In 1960, Tom Monaghan and his brother, James, purchased DomiNick's, a small pizza store in Ypsilanti, Michigan, near Eastern Michigan University.[7] The deal was secured by a $500 down payment, and the brothers borrowed $900 to pay for the store.[8] The brothers planned to split the work hours evenly, but James didn't want to quit his job as a full-time mailman to keep up with the demands of the new business. Within eight months, James traded his half of the business to Tom for the Volkswagen Beetle they used for pizza deliveries.[8] By 1965, Tom Monaghan had purchased two additional pizzerias; he now had a total of three locations in the same county. Monaghan wanted the stores to share the same branding, but the original owner forbade him from using the DomiNick's name. One day an employee returned from a pizza delivery and suggested the name Domino's. Monaghan immediately loved the idea and officially renamed the business Domino's Pizza, Inc. in 1965.