RESEARCH TRIANGLE PARK — Get Spiffy has doubled in size overnight.
The on-demand car care, technology, and services company — founded in 2014 by Scot Wingo of ChannelAdvisor fame — announced today that it has acquired another one of its main competitors, Your Location Lubrication (YLL).
That now means Spiffy will be operating in 20 markets with more than 200 vans and 300 technicians.
WRAL TechWire’s Chantal Allam recently had a quick chat with Wingo about this latest development, and his future plans for the company. Here’s what he had to say:
- This is big news. You’ve just doubled the company. Tell us more.
Yeah, it’s kind of the merger of equals, if you will. In some ways, the guys at YLL are somewhat bigger than us. So it’s going be pretty material for us.
- Why now?
We found that this fleet opportunity is really big. We started with consumer, and we still do that. But as we’ve gotten into this fleet opportunity, we found there was one competitor out there that was going at it almost the same way, but it actually had some pretty cool proprietary technology that allows them to do four to six services in an hour. We can do kind of do two an hour. We just had a lot of respect for them as competitors and ended up kind of talking to them and saying, “Hey we could just kind of fight it out for a while, or we could join forces. Let’s do that.”
- Are you disclosing details of the deal?
No financial disclosures. It’s a private company.
- You raised $10 million of venture capital funding back in June. Have you spent all the money on recent acquisitions? Are you looking to raise more?
The fun thing about Spiffy is we can grow as fast or as slow as we want. It depends how much capital we have. So, yeah we’ll probably kind of dip our tow in the water early next year to see if someone out there is interested in helping us achieve our goal of being in 50 cities with everything we want to do.
- So that’s the goal? You want to be in 50 markets?
Yeah, and this gets to 20 so we’re or almost halfway there.
- Do you have a number in mind?
Once you’ve raised $10 million, you got to do better than that. So I’d say something bigger than $10 million.
- Are you looking to exit anytime soon?
I’m kind of contrarian on that. I just kind of focus on building a great business and then I kind of believe that exit will come. Once it gets over 50 markets, that’s a business over $100 million. It’s good national business that I think is it has a lot of options. We could look at partnering with someone bigger, or we could look at an initial public offering to go international or something like. It’s too early to tell which path we’ll go on but we’re focused on getting there.
- Tell us briefly how you started again?
Karl Murphy and I are cofounders. I was at ChannelAdvisor while he was effectively running it full time until 2015 when I moved over full time.
- How did you take a mobile car wash service starting here in Cary turn it into a potentially global company in such a short time?
This is my fourth company, and every time I’m kind of raising my sights to something bigger. So it’s been the plan all along: start with an around wash here locally and figure out how to solve that. Then add more stuff and then add more cities, then add other lines of business. If you think about it, we have three lines of business,: consumers at office parks; consumers at residences, and now we have this really large fleet business. We’ve got a lot of ways we can grow and it’s a lot of fun.
- Are you surprise by this success? When you originally had this idea, I’m sure you had people who were kind of skeptical.
Every company I have started, a fair number of people think you’re crazy. To me, I guess I’ve learned that that means that probably on to something. If you’re kind of you know doing something other people aren’t, then by definition people think you’re kind of crazy. You’re either crazy or you’re going where the puck is going.