RV Dealership Acquisition & SBA Underwriting Financial Model (Floorplan + F&I + Absorption + DSCR)

Description
A lender-ready, 5-year model for buying a single-store RV dealership with an SBA 7(a) loan, built around the two lines no existing template models: the inventory floorplan interest and the fixed-ops absorption ratio.

Revenue and gross are built bottom-up by department - new units, used units, F&I and parts & service - each at its own margin, so Gross Profit falls out of the mix. The new and used iron make about three quarters of the revenue and almost none of the profit; F&I and the service drive make the profit (54% of gross in the base case). That is the honest dealership thesis, and the model prices it.

The floorplan is modeled explicitly: inventory is financed on a revolving line kept separate from the acquisition loan (the SBA 7(a) cannot fund floorplan in the traditional sense - the SBA Dealer Floor Plan program does). Floorplan interest = average inventory at cost x advance rate x floorplan rate, where average inventory = unit cost x days-in-stock / 365. Days-in-stock and the rate are stressable drivers.
The honest headline is the down-cycle. The base-case DSCR looks comfortable at 1.64x - because the acquisition loan is small versus cash flow; the risk lives in the floorplan. So the model runs the test the seller's good-year P&L never will: a normal RV unit down-cycle (-18% volumes, which happened in 2024) through the fixed overhead, which cuts SDE by 46.5% and drops DSCR to 0.56x.

Includes an 11-sheet Excel workbook (works in Google Sheets), a 24-page PDF guide, a 3-way profile toggle, the SBA capital stack with injection and cap checks, a real amortization schedule, the absorption ratio, the floorplan coverage, and a DSCR stress grid. SDE margin is held at a realistic 3.9%; units-per-store and the revenue split are industry-representative estimates; there is deliberately no IRR. Educational tool, not financial advice.