Are you worried about your vehicle turning into a wreck after a natural calamity and want to protect it from such a fate?
Do you want a solution that can act as a cover for your car and at the same time function as storage?
If yes, then go no further than Extreme Vehicle Protection. The company has brought to you a solution to protect not only your car from unruly weather but also you from suffering major losses due to property loss.
Extreme Vehicle Protection at a Glance:
| Idea | Vehicle and storage protection bags |
| Founders | Matthew Harris and Kenny Lerner |
| Asked For | $50,000 for 20% |
| Accepted Deal | $50,000 for 33% |
| Sharks | Daymond John |
| Business status | In Business |
| Episode No. | Season 7, Episode 28 |
Index:
What is Extreme Vehicle Protection?
Extreme Vehicle Protection is essentially a zip lock bag for automobiles.
The bag protects your vehicle from drastic weather conditions such as flooding and can protect your car from up to 36 inches of water. The EVP bags are also used for storing equipment like lawnmowers or assets such as yachts etc.
The bag is very useful and essential for people living near rising waters where flooding is a common occurrence.
The bag not only provides protection and damage control from floods and other natural calamities but also a space for storage.
Founder Story:
The idea of EVP strangely stemmed from a dream that Matthew’s father had.
He dreamed of a technology that would shield vehicles from unruly weather in 2013 when Matthew and his family had to experience Hurricane Sandy firsthand.
Matthew discussed this idea with Kenny, for he saw an opportunity for a successful business in it. This resulted in the formation of EVP.
The partners started developing and testing their products on Matthew’s Hyundai. They have also taken necessary patents for their product.
Did Extreme Vehicle Protection get a deal on Shark Tank?
The founder duo entered the tank with an ask of $50,000 for 20% equity, valuing the company at $250k. They pitched the idea of Extreme Vehicle Protection to the sharks and also explained its advantages over the available alternatives in the market.
They then explain the finances of the company. The duo states that they have sold around 150 EVPs since they launched the product fairly recently in the market. They sell bags ranging from $249-$349 depending on the size of the bag.
Mark Cuban states that the business has a nice click to it but would face scalability issues so he is out of the deal. Lori and Robert don’t feel that there is much utility in their product among the common masses.
Kevin offers them a royalty deal, $50,000 with a royalty of $30 on each product sold until they sell 1000 units. Daymond offers them $50,000 for one-third of the company.
After comparing the pros and cons of both the deals and counter negotiations from both the sharks on why they should take their deal, the duo decided to go ahead with Daymond’s offer, hence sealing the deal.
What Happened to Extreme Vehicle Protection after Shark Tank?
After the Extreme Vehicle Protection made an appearance on Shark Tank and sealed the deal with Daymond they have been selling much more units than before. It now provides protection bags for motorcycles as well.
The company’s social media claims the product to be Car’s Condom. The duo has also registered the EVP name as a trademark.
The company has continued operations since appearing on the show and has also introduced an array of new products such as windshield hail, protection covers, equipment storage, and furniture storage.
As of 2022, the social handles of the company are silent but the products can be bought online from Amazon.
Product Details:
- Extreme Vehicle Protection is a plastic bag that can be utilized to protect your vehicles from strong winds and floods.
- It is waterproof and portable.
- The bag can protect vehicles from about 36 inches of water and can also be used as a storage space.
- The bag is made from wear and tear-resistant plastic that is 100% recyclable and high in density.
- It is easy to use and can be zipped into the car without anybody’s help and under 10 minutes.
- They come in three varieties, the smallest one for sports cars and small vehicles, the middle one for sedans and hatchbacks, and larger ones for SUVs and minivans.
What is the Net Worth of Extreme Vehicle Protection?
Extreme Vehicle Protection entered the show with a valuation demand of $250k and exited the show with an accepted deal of $50,000 for 33.3% equity, bringing the valuation to around $150k.
The current net worth of the company as of 2023 is still unknown due to reasons unbeknownst.
Who are the main competitors of Extreme Vehicle Protection?
The major competitors of Extreme Vehicle Protection are:
- Toy garage (with a valuation of about $5 million)
- AAA Water Damage & Restoration Santa Clarita (with a valuation of about $5 million)
- BWDR Services (with a valuation of about $5 million)
- Total Services Restoration (with a valuation of about $5 million)
Is Extreme Vehicle Protection still in business?
Yes, Extreme Vehicle Protection is still up and running.
Though the company provides an innovative way to solve a major challenge, it is still a long way to for them before actual awareness is created among the people about the utility of their product.
Social Links:
Do Share Your Thoughts:
Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.
Also, don’t forget to try our Android app 📱 which contains startup case studies and business book insights 📚 , verified business strategies, and no bullshit!!
Related Articles:
FAQs:
What is Extreme Vehicle Protection?
Extreme Vehicle Protection is a company that manufactures bags for protecting your vehicles from winds or floods.
What's the net worth of Extreme Vehicle Protection?
Extreme Vehicle Protection entered the show with a valuation demand of $250k and exited the show with an accepted deal of $50,000 for 33.3% equity, bringing the valuation to around $150k.