Why Whitecap Enterprises Invested in Power Trucks USA to Fuel Franchise Growth

At Whitecap Enterprises, we aim to help well-positioned, differentiated and proven businesses grow in emerging and fragmented industries. Power Trucks USA checks all of the boxes, and we were confident in Jeremiah's vision and the ability to expand the concept to a national footprint.

Shiring started his career in finance and, before 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.

Shiring's experience includes executive roles at a private equity-backed, fully integrated waste management company in the Mid-Atlantic, where he helped guide the company to a successful exit. He also served as chairman of a family entertainment center company, which grew from three to 30 locations over five years, primarily funded by an investment of $80 million from a leading private equity firm.

• The vision and brand created significant value for employees and patients.
• We grew the business from three practices to 23 practices over eight years and provided significant returns to our shareholders when we exited.

Investment strategy

When Shiring and the Whitecap team started looking for a new investment, they were drawn to the aftermarket accessory industry. That is where they were connected with Fiel and saw what he was doing with Power Trucks USA — then called ASL Off-Road.

• We looked at the industry and truthfully fell in love with it.
• People think about mature industries — healthcare, equipment rental, waste management — but most people don’t know about aftermarket truck accessories.
• Still, it is a $50 billion industry, and it is highly fragmented.
• We knew we could fill that demand.

Another major factor Whitecap considers before investing in a business is the depth of leadership that is in place. Jeremiah has the personality and the industry knowledge, and we even asked him to join Whitecap as a managing partner.

Franchise growth plans

In 2018, Whitecap Enterprises officially partnered with Fiel. While the COVID-19 pandemic understandably slowed down the plan for a while, Shiring says franchising was always in the cards.

• The economics are very strong.
• With a low initial investment range, the concept is affordable compared to other franchises like restaurants, and the ROI presented in the FDD is significant.
• We are very excited about that, and we think other prospects will be too.

The start-up costs to buy a Power Trucks USA franchise range from $258,775 to $498,207, with potential gross sales of $2.5 million as reported in the 2022 Franchise Disclosure Document.

Shiring says prospective franchisees will also have the opportunity to dominate their local market with a differentiated concept.

• We are focused on providing enthusiastic care to truck and Jeep enthusiasts.
• We are just as passionate about their cars and aftermarket care as they are, which allows us to stand out.
• Instead of spreading ourselves thin with other services, we are keenly focused on being the preferred group to service trucks and Jeeps.

Franchisee support and goals

Now, Shiring says the team is looking for entrepreneurs who are excited to offer this one-of-a-kind experience to their communities.

• The ideal Power Trucks USA franchisee is business-savvy, has experience in customer service and is comfortable being the face of their business.
• They could be mechanics, technicians, service writers or entrepreneurs from other trades.
• An ideal franchisee should be passionate about trucks, Jeeps and other vehicles.
• There is also an opportunity for multi-unit owners to come in and dominate a specific marketplace.

Since incoming owners will be the first in the Power Trucks USA system, they can expect an exceptional level of support through every step of the business, including training on daily operations, approved products and services, advertising, marketing and financial management.

• We want to provide everything franchisees need to thrive — we believe that the very best way we can be successful is to ensure that our franchisees are well-supported.
• We have direct operating experience, business experience and marketing expertise all contained within our team.
• As we grow, we will continue to expand those resources to ensure incoming owners feel supported.

Looking ahead, Shiring says his goal is to make Power Trucks USA the national provider for truck and Jeep care in the U.S.

• We want truck enthusiasts to think of Power Trucks USA when they think about what they need to make their automotive dreams come true.
• In order to build that brand recognition, we need to grow our footprint through franchising.
• Overall, our goal is to take this business that Jeremiah built and expand it across the country.
• That is an awesome dream, and we are excited to see what the future holds.