Matthew Harris and Kenny Lerner are two entrepreneurs on Shark Tank to sell their extreme vehicle protection waterproof car covers.
They created this idea to protect cars from heavy floods because they have yet to make anything for cars to protect them from heavy floods and rains. In Season 7 Episode 28, will Sharks invest in this environmentally changing product? This deal should be watched for sure.
Extreme Vehicle Protection Net Worth
Matthew Harris and Kenny Lerner asked for a $50k investment in exchange for 20% equity in their company. This meant they valued their company at $250,000. They made a deal with Daymond John for $50k in exchange for 33.3% of their company. This new deal valued their company at $150,000. After the show aired, Extreme Vehicle Protection saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Extreme Vehicle Protection is about $240,170.
Extreme Vehicle Protection Shark Tank Update
This product is an ‘Extreme Vehicle Car Protection Cover.’ They made this product for car protection against floods. The driver would drive straight into the extreme vehicle protection bag, which would then seal around the car and protect it.
Expensive cars and their interior can only be saved with their protection. This protection guarantees it, especially after the effects of climate change in the United States. Floods and heavy rainfalls have been common weather issues around the region. Whether you own a family car or a sports car, this product will protect it.
Did Extreme Vehicle Protection get a deal on Shark Tank?
Yes! Matthew and Kenny were seeking $500,000 for a 20% stake in their extreme vehicle car protection product. Kenny and Daymond both offer them but in the end, Matthew and Kenny accept Daymond’s deal. If you are in need of watching an eye-gluing episode then this one is for you.
| Shark(s) Involved | Offer Made | Demand | Counteroffer | Accepted? |
| Robert Herjavc | $500,000 | N/A | N/A | No |
| Lori Greiner | $500,000 | N/A | N/A | No |
| Kevin O’Leary | $500,000 | $250,000 with 20% equity and $30 per unit | $250,000 with 20% equity and $30 per unit till $100,00 is recovered | No |
| David Daymond | $500,000 | $250,000 with 33.3% equity | N/A | Yes |
| Mark Cuban | $500,000 | N/A | N/A | No |
Founder and backstory
Matthew and Kenny create their company EVP to protect cars from floods. They charge between $215 to $315. Matthew has been a graphic car designer for 20 years and Kenny has been a repo guy for 20 years. But he stopped working as a repo man when the economy hit people. He then started getting assignments for his neighbors and friends but it no longer works for him. His finances went down, and then he decided to start his own business.
Pitch and Initial Presentation
Matthew and Kenny begin their pitch with an introduction. They place their demand for $50,000 with 20% equity for their company. They then began their pitch for the tier product. Their product is a waterproof car bag that saves cars from floods. It is a big zipped-like cover that is enough to fit as a car cover.
They stated that people only knew how to secure their homes, Jewelry, and money from the flood, but nobody prepared anything to secure their cars. Matthew and Kenny said floods will be more frequent in the future, and people lose hundreds of cars every year. Many people lose their homes and cars at the same time and that is a big loss for them. That car can be a savings of many years and will take a long time to recover their loss.
They made this electric-free and zipped waterproof bag for car protection for the protection of cars. In only 2 to 3 minutes, with the help of one person, you can protect your car from flood. This product will be very useful in the future. It comes in a portable bag; a person can easily carry it anywhere with him.
Discussion on pitch and offer
Matthew asks Robert Herjavec to test it on the car they brought to the platform. Robert drove the car and entered the car bag, then came out and zipped the bag. Now, the car is fully packed on the cover. Kevin O’Leary compares their product to car-specific Ziplock. While Robert said that he is a car guy and he has many cars he already encountered the same type of car bag 15 years before.
When Sharks asked about the number of products they sold, Kenny responded that they sold around 150 units at car shows and body shops and gained good profit from it. Mark Cuban immediately went out because he did not see any growth potential in this investment. He is not interested in investing his money in their business.
Robert liked that product, but he didn’t think that people think too much about their cars in extreme weather. He said that in extreme weather conditions, people only think about their lives and family protection. He also went out. Lori Greiner was not interested in the aesthetic of the product and was confused because she was not a car person, so she stepped off the deal.
Somehow, Kevin and Daymond seem interested in this investment. They began with their offers to Matthew and Kenny. Then, the final offer discussion began, and things began to get tense here.
Negotiation and final deal
Firstly, Kevin offered $50,000 along with a sales platform and his very qualified team. In exchange, he wanted $30 per unit in perpetuity. Daymond interrupted Kevin’s offer and he offered $50,000 and a similar sales platform to Kevin’s. In exchange, he wanted to be a third partner with 33.3% equity.
Matthew and Kenny wanted to know if Kevin was going for unlimited royalties. Kevin countered with $30 per unit until 1,000 units had been sold. After this discussion, Daymond talked about the business partners that they would prefer someone who invested in the product like him. This offer looks quite interesting to Mathew and Kenny.
In the end, Matthew and Kenny accept Daymond’s offer and happily leave the stage after a firm goodbye. They had good hopes for their business because they got an offer on the Shark Tank platform.
Extreme Vehicle Protection Availability
EVC Extreme Vehicle Protection company provides a product that can protect your expensive car from floods. It is a long waterproof bag that you can use to cover your car. It comes in very attractive packaging; it is a portable bag you can carry anywhere. At this time, this product is also available on online platforms like Amazon. It can also be directly purchased from their website, ‘Extreme Vehicle Protection’.
Conclusion
Matthew and Kenny presented their sales skills in the best possible ways. Their product is impressive and their presentation caught the attention of some Sharks. Their idea of car protection is very good. They come on Shark Tank show with the hope of enhancing their business.
They want $50,000 with 20% equity. Kevin gave his offer, but neither partner was interested in it. But then they got a good offer from Daymond. However, they also introduced more products in their company to spread their business widely. And it’s going in full swing.
Hello everyone, I’m Sara Javed. I’m an IT professional expert with project management and design skills. Besides writing, I love playing video games, designing digital art, and reading books. I love Shark Tank due to its innovative business idea and unpredicted reactions of Sharks. This keeps me glued to the screens to watch the next catchy moment. Read more About me.