The new car wrapping business, which has seen sales rise over the past 12 months, is an area of the market that is gaining attention from car manufacturers and others concerned about the high cost of repairs and maintenance for cars.
As a result, it is attracting new investors as well as new car manufacturers, including some in the luxury car industry.
Car Wrap, based in Sydney, is the brainchild of a trio of investors: Peter Henson, an Australian businessman, former manager at Ford and former chief executive of Mitsubishi Heavy Industries, and Paul Hatton, a former head of engineering at Ford.
Peter Hensley, who bought the business last year, said it had attracted more than $1 million from a range of investors, including a former chairman of Ford Australia.
Mr Henson said the investment was part of a “multi-pronged approach” to boost car sales in Australia.
“We have to look at the consumer and get them on board with the idea of buying a car, so that they can take a risk on it,” he said.
“It’s a new industry, it’s a lot of fun, it just hasn’t been done in Australia before.
It’s going to change how we think about cars and how we do the car industry.”
Mr Henson has also invested in car manufacturing in the US, including the $500m North American subsidiary of Ford, which will be spun off into a new company, Ford Motor Australia, later this year.
Peter Henson says Car Wrap has raised $1.4 million from investors including former Ford boss and Mitsubishishi Heavy Industry chief executive Paul Hatter.
Hensley said the business had been founded to attract a range, from the average buyer to the “tough nut to crack”.
“We want to get people to buy cars, to understand cars, so they can start to be more confident in buying a new car,” he told the ABC.
The business is backed by Mr Hensison’s wife, and it also has a number of investors including US auto and tech companies.
Despite the growing interest in the business, Car Wrap’s biggest investor is not a car manufacturer, but a luxury car company.
Michael Jackson and George Michael are also backing the business.
Car Wrap’s chief executive Peter Hentsley said he wanted to create a platform for a wider range of car owners.
He said the car wraps business would allow car owners to buy a new or used car, and take on maintenance and repairs.
While it would be great for the average person, for the tough nut to make a new investment, the car wrap business will create a much larger customer base.
If you are a car enthusiast, or are in the middle of an investment decision, this is something you can look into, he said, adding that there were also many other people who were in the market and would be interested in investing in the car wrapping market.
ABC/ReutersTopics:business-economics-and-finance,consumer-fairs,industry,cars,business-administration,market-economy-policy,technology,consumer,automotive,business,industries-and.subsidies,franceFirst posted September 09, 2018 10:57:38Contact John ReubenMore stories from New South Wales