Are you a fan of Speedway Convenience Stores? Do you want to know if it is privately owned or not? We have some shocking news for you!
Speedway is a well-known convenience store chain with thousands of locations across the United States. Many customers have been curious about whether Speedway is privately owned or not.
In this article, we will answer this question and provide you with some interesting facts about Speedway. We will also discuss the company’s history, ownership, and financial status. You will learn about its biggest competitors and what sets it apart from other convenience store chains.
So, buckle up and get ready to discover the truth about Speedway Convenience Stores!
How did Speedway start?
Speedway Convenience Stores has been serving customers for over 60 years. It all started back in 1959 when the company was founded in Michigan by Tony Rouse. At the time, it was called “Speedway 79” because the original location was at the intersection of US Route 79 and Winchester Road.
The company quickly grew, and by the end of the 1960s, there were already 50 Speedway locations. Today, Speedway has over 4,000 stores across 36 states and is one of the largest convenience store chains in the country.
Speedway’s ownership and financial status
Speedway has gone through several ownership changes throughout the years. In 2014, the company was acquired by Marathon Petroleum Corporation, which is one of the largest petroleum refining and marketing companies in the United States.
Under Marathon’s ownership, Speedway has continued to grow and expand its business. In 2020, the company reported a revenue of $22.5 billion and employed over 44,000 people across its stores and headquarters.
Speedway’s biggest competitors
- 7-Eleven: With over 9,000 locations in the United States, 7-Eleven is one of Speedway’s biggest competitors. The company is known for its Slurpee drinks, Big Bite hot dogs, and a wide selection of snacks and candy.
- Cumberland Farms: With over 600 stores in the Northeast, Cumberland Farms is another major player in the convenience store industry. The company is known for its coffee, food, and gas rewards program.
- Wawa: Wawa is a convenience store chain that operates primarily in the Mid-Atlantic region of the United States. The company is known for its hoagies, coffee, and made-to-order food.
Whether you’re in need of a quick snack, a tank of gas, or just a place to rest and recharge on a long road trip, Speedway Convenience Stores has you covered. With its long history and strong financial backing, Speedway is poised to continue serving customers for many years to come.
Who owns Speedway Convenience Stores?
Speedway Convenience Stores is one of the biggest retail chains in the United States, with over 4,000 locations across the country. Many people have wondered who is the owner of this massive corporation. The answer to this question, however, is not as straightforward as you might think.
Speedway Convenience Stores is actually owned by Seven & i Holdings Co., Ltd., a Japanese multinational conglomerate that operates a wide range of businesses, including retail, food, and financial services. Seven & i Holdings is the fifth-largest retailer in the world, with over 69,000 stores in 17 countries.
The History of Speedway Convenience Stores
- Speedway Convenience Stores was originally founded in 1959 under the name Speedway 79 by a group of private investors in Michigan. The company expanded rapidly throughout the Midwest and the South, acquiring several other convenience store chains along the way.
- In 1979, Marathon Oil Company acquired Speedway 79 and merged it with its own convenience store chain, resulting in the creation of Speedway Oil Company.
- Marathon Oil Company spun off Speedway Oil Company as a separate entity in 2011, which was later acquired by Seven & i Holdings in 2018 for $21 billion.
What Does the Future Hold for Speedway Convenience Stores?
Under the ownership of Seven & i Holdings, Speedway Convenience Stores has continued to grow and expand, with plans to open hundreds of new locations in the coming years. In addition to its retail business, Seven & i Holdings also operates several other well-known brands, including 7-Eleven and Ito-Yokado.
Despite its rapid expansion, Speedway Convenience Stores remains committed to providing quality products and services to its customers, while also maintaining a strong presence in the communities where it operates. With the backing of Seven & i Holdings, Speedway Convenience Stores is well-positioned to continue its growth and success for years to come.
What is the net worth of Speedway?
Speedway is one of the largest convenience store chains in the United States, but what is its net worth? As of 2021, Speedway’s net worth is estimated to be around $7 billion.
How did Speedway achieve such a high net worth? Let’s take a closer look.
One way Speedway has grown its net worth is through strategic acquisitions. In 2018, Speedway purchased the convenience store chain SuperAmerica for $23.5 million. In 2019, Speedway acquired Express Mart, a convenience store chain in New York State. These acquisitions have helped Speedway expand its reach and increase its revenue, contributing to its net worth.
Another major contributor to Speedway’s net worth is its fuel sales. Speedway operates more than 3,900 convenience stores across the United States, many of which include fuel pumps. The company sells billions of gallons of fuel each year, generating a significant portion of its revenue and contributing to its net worth.
In addition to fuel sales, Speedway’s convenience stores generate significant revenue through the sale of food, beverages, and other products. The company offers a wide variety of snacks, drinks, and prepared foods, as well as tobacco products and lottery tickets. These sales also contribute to Speedway’s net worth.
Is Speedway a publicly traded company?
Speedway LLC is a subsidiary of the Marathon Petroleum Corporation, which is a publicly traded company on the New York Stock Exchange under the ticker symbol MPC. However, Speedway itself is not a publicly traded company and does not have its own ticker symbol.
Speedway operates as a convenience store chain, with over 4,000 locations across the United States. Despite not being a publicly traded company, Speedway is a significant player in the retail industry, generating billions of dollars in revenue each year.
Ownership Structure of Speedway
- Speedway LLC is a wholly-owned subsidiary of the Marathon Petroleum Corporation.
- Marathon Petroleum Corporation is a publicly traded company on the New York Stock Exchange under the ticker symbol MPC.
- Marathon Petroleum Corporation owns and operates multiple subsidiaries, including Speedway LLC.
Marathon Petroleum Corporation’s Performance
Marathon Petroleum Corporation, the parent company of Speedway LLC, reported net income of $2.5 billion for the year 2021, an increase from the previous year’s net income of $450 million. Marathon Petroleum Corporation’s stock price has also seen significant growth over the years, with a 5-year return of over 115%. Despite facing challenges from the COVID-19 pandemic, Marathon Petroleum Corporation has shown resilience and continues to perform well in the market.
Acquisition of Speedway
In August 2020, the Seven & i Holdings Company, the parent company of 7-Eleven, announced that it had agreed to acquire Speedway from Marathon Petroleum Corporation for $21 billion. However, the acquisition has faced regulatory hurdles, and as of February 2023, it has yet to be completed.
Who are Speedway’s biggest competitors?
Speedway LLC is one of the largest convenience store chains in the United States, but it faces stiff competition from other companies in the industry. Here are some of its biggest competitors:
7-Eleven – With over 9,000 stores in the US alone, 7-Eleven is one of the biggest convenience store chains in the world. The company has a strong global presence and offers a wide range of products and services, including food, beverages, and financial services.
Circle K – Circle K operates over 10,000 stores in North America, Europe, and Asia. Like Speedway, the company is known for its convenience stores and fuel stations, and it offers a variety of food, drinks, and other products.
Other competitors include:
- Wawa – a chain of convenience stores and gas stations in the Mid-Atlantic region of the United States
- Cumberland Farms – a chain of convenience stores and gas stations in the Northeastern United States
How does Speedway stand out?
While Speedway faces fierce competition in the convenience store industry, the company has a few key strengths that help it stand out from the crowd. For example, Speedway has a large network of stores located in strategic locations, making it easy for customers to access its products and services. Additionally, the company offers a range of proprietary food and beverage products, such as its “Speedy Café” line of fresh coffee and snacks, which helps it differentiate itself from its competitors.
Overall, Speedway has managed to establish itself as a major player in the convenience store industry, despite facing stiff competition from other companies. By leveraging its strengths and continuing to innovate, Speedway is well-positioned to remain a top player in the industry for years to come.
What makes Speedway unique?
Speedway is a convenience store and gas station chain that has been around since 1959. With over 3,900 locations in 35 states, it is a well-known brand in the United States. Here are some things that make Speedway unique:
Wide selection of products
One thing that sets Speedway apart from other convenience stores is the wide selection of products it offers. Along with the typical convenience store items like snacks and drinks, Speedway also sells hot food, auto supplies, and gift cards. Some locations even have a full-service restaurant inside.
Speedy Rewards loyalty program
The Speedy Rewards program is one of the best loyalty programs in the convenience store industry. Customers earn points for every dollar spent at Speedway, which can be redeemed for free food, merchandise, and fuel discounts. In addition, the program offers exclusive discounts and promotions to members.
Partnership with major brands
Speedway has partnerships with several major brands, including Coca-Cola, Pepsi, and Hershey’s. This allows the company to offer exclusive products and promotions that cannot be found at other convenience stores. For example, Speedway often runs promotions where customers can earn bonus points or discounts on Coca-Cola products.
What is the future of Speedway?
Speedway has been a staple of American convenience stores for over 60 years. But what does the future hold for this iconic brand?
Despite the challenges of the last year, Speedway’s parent company, 7-Eleven, has big plans for the future. One major focus is expanding Speedway’s reach through new store openings and acquisitions. Additionally, they are investing in technology to enhance the shopping experience, such as mobile ordering and contactless payments.
Investment in Sustainability
One major trend in the convenience store industry is a focus on sustainability, and Speedway is no exception. In recent years, they have made efforts to reduce their environmental impact through initiatives such as LED lighting, solar panels, and more efficient refrigeration. Going forward, it’s likely that Speedway will continue to prioritize sustainability, both for the benefit of the environment and to meet consumer demand.
Competition from E-commerce
As e-commerce continues to grow, traditional brick-and-mortar retailers like Speedway face new challenges. Consumers are increasingly turning to online shopping for convenience and selection. However, Speedway’s focus on convenience and speed may be an advantage in this arena, particularly as they continue to invest in technology and streamline the shopping experience.
The Impact of Changing Consumer Habits
Finally, changing consumer habits and preferences are always a factor in the future of any retail business. As younger generations become a larger portion of the consumer market, they may have different expectations from convenience stores. For example, they may prioritize healthy snack options or eco-friendly packaging. By keeping a pulse on changing consumer trends, Speedway can continue to adapt and thrive in the years to come.
Frequently Asked Questions
Is Speedway Convenience Stores a privately owned stock?
Yes, Speedway Convenience Stores is a privately held company, which means that its stock is not publicly traded on any stock exchange. It is a wholly-owned subsidiary of Marathon Petroleum Corporation, which is also a private company.
Who owns Speedway Convenience Stores?
Speedway Convenience Stores is owned by Marathon Petroleum Corporation, a private company based in Findlay, Ohio. Marathon Petroleum Corporation is one of the largest independent oil refiners in the United States and also owns other subsidiary companies.
When was Speedway Convenience Stores founded?
Speedway Convenience Stores was founded in 1959 in Michigan under the name “Speedway 79.” Over the years, the company has expanded and grown to become one of the largest convenience store chains in the United States, with over 4,000 locations in 22 states.
How many employees does Speedway Convenience Stores have?
As of 2021, Speedway Convenience Stores has approximately 40,000 employees across its network of stores. The company prides itself on being a great place to work and offers a variety of career opportunities, from entry-level positions to management roles.
Does Speedway Convenience Stores offer franchise opportunities?
No, Speedway Convenience Stores does not offer franchise opportunities. All of its stores are company-owned and operated, which allows the company to maintain consistent branding, customer service, and product offerings across its entire network.
What types of products and services does Speedway Convenience Stores offer?
Speedway Convenience Stores offers a wide range of products and services, including gasoline, snacks and beverages, cigarettes and tobacco products, lottery tickets, money orders, and more. Some locations also offer car washes and other automotive services.