"TruFund has eased a tremendous burden
off of my business. I am now able to provide
and meet the demands of my clientele at
ease. My company is now in a much better
financial state and I can see the growth that
my business has experienced because of
TruFund."
Tubbs Auto Sales
The Business
Otis Tubbs owner of Tubbs Automotive in Tuscaloosa was referred to TruFund by the Small Business Development Center for financing early 2016. Tubbs entered the auto business as a lot worker at an Alabama Dealership at a very early age and decided on a career in the Auto business and eventually wanted to own his business. He worked his way up to a salesman and during the economic downturn decided to leave the dealership and start his own business.
Tubbs opened Tubbs Automotive in 2011 and the first two units in his inventory were his wife’s car and his car. The business has grown and he now sells more than one hundred units annually. His personality and focus on customer service has resulted in a high level of repeat customers. He anticipates sales growing at an annual rate of 10% to 15% for the foreseeable future.
As a result of working with TruFund Financial Services, Inc., Tubbs is now beginning to utilize quick books to the fullest extent possible; receiving quarterly financial statements from his accountant as opposed to the annual ones (at a reduced cost); able to generate interim statements internally when needed;
A “bridging” strategy was then developed using the Community Advantage Loan program to refinance business debt and expand the number of employees, to include an office manager, so he could focus more on sales than administration and begin using the excess cash flow to begin to reduce his dependence on floor plan funding to finance his inventory.
