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Lecture

Business Administration 1220E Lecture Notes - Moto Guzzi, Recreational Vehicle, The Motor Cycle (Magazine)


Department
Business Administration
Course Code
Business Administration 1220E
Professor
Sean Burkett

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Envy Rides Incorporated
You: Scott Miller, newly appointed manager of commercial accounts at
the Genesis Bank of Canada
Them: Jacob Hessels, dealer principal of Envy Rides Incorporated
Requesting: $60,000 long-term loan for a partial renovation to his
recreational motorsport dealership and $450,000 working capital loan
for the day-to-day operations of his business.
Current unstable economy
Without loans, unsure if Envy Rides could continue
Millar has a recent increase in loan requests from new and
existing customers
Jacob Hessels
Jacob is a talented business man, successful with marketing
campaigns well known in many different industries
Career had started in the retail car sales industry where he
worked as a car salesman
After excelling in car sales for over a decade, Hessels became the
VP and director of marketing for Wegz Stadium Bar(sports
restaurant located in Toronto) and stayed in the role for 5 years
Moved on to role of general manager for the start-up of a Hyundai
dealership in a small SW Ontario town
Opportunity arose to purchase an existing motorsport dealership;
dream come true to Hessel
Envy Rides Incorporated
Banks were unwilling to loan Hessels money b/c he could provide
only minimal start-up capital for his business venture..so instead,
in order to purchase the dealership, Hessels personally borrowed
funds from his network of private investors who believed in his
talent for his new business venture
In August 2007 (Envy’s first complete fiscal year end was 2008)
Hessels bought Milton Motor Sports (existing recreational
motorsport dealership in Milton area just outside Toronto)
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Immediately changed the name to Envy Rides Inc. converting the
business’s identity and building
Grew exponentially in early months..sales increased, and the staff
complement expanded from six to more than 20 employees in less
than a year
February 2008, Envy’s growth supported a move, so the business
relocated to its current store in Mississauga, Ontario
14000 square foot leased facility focused on selling recreational
vehicles, mainly in motorsport category (focusing on motorcycles
with large focus on Aprila, Moto Guzzi, Suzuki, and Yamaha
thereby increasing market share by offering brands of interest to
most consumers)
Additionally, Envy offered accessories and apparel (helmets,
boots, jackets etc.)
Envy provided recreational vehicle servicing by a knowledgeable
and friendly parts-and-service team within the dealership (like an
automotive dealership)
Accommodate riders during winter, Envy offered storage for
motorcycles and other motor sport vehicles
Envy also had a strong website presence on the Internet with info
on events, inventory news, and testimonials
With Hessels and his marketing expertise, Envy subject of brilliant
marketing campaigns and initiatives
Grand opening in 2008 featured activities and events
Envy also had a large presence on the radio with consumers
between 18-35
Envy matched any other competitor’s price and relied on strong
word-of-mouth advertising
Envy strove to ensure customer satisfaction at the highest level
The Industry
Two major competitors: Snow City Cycle and Kahuna Power
Sports
Other Honda stores provided indirect competiton
Spring 2008, severe downturn in the economy (recession)
seriously affecting sales of new and used motorcycles
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