�� RV Dealership Acquisition & SBA Underwriting Financial Model
Underwrite an RV dealership acquisition the way it really works — not as one revenue blob. A dealership is four businesses under one roof, and the iron is not where the money is. This is a lender-ready, 5-year model for buying a single-store RV dealership with an SBA 7(a) loan, built around the two lines no existing template models: the inventory floorplan interest and the fixed-ops absorption ratio.
The engine. Revenue and gross are built bottom-up by department — new units, used units, F&I (per deal × finance penetration) and parts & service — each at its own margin, so Gross Profit falls out of the mix. In the base case the new and used iron make 75% of the revenue and the F&I and service departments make 54% of the gross profit. That is the honest dealership thesis, and the model prices it.
The floorplan, modelled explicitly. Inventory is financed on a revolving floorplan line, kept separate from the acquisition loan (the SBA 7(a) cannot fund floorplan in the traditional sense — the SBA Dealer Floor Plan program or a lender line does). Floorplan interest = average inventory at cost × advance rate × floorplan rate, where average inventory = unit cost × days-in-stock ÷ 365. Days-in-stock and the floorplan rate are stressable drivers — the cost that explodes when rates rise and the lot stops moving.
The honest headline: the down-cycle. The base-case DSCR looks comfortable at 1.64x — because the acquisition loan is small versus cash flow; the inventory risk lives in the floorplan, not the loan. So the model runs the test the seller’s good-year P&L never will: a normal RV unit down-cycle (−18% volumes — travel-trailers fell 14% in 2024) through the fixed overhead, which cuts SDE by 46.5% and drops DSCR to 0.56x. The bankable story is fixed-ops absorption + floorplan discipline + the down-cycle, not a leverage-amplified cash-on-cash.
What you get: an 11-sheet Excel workbook (works in Google Sheets — no macros, no add-ins, no external links), a PDF user guide, a 3-way profile toggle (towables-focused / full-line & motorized / used & fixed-ops heavy), an SBA 7(a) capital stack with the 10% injection and $5M-cap checks, a real amortisation schedule, the fixed-ops absorption ratio, the floorplan interest coverage, a DSCR stress grid across days-in-stock × floorplan rate, and a conservative 5-year exit with the equity multiple. Every formula is recomputed by three independent engines (67/67 checks pass).
Honest by design. SDE margin is held at a realistic ~3.9% (RV dealers run thin); units-per-store and the revenue split are industry-representative estimates; the cash-on-cash and equity multiple are stated as leverage-amplified and cyclical; there is deliberately no IRR. Educational planning tool — not financial, investment, tax or lending advice. Verify the seller’s tax returns, the floorplan agreement and your SBA term sheet before relying on any number.