Rent-to-own News - ColorTyme retreat launches with general session

Charlie and Becki Doege.

The general session for ColorTyme's 2010 Dealer Retreat at Bonita Bay, Florida, Thursday included company, industry and legislative updates from key officials at both ColorTyme and parent company Rent-A-Center.

ColorTyme CEO Bob Bloom opened the session and welcomed around 135 franchisees, vendors, friends and family. Bloom was followed by Mitch Fadel, Rent-A-Center president who foretold a continued high demand for the rent to own transaction from consumers caught in a persistent credit crunch.

"We get customers in our stores because we have the right people, the right product and the right transaction," said Fadel, a 27 year RTO veteran. "It's great to be in rent to own."

Fadel said Rent-A-Center expected to open an additional 30 to 40 stores this year and the RAC Acceptance program -- in which Rent-A-Center kiosks are established in retail stores -- is expected to double from approximately 80 to 160 locations.

Mark and Tracy Childers.

"Even though we're at 3,000 stores, there is still room to grow," he said.

Earlier, franchisee Mark Childers, ColorTyme's 2008 Franchisee of the Year, was elected chairman of the ColorTyme Franchise Advisory Council by councilmembers. Childers said improving communications between ColorTyme's corporate office and franchisees and maintaining an atmosphere of comeraderie between ColorTyme dealers will be his top priorities.

Mark Childers began his rent-to-own career as a delivery driver in 1985 before joining ColorTyme corporate as a regional trainer in 1989. He partnered with Gary Hughes in 1993 where he helped Hughes grow his franchise operation from two to 38 stores.

New franchisees Harry Pappas III and Scott McHale.

Childers opened his own franchise in 2005. He was a past ColorTyme New Franchisee Award Winner.

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New franchisees Harry Pappas III and Scott McHale are first time attendees at the dealers retreat. They will open their first store in W. Philadelphia this fall as the first of a five store development agreement with ColorTyme.

Pappas has a background in food service and with such names as Burger King, Krispy Kreme and Quiznos. He said the venture is a family affair and the interest in ColorTyme came from his father around two years ago.

"I just love the financial model," Pappas said. "ColorTyme has an excellent online training program but the best thing is the camaraderie and support shown to us by other franchisees. They've really helped show us the ropes."

A select group of 13 vendors also made presentations to the group and a "Quick Buy" buying show followed.

”Our Summer Meeting is all about allowing vendors to network with franchisees and offer the best deals in the business,” said Rhonda Davis, director of purchasing for ColorTyme. “Our meeting wouldn’t be possible without the support of our vendors. They have gone above and beyond our expectations and we appreciate having them on board.”

ColorTyme vendors were honored at the Vendor Appreciation Cocktail Reception held prior to the Welcome Dinner on Wednesday evening. Attending vendors included:  ArchBrook Laguna, Ashley Furniture, LG Electronics, Fifth Third Processing Solutions, High Touch,  Benefit Marketing Solutions, Toshiba, O’Rourke Sales, Serta, Whirlpool, Welton USA, Mitsubishi Electric and Sony VAIO.

Golf Tournament and special events continue through Saturday when the event closes with a special dinner finale.

See photo gallery.