Typical Average P & L
This Profit and Loss Statement offers a 12-month overview of an average car title loan portfolio, representing a performance level that is neither exceptional nor poor.
Your results will vary significantly depending on the state[s] you serve, your choice between a storefront, online, or blended business model, and the variety of loan products offered, such as cash advances, car title loans, payday loans, and installment loans.
Your profitability hinges on the proportion of new versus returning borrowers, the sophistication of your customer acquisition strategies, and the effectiveness of your marketing channels, whether direct mail, social media, TV, radio advertising, referral programs, etc.
Additionally, the age and maturity of your business, along with your ability to leverage cutting-edge technology, are critical factors for success.
While no two portfolios are the same, the insights provided in this P&L statement serve as a foundation for developing a profitable car title lending operation..
Acme Title Loan Lenders, LLC
Income Items
January through December
Accrual Basis
| Description | Jan - Dec 12 | % of Income |
|---|---|---|
| Ordinary Income/Expense | ||
| 41000 • Fee Income, Title Loans | 3,045,222.98 | 90.1% |
| 41100 • NSF Fee Income | 25.00 | 0.0% |
| 41200 • Fee Income, Payday Loans | 333,056.59 | 9.9% |
| 41500 • Income, Addison & Misc | 401.20 | 0.0% |
| 45000 • Refunds and Allowances | (468.02) | -0.0% |
| Total Income | 3,378,237.75 | 100.0% |
| Gross Profit | 3,378,237.75 | 100.0% |
Acme Title Loan Lenders, LLC
Cost of Operations (50000 Series)
January through December
Accrual Basis
| Description | Jan - Dec 12 | % of Income |
|---|---|---|
| 50000 • COST OF OPERATIONS | ||
| 50100 • Advertising | 16,091.91 | 0.5% |
| 50500 • Merchant Fees | 32,385.69 | 1.0% |
| 51000 • Incentive Bonuses | 940.00 | 0.0% |
| 51100 • Software Support | 20,504.24 | 0.6% |
| 51103 • Repo Fees | 85,458.74 | 2.5% |
| 51107 • Licenses & Fees | 2,544.25 | 0.1% |
| 51200 • Mileage Reimbursements | 26,949.73 | 0.8% |
| 51500 • Office Supplies | 34,073.42 | 1.0% |
| 51700 • Referral Fees | 1,017.00 | 0.0% |
| 52000 • Rent & Occupancy | 360,869.54 | 10.7% |
| 52200 • Repairs & Maintenance | 27,514.80 | 0.8% |
| 52203 • Grounds Maintenance | 2,850.00 | 0.1% |
| 53100 • Cleaning, Sanitation & Trash | 3,688.43 | 0.1% |
| 54000 • Salaries, Operations | 723,289.94 | 21.4% |
| 54200 • Employers FICA & MI Taxes | 56,826.75 | 1.7% |
| 54800 • Security Monitoring Services | 11,073.45 | 0.3% |
| 55100 • Telephone | 33,712.87 | 1.0% |
| 55500 • Utilities | 54,180.83 | 1.6% |
| 55600 • Internet Costs | 1,535.39 | 0.0% |
| 56000 • Write-Offs | 54,646.09 | 1.6% |
| 58000 • Property Taxes - Stores | 1,740.76 | 0.1% |
| 58200 • Title Fees, Etc | 11.75 | 0.0% |
| Total 50000 • COST OF OPERATIONS | 1,551,905.58 | 45.9% |
Acme Title Loan Lenders, LLC
Other Expenses and Summary (60000 Series)
January through December
Accrual Basis
| Description | Jan - Dec 12 | % of Income |
|---|---|---|
| 60200 • Automobile Expense | 10,680.42 | 0.3% |
| 60400 • Service Charges, Bank | 11,602.11 | 0.3% |
| 61000 • Licenses and Fees | 11,011.76 | 0.3% |
| 61100 • Software Support, Corp | 7,735.77 | 0.2% |
| 61700 • Computer and Internet Expenses | 22,295.65 | 0.7% |
| 61715 • Website Development/Enhancement | 2,866.21 | 0.1% |
| 62400 • Depreciation Expense | 11,399.00 | 0.3% |
| 62500 • Dues and Subscriptions | 1,655.01 | 0.0% |
| 63300 • Insurance Expense | ||
| 63310 • General Liability Insurance | 9,820.07 | 0.3% |
| 63330 • Life and Disability Insurance | 418.83 | 0.0% |
| 63300 • Insurance Expense - Other | 5,544.89 | 0.2% |
| Total 63300 • Insurance Expense | 15,783.79 | 0.5% |
| 63500 • Janitorial Expense | 25,323.83 | 0.7% |
| 63700 • Trash/Shredding Serv's | 1,615.43 | 0.0% |
| 64300 • Meals and Entertainment | 2,204.38 | 0.1% |
| 64900 • Office Supplies | 10,947.71 | 0.3% |
| 66500 • Postage and Delivery | 25,422.54 | 0.8% |
| 66600 • Printing and Reproduction | 1,320.87 | 0.0% |
| 66700 • Professional Fees | ||
| 66702 • Attorney's Fees | 24,987.02 | 0.7% |
| 66705 • Accounting Fees | 75,461.02 | 2.2% |
| 66700 • Professional Fees - Other | 5,254.84 | 0.2% |
| Total 66700 • Professional Fees | 105,702.88 | 3.1% |
| 67200 • G & A Repairs and Maintenance | 25,586.20 | 0.8% |
| 67400 • G & A Salaries | 198,960.33 | 5.9% |
| 67405 • Payroll Processing Fees | 5,543.73 | 0.2% |
| 67410 • G & A Employer's FICA & MI | 16,119.31 | 0.5% |
| 67420 • Unemp Tax (FUTA & TWC) | 12,794.17 | 0.4% |
| 67430 • Employee Benefits | 6,716.30 | 0.2% |
| 67500 • Security | 3,111.71 | 0.1% |
| 68005 • Taxes - State Franchise | 16,531.32 | 0.5% |
| 68100 • G & A Telephone Expense | 18,426.11 | 0.5% |
| 68400 • Travel Expense | 12,509.08 | 0.4% |
| 68600 • G & A Utilities | 17,700.24 | 0.5% |
| Total Expense | 2,153,471.44 | 63.7% |
| Net Ordinary Income | 1,224,766.31 | 36.3% |
| Net Income | 1,224,766.31 | 36.3% |
Questions? Need help? Introductions?
Reach out to Jer at : Jer@theBusinessOfLending.com
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