Speedway gas stations are a staple of American road trips and commutes, providing drivers with a place to fuel up, grab a snack, and hit the road. But have you ever stopped to wonder who owns Speedway gas stations?
In this article, we’ll reveal the shocking truth about Speedway’s ownership, uncovering the history of the company and its rise to become one of the largest gas station chains in the United States. We’ll also explore the pros and cons of owning a Speedway gas station franchise and compare Speedway to other major gas station chains. So buckle up and get ready to discover the secrets behind Speedway gas stations!
Uncovering the True Ownership of Speedway Gas Station
Speedway gas stations are a ubiquitous sight on American highways, providing drivers with a place to refuel and grab a quick bite to eat. But who actually owns Speedway gas stations? The answer may surprise you.
Despite its name, Speedway is not actually owned by a single individual or company. Rather, the chain is owned by parent company Marathon Petroleum Corporation, which acquired Speedway in 2018. This acquisition made Marathon Petroleum Corporation one of the largest fuel distributors in the United States, with over 7,700 locations across the country.
The History of Speedway Gas Station
Speedway gas stations have a long and storied history that dates back to the early 20th century. The first Speedway location opened in 1928 in Michigan, offering customers a unique combination of gasoline, groceries, and other convenience items. Over the decades, the chain expanded across the Midwest and beyond, becoming a household name in many communities.
The Pros and Cons of Owning a Speedway Gas Station Franchise
- Pros: Speedway gas stations are part of a well-established and recognized brand, which can attract customers and help drive sales. Additionally, Speedway offers its franchisees extensive training and support, as well as marketing and advertising resources.
- Cons: Owning a Speedway gas station franchise requires a significant financial investment, and franchisees must meet strict requirements in terms of location, facilities, and operations. Additionally, franchisees must pay ongoing fees and royalties to the parent company, which can eat into profits.
Overall, the ownership of Speedway gas stations may be more complex than many people realize, but the chain’s popularity and success are undeniable. Whether you’re a driver in need of a pit stop or a potential franchisee looking to invest in a well-known brand, Speedway gas stations are worth considering.
Inside the World of Gas Station Franchises
When it comes to fueling up our cars, gas stations are an essential part of our daily lives. But have you ever thought about the business side of things? Gas stations are not just independently owned businesses. Many are part of a franchise system, which offers a range of benefits to both the franchisor and franchisee.
Let’s take a closer look inside the world of gas station franchises and what it means for both the owners and customers.
The Benefits of Franchising
Gas station franchises offer several advantages for the franchisor and franchisee alike. For the franchisor, it allows for rapid expansion and growth of their brand without the cost of building new locations themselves. The franchisor provides training, marketing, and ongoing support to the franchisee, which helps ensure the success of the business.
On the other hand, the franchisee benefits from the established brand recognition, proven business model, and ongoing support from the franchisor. The franchisee also gains access to bulk purchasing power, which can result in lower costs for products and services.
The Different Types of Gas Station Franchises
- Major Oil Company Franchises: These franchises are owned and operated by major oil companies such as BP, Chevron, and Shell. They offer a range of branded fuels, as well as convenience store items.
- Independent Franchises: These franchises are not affiliated with any major oil company and operate under their own brand name. They may offer unbranded fuels and/or convenience store items.
The Pros and Cons of Gas Station Franchises
- Pros: The franchisee gains access to an established business model, training, and ongoing support. They also benefit from bulk purchasing power, lower costs, and established brand recognition. For the franchisor, it allows for rapid expansion and growth of their brand without the cost of building new locations themselves.
- Cons: Franchise fees and ongoing royalties can be costly. Franchisees may also have limited control over their business operations and may be required to follow strict guidelines set forth by the franchisor. Additionally, the franchisee may not have the flexibility to make decisions based on their local market.
Overall, gas station franchises offer a range of benefits for both the franchisor and franchisee. They allow for rapid expansion and growth of the brand while providing the franchisee with established business practices, ongoing support, and bulk purchasing power. However, it’s important to carefully consider the pros and cons before deciding to invest in a gas station franchise.
The History of Speedway Gas Station: From Humble Beginnings to Corporate Giant
Speedway Gas Station started as a small chain of gas stations in the Midwest in 1959. The original company was named Speedway 79, after the gasoline octane rating of 79. The company started out with just a handful of locations in Ohio and quickly expanded throughout the Midwest. In the 1980s, Speedway 79 merged with Marathon Petroleum Company, and the chain was renamed to Speedway.
The acquisition was a turning point for Speedway, as it provided the company with the resources needed to expand rapidly. Today, Speedway is the second-largest chain of company-owned and operated gasoline and convenience stores in the United States, with over 4,000 locations across 33 states.
The Early Years of Speedway
Speedway Gas Station was founded by Tony Ruffolo and his father in Enon, Ohio, in 1959. The company started out as a small chain of gas stations, with just a few locations in Ohio. However, the company’s focus on customer service and competitive pricing quickly earned it a loyal customer base.
Over the next few decades, Speedway continued to expand throughout the Midwest, opening new locations in Indiana, Michigan, Illinois, and other states. The company also began to expand its offerings beyond gasoline, adding convenience store items like snacks, beverages, and cigarettes to its stores.
Speedway Today: A Corporate Giant
- Speedway is now owned by Marathon Petroleum Company, one of the largest oil refining companies in the United States.
- The company operates over 4,000 locations in 33 states, making it the second-largest chain of company-owned and operated gasoline and convenience stores in the United States.
- Speedway’s offerings include gasoline, convenience store items, and car wash services.
Over the years, Speedway has continued to expand and evolve, adapting to changes in the gasoline and convenience store industries. Today, the company is a major player in the market, known for its competitive pricing, customer service, and wide range of offerings.
- Speedway has a reputation for offering some of the lowest gasoline prices in the market, thanks to its relationship with Marathon Petroleum Company.
- The company’s convenience stores offer a wide range of items, including snacks, beverages, lottery tickets, and more.
Overall, Speedway’s success can be attributed to its commitment to providing high-quality products and services at competitive prices. The company’s focus on customer service and its ability to adapt to changes in the industry have made it a beloved brand among consumers and a major player in the gasoline and convenience store industries.
The Pros and Cons of Owning a Speedway Gas Station Franchise
Owning a Speedway Gas Station franchise can be a great opportunity, but it’s important to weigh the pros and cons before making a decision.
One of the biggest advantages of owning a Speedway Gas Station franchise is the brand recognition. Speedway is a well-established company with a strong reputation for quality products and customer service. This can be a huge advantage when it comes to attracting customers and building a loyal customer base. Additionally, as a franchise owner, you’ll receive support and training from the parent company, which can help you get up and running quickly and efficiently.
Pros:
- Brand Recognition: As a franchise owner, you’ll benefit from the recognition and reputation of the Speedway Gas Station brand.
- Support and Training: The parent company will provide you with training and support to help you run your business effectively.
- Access to Resources: As part of a larger company, you’ll have access to resources and services that would be difficult to obtain as an independent business owner.
However, there are also some potential drawbacks to owning a Speedway Gas Station franchise that you should consider before making a decision. One of the biggest challenges is the upfront investment required. Owning a franchise can be expensive, and you’ll need to have a significant amount of capital to get started. Additionally, as a franchise owner, you’ll be required to follow strict guidelines and operating procedures set forth by the parent company.
Cons:
- High Startup Costs: Owning a franchise can be expensive, and you’ll need to have a significant amount of capital to get started.
- Strict Guidelines: As a franchise owner, you’ll be required to follow strict guidelines and operating procedures set forth by the parent company.
- Loss of Control: As a franchise owner, you’ll need to follow the policies and procedures set forth by the parent company, which can limit your ability to make independent business decisions.
Ultimately, the decision to own a Speedway Gas Station franchise comes down to your personal goals, financial situation, and willingness to follow guidelines set forth by the parent company. Weigh the pros and cons carefully before making a decision.
How Speedway Gas Station Compares to Other Major Gas Station Chains
Speedway Gas Station is one of the biggest gasoline chains in the United States, but how does it compare to other major gas station chains?
When comparing Speedway to other major gasoline chains like Shell, ExxonMobil, and Chevron, Speedway stands out in a few key areas. For example, Speedway’s fuel rewards program is one of the most generous in the industry, allowing customers to save up to 10 cents per gallon. Additionally, Speedway’s customer service is highly rated, with many customers praising the helpful and friendly staff.
Speedway vs. Shell
- Shell has a larger global presence than Speedway
- Speedway has more affordable gas prices than Shell
- Shell’s rewards program offers more options for redeeming rewards
Speedway vs. ExxonMobil
ExxonMobil is one of the largest gasoline chains in the world, so how does Speedway compare?
- ExxonMobil has a larger number of gas stations worldwide than Speedway
- Speedway offers more affordable prices for gasoline and diesel fuel
- Speedway has a more generous rewards program than ExxonMobil
Speedway vs. Chevron
Another major gasoline chain that is often compared to Speedway is Chevron. Here are some key differences:
- Chevron has a larger global presence than Speedway
- Speedway has more affordable gas prices than Chevron
- Both chains have rewards programs, but Speedway’s program is more generous
Overall, Speedway Gas Station is a strong competitor in the gasoline chain industry, with affordable prices, a generous rewards program, and excellent customer service. While it may not have the same global presence as some other major chains, its focus on quality and value make it a great choice for customers across the United States.
The Future of Speedway Gas Station: Predictions and Speculations
The future of Speedway gas station is exciting as the brand has been expanding its services to provide its customers with an exceptional experience. One of the predictions for the future of Speedway gas station is the increase in electric vehicle (EV) charging stations. The demand for eco-friendly vehicles is increasing every day, and Speedway gas station is aware of this trend. They have started installing EV charging stations in their gas stations to cater to this growing need. This move is likely to make Speedway gas station a popular destination for EV drivers, leading to increased revenue and customer loyalty.
Another speculation for the future of Speedway gas station is the introduction of innovative technologies to enhance the customer experience. Speedway has been experimenting with different technologies to provide its customers with a convenient and seamless experience. Some of the technologies that Speedway gas station is likely to introduce in the future include mobile apps for ordering and paying for gas, touchless payments, and digital signage. These technologies are expected to make the gas station experience faster and more convenient for customers.
Increased Focus on Convenience Stores
Speedway gas station is likely to increase its focus on convenience stores in the future. The company has already been expanding its food and beverage offerings in its convenience stores. The convenience stores are expected to play a crucial role in the company’s growth strategy in the coming years. Speedway gas station is likely to continue investing in its convenience stores, making them a one-stop-shop for customers’ needs. The stores are expected to offer an extensive range of products and services, including grocery items, snacks, and household essentials.
Expansion to New Markets
- Speedway gas station is also likely to expand its services to new markets. The company has been growing rapidly, and it is expected to continue expanding in the future. One of the areas that Speedway gas station is likely to target is the rural market. The company is likely to introduce new gas stations in rural areas, which are currently underserved. This move is expected to increase the company’s revenue and market share.
- Another area that Speedway gas station is likely to expand to is international markets. Speedway gas station is already present in the United States, but it is yet to venture into international markets. The company is likely to introduce its services in other countries, including Canada and Mexico, where there is a demand for high-quality gas stations. This move is likely to increase the company’s revenue and global presence.
Frequently Asked Questions
Who owns Speedway Gas Station?
Speedway Gas Station is owned by Seven & i Holdings Co., a Japanese retail company that operates in various industries including convenience stores, supermarkets, department stores, and financial services.
What other companies does Seven & i Holdings Co. own?
Aside from Speedway Gas Station, Seven & i Holdings Co. also owns several other companies including 7-Eleven, Inc., Ito-Yokado Co., Ltd., Sogo & Seibu Co., Ltd., and York Benimaru Co., Ltd.
How many Speedway Gas Stations are there?
As of 2021, there are over 4,000 Speedway Gas Stations across the United States.
Does Speedway Gas Station offer any rewards programs for customers?
Yes, Speedway Gas Station offers a rewards program called Speedy Rewards, where customers can earn points for every purchase and redeem them for various rewards including free food, drinks, and merchandise.