Summary of ECD Automotive Design, Inc.

Business Overview

• Type of Business: High-end, custom car builder specializing in restomod luxury vehicles, primarily on classic and iconic models.
• Key Focus: Restoring and customizing vintage vehicles to modern standards with bespoke designs, high-performance upgrades, and luxury finishes.
• Main Products & Services:
  • Highly customized vehicles based on classic models (Land Rover Defender, Range Rover Classic, Jaguar E-Type, Ford Mustang, Toyota FJ40, among others).
  • Customizations include engine upgrades (V8, electric drivetrains), paint, interior, electronics, and cosmetic finishes.
  • Build process is entirely in-house, involving over 2,200 man-hours per vehicle with extensive craftsmanship.
  • Revenue streams: Direct vehicle sales, repair/upgrade services, extended warranties, resale commissions.
• Market Niche: Luxury niche catering to high-net-worth individuals seeking one-of-a-kind, bespoke cars with a luxury customer experience.
• Target Market: High-net-worth individuals, with over 600 projects completed and around 67 ongoing projects in pipeline.
• Geographical Operations:
  • Headquarters: 100,000 sq. ft. manufacturing facility ("Rover Dome") in Kissimmee, Florida.
  • UK Operations: Subsidiary in Burton-On-Trent, sourcing vehicles and parts from the UK.
  • Retail Locations planned: West Palm Beach, FL, and Nantucket, MA (for immediate delivery units).
• Employees:
  • Total: 105 full-time employees as of the reporting period.
  • Technicians & Craftsmen: 67, with 66 certifications (including 3 master ASE).
  • UK Employees: 4 full-time, plus 1 subcontractor.
• Revenue & Financials (2024):
  • Total Revenue: $25.1 million (up from $19.5 million in 2023).
  • Net Loss: $10.8 million (improved from $1.2 million in 2023).
  • Gross Margin: 23.4% in 2024, up 100 basis points from previous year; on par with luxury automakers like Ferrari and Porsche.

Unique Characteristics & Operations

• Customer Experience: Immersive, personalized, "white-glove" process with bi-weekly updates, virtual design videos, and client involvement at every step.
• Build Timeline: Typically 12-14 months per vehicle, with extensive quality checks (over 640 inspection points), including a 1,000-mile pre-delivery test drive.
• Production Lines:
  • North Line: Focus on Range Rover Classic, Land Rover Series, Defender models.
  • South Line: Launched in July 2022, flexible to build various models.
  • Boutique Division: Special projects like Porsche 911s, Jaguar E-Types with higher price points.
• Product Range:
  • Land Rover Defender (D90, D110, D130) with V8 or EV drivetrain.
  • Range Rover Classic, Series IIA and III.
  • Jaguar E-Type (since July 2022).
  • Ford Mustang, Toyota FJ40 (added in 2024).
  • Specialized models like Defender Beach Runner.
• Electric Vehicles (EV):
  • Partnership with Ampere EV for electric drivetrain systems.
  • Focused on creating high-performance, customizable EV variants of classic models.
• Intellectual Property: Proprietary building methods, brand presence, trademarks, and online content.
• Supply Chain: Extensive vendor network in US and UK, including exclusive agreements with suppliers like Ampere EV and parts sources for Land Rover and Jaguar parts.
• Warranty: Standard 2-year/50,000-mile bumper-to-bumper, with extension options for customers.

Company Growth & Strategy

• Growth Goals:
  • Scale to achieve annual revenue of $70-80 million upon full capacity with 35-40% gross margin.
  • Expand product model offerings, retail presence, and immediate delivery units.
• Recent Developments:
  • Completed Business Combination in December 2023.
  • Entered new markets (UK subsidiary), acquired "Brand New Muscle Car" assets, and opened retail/showroom partnerships.
  • Working on retail locations, marketing, and enhancing customer experience.
  • Secured partnerships for EV systems, component sourcing, and retail/showroom collaborations.

In summary:
ECD Automotive Design, Inc. is a bespoke luxury automotive builder focusing on restoring and customizing classic vehicles, especially Land Rover models, Jaguar E-Types, Ford Mustangs, and Toyota FJ40s. It emphasizes a high-quality, immersive customer experience, with all builds produced in-house and plans for expansion into new models, markets, and immediate delivery units. Revenue in 2024 was $25.1 million with a net loss of $10.8 million, and it employs over 100 skilled professionals across its US and UK operations.