I liked the fact that ColorTyme has been in the RTO franchising business for 30 years and in spite of the current economy, they have negotiated several attractive financing packages for their new franchisees.
Tom Bailey, Franchisee, ColorTyme

Photo ColorTyme

Tom bailey, Franchisee, ColorTyme

After careful and lengthy research, Bailey chose ColorTyme to be his franchisor and Wilmington as the right city for his first ColorTyme store. "When I decided to pursue this goal I first made a lot of phone calls to my friends around the country who already own RTO stores," Bailey said. "From those conversations I was able to narrow the field to ColorTyme and one other. I liked the other company, but it didn't offer its franchisees the level of support I wanted, and ColorTyme does.

"I also liked the fact that ColorTyme has been in the RTO franchising business for 30 years and, even in spite of the current economy, they have negotiated several attractive financing packages for their new franchisees," he added.

Bailey said ColorTyme's "hometown" attitude toward its customers was also an important factor in his decision. "In rent-to-own, it's all about being a part of your community and knowing and understanding your customers and their needs," he said. That approach is serving him well; after being open for just three months, Bailey now serves more than 100 customers. "When we first opened here in Wilmington our most popular products were computers and electronics, but furniture and appliances are now beginning to grow in popularity," Bailey said. That's why I like the rent-to-own business so much. In rent-to-own, every market is unique, every city is unique, and every customer is unique."

Although the Wilmington ColorTyme store is the first rent-to-own business Bailey has owned, he is no newcomer in America's RTO community. "I started out in rent-to-own in 1987 as an account manager for a Rent-A-Center franchise operated by Comcoa." Bailey said. "That experience gave me the opportunity to learn all aspects of the rent-to-own business from the ground up." Bailey became a District Manager at Comcoa, and later became a District Manager for Rent-Way.

A Connecticut native, Bailey says he chose the Wilmington area because North Carolina is a very good market for rent-to-own. In Wilmington, his new ColorTyme store is challenged by many competitors, most of which are corporately owned. "Competition, especially from corporate stores, doesn't bother me. As a locally owned ColorTyme franchise, I have the ability and flexibility to serve my customers with the merchandise selection and personal service they want and need. I've always excelled in the RTO business, and I've always been able to come out on top," Bailey said. "My Wilmington store and its early success is my dream come true."

Bailey said his ColorTyme store will hold its official Grand Opening Celebration on Friday, March 6. "It's going to be a huge celebration with a ribbon-cutting and lots of hoopla. Since my store has attracted many customers so soon, I'll also be holding a Customer Appreciation Day at the same time. We'll be celebrating being part of our great Wilmington neighborhood."

About ColorTyme
ColorTyme, Inc. is America's oldest franchisor of independently owned-and-operated rent-to-own stores, celebrating its 30th birthday anniversary in 2009. Currently, ColorTyme franchisees operate 210 rent-to-own/rental-purchase stores in 34 states. RimTyme, the company's custom-wheels-and-tires franchise brand, operates an additional 18 stores in eight states. ColorTyme is headquartered in the Dallas suburb of Plano, Texas, and is an independent, wholly owned subsidiary of the largest RTO company in the world, Rent-A-Center (NASDAQ: RCII). For more information, visit www.colortyme.com and www.rimtyme.com.