DriveTime, the largest integrated used car sales and finance company in the country serving customers with less than perfect credit, will open its fourth dealership in the Norfolk area on Monday, March 20 at 1705 E. Military Hwy in Chesapeake. This new store is also DriveTime’s 90th – a milestone for the young company.
“Our growth—17 stores since the fall of 2004, has been phenomenal,” says Jon Ehlinger, DriveTime spokesperson “It’s only fitting that we are opening our 90th store in one of our newest markets.”
For all four stores, DriveTime has spent over $3.5 million in site improvements and building costs. In addition, the company anticipates over $53 million in total annual revenues and with vehicle sales expected to top $44 million annually, DriveTime will be generating over $1.3 million in annual tax revenues.
DriveTime operated mainly in the western United States before moving into Texas, Florida, Georgia and Virginia. Now, in addition to the Norfolk stores, DriveTime operates five locations in Richmond with future plans to move into North Carolina.
“We are encouraged by the success in our southern regions – Charlotte is our next target,” Ehlinger says. “Our expectation is to have 100 stores open by the end of this year.”