Extreme Vehicle Protection Shark Tank Net Worth 2023
Extreme Vehicle Protection appeared on Shark Tank Season 7 and made a deal with Daymond John. Matthew Harris and Kenny Lerner asked for $50,000 for 20% equity in their business, but Daymond John offered them $50,000 for 33.3% equity.
The valuation of Extreme Vehicle Protection was $250,000 when it appeared on Shark Tank. Since appearing on the show, Extreme Vehicle Protection has expanded the types of items that they protect.
Their website offers long-term storage options for things like furniture or outdoor equipment such as grills. It is unclear what the net worth of Extreme Vehicle Protection is in 2023.
What is Extreme Vehicle Protection? Who is the founder of Extreme Vehicle Protection?
Extreme Vehicle Protection is a carefully crafted system designed to shield your vehicle from harsh weather conditions. It is built to endure flooding up to 36 inches deep.
Initially, Extreme Vehicle Protection aimed to safeguard vehicles, but it has expanded to include a variety of items such as golf carts, furniture, lawnmowers, and even yachts.
The company was founded by Matthew Harris and Kenny Lerner. Before starting the business, Harris worked at a graphic design studio that also provided automobile wraps. His partner, Kenny Lerner, was already successful in his own right.
The inspiration for Extreme Vehicle Protection came from a dream that Matthew’s father had of a car cage. Harris shared the idea with his friend Kenny, who was excited about the possibilities.
They believed that EVP could save car owners and insurance companies a lot of money in the event of an unavoidable hurricane.
According to Harris and Lerner, their system can protect cars from floods in water up to three feet deep. They also offer coverings that can be used to store outdoor furniture and snow blowers.
The Extreme Vehicle Protection bags are essentially large, heavy-duty bags that you can drive your car through. Once sealed, the material provides protection from high winds and rising water. Although the company is relatively new (established in 2015), it is exclusively available through their website.
The price of the car bags ranges from $249 to $349, depending on the size of the vehicle. Harris and Lerner are seeking wholesale accounts and are presumably looking for a Shark to assist them with distribution deals.
Extreme Vehicle Protection Shark Tank Pitch
Matthew Harris and Kenny Lerner are pitching their line of vehicle and storage protection bags, called Extreme Vehicle Protection, in episode 722 of Shark Tank. They’re seeking a $50,000 investment in exchange for a 20% stake in their company, which is worth $250,000.
The Sharks are intrigued by the valuation, but want to see evidence of a sound business strategy and past sales before closing a deal. The entrepreneurs showcase their product by driving their car into the EVP, which is described as a “Ziploc bag for your automobile” by Kevin O’Leary.
Robert Herjavec, who is also a car enthusiast, has a product with a similar use but requires more effort to set up. The Sharks inquire about the sales, which have been lackluster at only 150 units sold through auto shows and body shops.
Mark Cuban thinks EVP is a “beautiful business” but lacks potential for expansion, and he’s out. Robert likes the concept but is not interested. Lori Greiner, another car enthusiast, dislikes the packaging and goes out.
Kevin O’Leary proposes a royalty arrangement, offering $50,000 to build inventory and sales and $30 per unit in perpetuity, with social media and staff support. Daymond John counters with a $50,000 offer for a third of the company and a similar sales platform.
The entrepreneurs accept Daymond’s offer, declining Kevin’s. The deal is finalized after the show airs, and EVP benefits from the Shark Tank effect with increased social media visibility and recognition as one of the “best Shark Tank items” by Buzzfeed.
The product receives positive ratings due to its 100% recyclable materials, and the company has since released new items like windshield hail protection coverings, equipment storage, and furniture storage.
As of January 2022, EVP is still in business, with its products available on Amazon. Daymond John appears to have made a profitable investment.
Net Worth of Extreme Vehicle Protection
The company valuation was $250,000 during the pitch, after Daymond John investment the company worth $151,515. Since then the company still operating and hence the company net worth might have increased.
Extreme Vehicle Protection FAQs
What is Extreme Vehicle Protection?
Extreme Vehicle Protection is a full-service auto protection company that specializes in products used to save cars from damage during extreme storms.
Who is the founder?
Matthew Harris and Kenny Lerner are the founders of EVP.
How much were they seeking on Shark Tank?
They were seeking for $50,000 for 20% stake of their company, which worth $250,000.
Did they have the deal?
Yes, they did a deal with Daymond John.
How much was the deal?
Daymond John offered $50,000 for 33% ownership of the company, which worth $151,515.
Is Extreme Vehicle Protection still in business?
Yes, they are still in business as of January 2022.
Where is the location of Extreme Vehicle Protection?
The company is located in Newport Coast, California.
What are the products of Extreme Vehicle Protection?
The products include high-durability, weather-resistant car bags filled with heavy-duty EconoPacks that protect vehicles from flooding, high winds and flying debris.
Where can I find Extreme Vehicle Protection?
The product can be bought on their official website and Amazon; it will cost $249 to $349 depending upon the size of the vehicle.
What size of Extreme Vehicle Protection should I get to fit my vehicle?
The purchasing page includes a sizing chart that will help customers determine the EVP bag size to get. Their bags are large to accommodate a wide range of size variances across model kinds, ensuring a perfect fit every time.
How tight Extreme Vehicle Protection should the bag be around the vehicle?
With the exception of the front to back straps, which will keep the entrance end high on the roof to avoid water seepage, the fit may be quite slack.
Is Extreme Vehicle Protection reusable?
The bag may be used for storing several times. However, owing to the potential influence a storm may have on the bag’s dependability after consecutive uses, it is suggested that they use a new bag if the use is meant to guard against increasing flood waters.
Is Extreme Vehicle Protection recyclable?
Yes, the EVP is built entirely of recyclable plastics.
How quickly can I obtain my Extreme Vehicle Protection?
The majority of orders are fulfilled within 3-7 days. They cannot promise short ship dates or overnight orders at this time. Plan ahead of time and order their EVP bags before the storm and flood seasons.
What is the net worth of Matthew Harris?
Matthew is a businessman and the founder of Extreme Vehicle Protection. He has an estimated net worth of $2 million.
What is the net worth of Kenny Lerner?
Kenny is an entrepreneur and the co-founder of Extreme Vehicle Protection. He has an estimated net worth of $4 million.
