The ease of the deal made it more attractive to me, in addition to having access to national advertising and name recognition
Charles Hobbs

ColorTyme announced today that independent rent-to-own veterans Charles Hobbs and his wife, Holley, are the newest ColorTyme franchisees after signing a franchise agreement with ColorTyme on July 30, 2005.

The Hobbs’ independent rent-to-own chain, Hometown Rentals, based in Blakely, Ga., with stores in Alabama and Georgia, will sell or convert all eight of its locations. Four stores are being sold: two to Rent-A-Center and two to EBRO International, Inc. who are ColorTyme franchisees Frank and Richard Pannell. The Hobbs’ will retain and convert three stores to ColorTyme stores. One store will close and send its customers to nearby ColorTyme locations.

“Several pieces of the puzzle fell into place with ColorTyme,” Hobbs said. “The ease of the deal made it more attractive to me, in addition to having access to national advertising and name recognition. I’m able to keep several of my stores, but sell the others to multiple parties in one deal.”

Hobbs, a retired CPA, opened his first rent-to-own store in 1991 with a fellow Rotary Club member who suggested it. He and his wife wanted to offer their customers a wider range of products at better prices as well as use ColorTyme’s resources to provide increased service options.

The three stores being converted to ColorTyme locations, two in Alabama (Eufaula and Troy) and one in Georgia (Blakely), will celebrate their grand openings in October. The two stores sold to Rent-A-Center are located in Enterprise and Andalusia, Ala. EBRO International purchased the Hobbs’ Hometown Rentals locations in Ozark and Dothan, Ala. with their conversions scheduled to be completed by the end of September. It will be the Pannells’ ninth ColorTyme store and third in Alabama. ColorTyme stores will total 11 in Southeast Alabama and Southwest Georgia operated by four independent ColorTyme franchisees.

“Since opening the Opp ColorTyme, we’ve wanted to continue expanding into Alabama,” Richard Pannell said. “With the Dothan store and now the Ozark location, we can serve the people of those communities but take advantage of the relationship that Charles has already established with his loyal customers.”

ColorTyme, Inc. is the oldest franchised rent-to-own or rental purchase company in the United States with 273 stores. Headquartered in Plano, Texas, ColorTyme offers customers the opportunity to purchase products in a way they can afford, just as founder Willie Talley envisioned ColorTyme 25 years ago. The company got its start when Talley began selling Curtis Mathes color televisions and realized many of his customers couldn’t afford to buy a new TV in one payment. A new brand and concept was born. Now in its 25th year, the company has launched an aggressive franchise development plan and is on track to grow significantly in the next five years with many of its newest locations being developed by former rent-to-own professionals who want to the opportunity to go into business for themselves.

Contact Pat Sumner for more information about becoming a ColorTyme Franchisee.

www.colortyme.com