped his client optimize payroll and supply chain processes, evaluate potential revenue streams and improve her bookkeeping system.

Results:

• Business Expansion

• Financing Obtained: $135,500

• Jobs Created: 4 full-time

• Jobs Retained: 4 full-time; 1 part-time for vehicles, the Baxter’s decision to open Panthers AutoSource car dealership in 2019 felt pre-ordained.

From the beginning, Tequila Baxter’s top priority has been offering exceptional customer service, and unlike many auto retailers, Panthers AutoSource never sells cars over the book price, nor does it turn away customers with bad credit. The Baxters use this as an opportunity to explain to customers that they can improve their credit scores by making their payments on time. By early 2020, Panthers AutoSource was well on its way to becoming profitable—that is, until the onset of the COVID-19 pandemic.

Like many small businesses in March 2020, Panthers AutoSource was forced to close its doors. The Baxters were self-financing the business at that time, and Tequila knew that personal savings could only sustain it for so long. She realized that the most efficient strategy would be to qualify as an “essential business,” so Baxter contacted Greenwood Area SBDC Manager and Business Consultant Ben Calhoun.

Calhoun first helped Baxter update her business plan and then introduced her to local lenders. They evaluated funding options and submitted a request to the USCOG, from which Baxter recieved two loans totaling $74,885. The Baxters used this vital cash infusion to buy equipment needed for servicing cars and an adjacent building they converted into a car detailing operation—two upgrades they could leverage as “essential services.”

Having achieved this coveted designation, Panthers AutoSource was able to reopen in February 2021. In addition to helping Baxter maneuver around the pandemic, Calhoun also helped her to refine her sales strategy, identify future revenue streams, convert to a more accurate record-keeping system, streamline supply chains, simplify payroll and, ultimately, improve her profit margins.

With the SC SBDC’s help, the Baxters are confident that they will reach—if not surpass—their $1 million sales goal by the end of 2023.