Truck and Jeep drivers find themselves underserved
Despite the prevalent popularity of Jeeps and trucks in the U.S., drivers find it difficult to source quality accessories and service. Prohibitive costs, shoddy workmanship, and unspecialized mechanics are unfortunately all-too-common for drivers of these specialized vehicles.
30+ years of combined experience in trucking and building high performance businesses
PowerTrucks USA is the vision of owners Jeremiah Fiel and Whitecap Enterprises II*. With Jeremiah’s 12+ years in the truck accessory business as founder and owner of ASL Off Road (ASL) in Warrenton, VA – and Whitecap Enterprises’ 20+ years of building high performing, customer focused businesses – we're now the PowerTrucks USA family. Our primary business is selling and installing aftermarket truck accessories including tires, wheels, bed liners, lighting, stereos, and other truck and light vehicle accessories.
*Power Trucks USA LLC (Warrenton) is a subsidiary of Whitecap Enterprises II. Power Trucks USA LLC (Warrenton) is our flagship store, and we plan to use it as a model for future franchises. Power Trucks USA Franchising, LLC will be the entity that holds all future franchises as subsidiaries. Power Trucks USA IP, LLC is a Subsidiary entity that holds the Company’s intellectual property.
A trucking accessories company with a successful standalone business & plans to franchise
We sell and install after-market truck accessories for medium and light duty trucks and other light duty vehicles. These accessories are installed on vehicles to enhance appearance or performance and can be for personal, recreational, or business purposes. Examples include tires, rims, lift kits, light-kits, chrome vanity upgrades, etc. We're also going to create a unique franchised brand that's focused on serving truck and jeep owners and dealers through the United States.
Power Trucks Warrenton generated $2.06M in revenue in 2020
Whitecap Enterprises II acquired Power Trucks Warrenton in 2018. That next year, under the combined guidance of our two partners, Power Trucks USA generated between $2.4M and $2.6M. In 2020, the company finished with $2.06M in revenue. We support 60+ different brands and have solidified relationships with leading producers in the industry. We've established strong branding and an unparalleled reputation, and are ready to franchise across the country.
Sharing the same passion for trucks as our customers
We're dedicated to helping customers find, purchase, and install the right, high quality truck accessories that will make drivers proud to be a truck owner.
PowerTrucks USA's core belief is to always do what is in the best interest of our customers. Our #1 goal is to be known for providing the absolute best service in the business. The PowerTrucks USA family is always fostering improvements. We take pride in delighting and satisfying customers, and have helped thousands of customers. We have a 5-star rating for our friendly and unparalleled services.
Two unique business models with competitive margins
Power Trucks USA employs two unique business models. The first is Power Trucks Warrenton, our flagship company. This business model is a direct sale of aftermarket parts, and boasts a blended gross margin of 42%. The second is Power Trucks USA. This business model will be characteristically asset-light, like most franchise models.
A $46.2 billion market
Over 50% of the spending in this market is on equipment and accessories for upgrading pickup trucks, SUVs, and compact utility vehicles. Companies that are independent of the new or used truck dealerships dominate the truck accessory market. According to the Specialty Equipment Market Association, the industry is ripe for consolidation, as the landscape is highly fragmented with over 29K dealers.
We believe that significant growth can be achieved through the franchising process by leveraging our after-market truck accessory experience and service delivery experience. Key factors that will help us achieve this are our multi-franchise location opportunities, our established relationships with vendors and distributors, our low development costs, and our high income potential for owner operators.
Specialty equipment market is ripe for consolidation
Part of why truck and Jeep drivers face difficulty sourcing quality parts and services is due to the fragmentation of the market. 60% of the 29K+ dealers operating in the industry are single-store owners, meaning there is no industry standard or reliable franchise. We project that Power Trucks will be able to capitalize on our current brand traction and recognition in order to consolidate the majority of this fragmented market.
Franchising across every state in the USA
With your investment, Power Trucks USA will successfully scale our franchising model to every part of the country. We plan to partner with owners across all 50 states within 10 years. With our current track record, growth and your support, we can make this possible.
$2.7M invested in the business so far
Whitecap Enterprises is offering a unique franchising opportunity. With your investment, we'll create a unique franchised brand focused on serving truck and jeep owners and dealers throughout the US. In total, $2.7M has been invested into the business so far between friends and family contributions, as well as founder contributions. The proposed franchise project presents an attractive opportunity for Whitecap and Power Trucks USA to expand their brand and continue to provide support to the under-served market.
The use of proceeds from this round of funding will go towards the franchising process, infrastructure support, and a fully scaled marketing campaign.
Jeff Shiring, Founder & Managing Partner
Jeff is the Founder and Managing Partner of Whitecap Enterprises, a private asset management company. He started his career in finance and, prior to Whitecap Enterprises, had 30 years of executive experience implementing successful roll-up and turnaround strategies in numerous industries including equipment rentals, waste management, and health care for both public companies and private equity groups.
His experience includes executive roles at a private equity backed, fully integrated waste management company located in the Mid-Atlantic, where he helped guide the company to a successful exit, growing the company from $12m to $50m in revenue while EBITDA grew from $2.5m to $10m. He also served as Chairman of a family entertainment center company which grew from three to 30 locations over five years, funded largely by an investment of $80m from a leading private equity firm.
The Power Group is a platform created by Whitecap to capitalize on opportunities and is focused on the truck accessory and equipment rental industries. Specific to equipment rental, Jeff served in a financial leadership role within the Hertz Equipment Rental Corporation where he oversaw $500 million of revenue and $1B in fleet. Jeff currently serves as the Chairman of the Board for the Power Group and Impact Wrap.
Jeremiah, Managing Partner
Jeremiah is a former owner of the one of the companies acquired by Power Trucks USA. Jeremiah is an entrepreneur who has owned and operated a number of businesses, including ones in the outdoor advertising, contracting, and truck accessories.
He started by founding American Electrical Solution, a commercial electrical company in Northern Virginia. After three years of growing the business, Jeremiah sold in 2005 and opened a retail aftermarket truck accessory shop in Warrenton Virginia. He quickly became the authority in truck accessories and built a great reputation with the community and his customers including truck dealerships in the surrounding areas.
His entrepreneurial drive has pushed him into starting and running multiple business including Snow and Ice LLC, a fleet of snow plow trucks working for the state Open Air Marketing LLC, an outdoor mobile advertising business.