How Spiffy Hit $50M Revenue with 410 Fleet Customers and 280 Vans Nationwide (Interview with CEO Scot Wingo)

Introduction and Spiffy Overview

Nathan Latka

00:00Hey, folks. My guest today is Scot Wingo. He's a four time entrepreneur, number three. He's channel adviser, which was a public SaaS company greater than $150,000,000 in ARR. He's now building getspiffy.com, which is on demand car care with an interesting SaaS plus marketplace angle. Scot, ready to take us to the top?

Scot Wingo

00:15>> I am.

Nathan Latka

00:16Alright. So really enjoyed having you on last time, and and and you really are a sort of a blended model, I would

00:21say, between almost marketplace fintech and SaaS. Help people understand what you do.

Ecommerce Roots and the On-Demand Car Care Model

Scot Wingo

00:26>> Yes. So I I have an ecommerce background and had my first Uber experience around 2013. And the moment for me was, could we apply all those interesting things we learned in ecommerce SaaS to car care? And, you know, so the way it should work is you should have people come to you to take care of your car, versus you going to them. So ecommerce and SaaS, mindset applied to car care, and there's three dimensions we grow

00:51>> in Spiffy, which is kind of fun. Having done a a large SaaS business, you get to the one dimension is just pulling the lever on on QBSRs, and marketing spend. I know you talk a lot about that. And, so we we have that as well, but we also have different geographies. So there's geography component to this, and then different types of services we provide and then different types of customers. So I'm sure we'll get into that,

01:15>> but that's that's what's fun. If we can turn all three of those dials, we can grow, you know, really, really quickly.

Nathan Latka

01:20Yeah. Let's start with the customer. So when you were on back in August '20 around August 2020, you said you had about 900 customers. But for those that are just listening now, what is a customer for you? Can you can you can you name one or two of them?

Three Growth Dimensions: Services, Geographies, Customers

Scot Wingo

01:33>> Yeah. So we have we have a b two b component of our business and a consumer. We're 85% b to b, which is fleet in my world of car care, and then, 15% consumer. Consumers would be like you in Austin. You need your car, your oil change, or something like that. And then on the fleet, that's, so the consumer part of our business is very, not super recurring, etcetera. But then our fleet business is more SaaS.

B2B vs Consumer Split and Key Fleet Customers

Scot Wingo

01:57>> So these fleets have x number of vehicles. They need services at a certain pace. The vehicles are driven driven at a certain mileage. So like a SaaS business, it has a predictable recurring, you know, not committed. There is some commitment there, but but a a very measurable, predictable kind of component to it. Within that bucket, the our largest customers are rental car company companies. So we have all the large rental car companies are our customers, Enterprise,

02:23>> Hertz, Avis Budget, Sixt, etcetera. Then we have a bunch of vehicle two point o companies. So these are next generation car sharing networks, autonomous networks, EV car sharing companies. And then the third bucket is logistics. So we work a lot with Amazon DSPs. So it's kind of fun to get back to my ecommerce roots on that. And then we we have four other buckets of fleets, but those those give you an idea of some of the

02:47>> customers that we have.

Nathan Latka

02:48If I'm Hertz, right, in Raleigh at the airport, I've got a 100 cars at that location, and I need you to clean them or oil change or whatever vacuum them once every week. What am I gonna pay you?

Scot Wingo

03:00>> Yeah. We'd like to bundle it. We call it, you know, like this fleet management as a service. So f m a a s. So so what we wanna do is really enter into one of our and, again, this is kinda like taking our SaaS knowledge and applying it to this. So so it's land and expand. So you you know that really well. So we go in. Usually, our customer has an acute need like an oil change

03:19>> problem. And we go in with that, and then we wanna take care of not only oil change, but wash, tires, windshields. We wanna take over the whole vehicle. And then we typically start with preventive maintenance, and there's another wedge, which is in in fleeting and then removing vehicles from the whole cycle. So so what we try to do is get in there and do everything. But, you know, of that fleet business, about a third is oil

03:42>> change, a third is wash, and a third is other, which includes tires, brakes, light repair, windshield, odor elimination. We're doing a lot of that. Shout out to the cannabis industry. There, we're Hey. Freakonomics, that's that's hugely benefiting us because as people smoke cannabis in cars, it creates a lot of odors, which is good for me.

Nathan Latka

04:01Oh, what's going on there, YouTube? Good to see you guys. Now imagine this. You love watching these interviews with SaaS founders, but imagine if we took all of the valuation data out from over 2,807 interviews I've done manually. Saves you a lot of time. Well, we've done this. We've built it into the beautiful interface inside of Founderpath. Check this out. I'll show you how you can access this in a second, but you log in, you connect

04:24your Stripe account, you see your valuation real time. You can see what it changed over the past eighty eight days and even set goals for valuation this year. Now the secret evaluation is there's many different ways to value a SaaS business. So the reason you're gonna see three or four different valuations inside of your Founderpath dashboard, this is all free by the way, is because depending on who's doing the buying of your SaaS company, you're gonna

Fleet Pricing and Oil Change Economics

Nathan Latka

04:48get a different valuation. A VC is gonna pay a different valuation. Private equity firm is different. If you're gonna do a minority sale, that's different. And if you sell the whole business, that's a different valuation. You can see all those when I hover over here, right? So the teal is what a VC would pay. Yellow is what private equity And red is if you sold the whole thing outright. Now what's cool about this is this is

05:10not built off random data. Again, you guys hear these interviews on YouTube. All these datas are built from real time valuation data points founder share with us on the show. So traction 1,200,000 seed round 3.7 raise. They sold 22% of their business. Go in here and filter by the event. Maybe you only wanna see companies that have sold the whole business. Well, here are a bunch that have been acquired the valuation and the multiple. Maybe you're

05:36going out right now and you're raising your seed round. We'll go in here and look at all this recent seed deals that went down, what they raised, what valuation they raised at and what percent that they sold. There's never been a larger dataset of SaaS valuations than what you can get now inside of Founderpath. And we're thrilled to bring it to you. All right, we're gonna go back to the YouTube video here in a second, but

05:58if you wanna check this tool out, if you wanna jump in and sign up, you can check it out for free to get your valuation at this link. This link, founderpath.com/products/valuations. Or if you go to founderpath.com and hover over products, click on get your valuation here, and go ahead and sign up to give it a whirl. Again, all that valuation data live right inside the platform. I hope to see you there. Alright. Let's jump back into

06:24the interview. And so what what would that charge be like if I'm having you do oil changes on a 100 cars per week?

Scot Wingo

06:30>> Yeah. So it scales with volume. So a consumer oil change is about a $100. And then with some of our fleet partners, you know, just the oil change, we can get into the $40, $50 zone. Per car. You'll like this, yeah, per per vehicle. But but there'll be a a commitment of volume there. So Yep.

Nathan Latka

06:44Yeah. And what is that commitment usually? I mean, we're talking a 100 cars or a thousand cars.

Scot Wingo

06:48>> It's thousands. Mhmm.

Nathan Latka

06:50Yeah. If I remember this correctly, you you actually invented or you have your own sort of, like, mini little oil change trucks, which you bought. They sit on your balance sheet. Right? And that's how you do these quickly and efficiently?

Scot Wingo

07:01>> Yeah. We we we lease them, so they're not on our balance sheet, technically. But yeah. So we we, you know, we wanna be a premium offering. And because of that, we have our own technicians, they are w two, and our own vans that we lease. And they have a lot of equipment to go out there and deliver the service. So so there is a delivery component to this, which is really interesting, and and kind of uniquely

07:23>> There there's pros and cons to it. We like it because we can control the customer experience. At the end of the day, what I learned from twenty years of ecommerce is the companies that do best control the customer experience from soup to nuts, like Tesla versus, like, a traditional auto manufacturer. If you can control that whole customer experience, that's the place to be. So we've built it that way.

Nathan Latka

07:42Well, how many of those leased vehicles, right, that you use to service all your customer contracts are do you have today?

280 Leased Vans and the ADRT Metric

Scot Wingo

07:48>> Nathan, are you sitting down? I thought I would never say this, but we have about 280 vans zipping around The United States, every day.

Nathan Latka

07:55So how do you from a resource allocation perspective, what do you do? You look at, like, headcount per per per capita and make sure you've got one car with an x amount above million, or how do you measure that?

Scot Wingo

08:05>> It's an excellent question. Because once you have these assets, it becomes a optimization problem. And the way we think about it is that the simplest metric is average day average daily revenue per truck, ADRT, is a metric we've come up with, and we're constantly optimizing that. And, you know, so so what you wanna do is have the most number of it's kinda like a Tetris game. It's kind of a fun simplification of it. So so so

08:28>> the board is the availability of the van with the technician, and then we're constantly trying to fill that board and and put business in there. So some some because we have multiple different types of customers, it makes it easier. So so a technician in Austin may spend the morning at a fleet customer out at the airport and then go pick up two or three services nearby. And that juices that average daily revenue per truck by having

08:50>> the mix of consumer and the fleet business. Or maybe they go to AutoZone and do a vehicle. They do a rental car company, and then they pick up a, there's a there's a car sharing network in Austin called Free to Move. So we work with them. So we may do some services for them as well. So the more customers we have in a geo and be they b to b or b to c, the more opportunity

09:09>> we have to optimize what that truck does every day. So we we don't wanna get any of software too.

09:15>> Well, you know, there's this kind of you know? So so there's twenty four hours a day. So, you know, basically, that's kinda basically it is how do how do we fill up every truck twenty four hours a day. Mhmm.

Nathan Latka

09:26What would that be if it was a perfectly efficient truck? How much could it make in a day?

Truck Utilization: $800 Average vs $2,000 Theoretical Max

Scot Wingo

09:30>> It ends up being about $2,000.

Nathan Latka

09:322 k a day. And how close are you to that? Are you, like, 50% capacity or 75? Or

Scot Wingo

09:37>> Yeah. Across our whole network, we're at 800. So we have cities that are getting there, but we're you know, that that is a theoretical you know, we we've we've gotten there and, you know, like like, every day we have five trucks that get there, but that's like that's that's a stretch goal, let's say.

Nathan Latka

09:53Every day you have five trucks that hit two k?

Scot Wingo

09:55>> Yeah. Yeah.

09:56>> But on average, it's 800.

Nathan Latka

09:57Yeah. Yeah. Interesting.

09:59I mean, well, so two eighty trucks times $800 a day, what is that?

10:04$230,000 a day in total revenue, top line?

Scot Wingo

10:07>> Potential.

Nathan Latka

10:08Yeah. Potential revenue. Interesting. Yeah. The other there's humans involved here too. These aren't robots yet. So so and and these are the person in Austin, for example, you said these are full time folks. Right? You're not there's not a contractor network here.

Scot Wingo

10:20>> That's correct. Now we we do build a contractor network because when we do this fleet management as a service, frequently, these fleets, like free to move in your city there, they'll say, want you to take care of everything. Well, we don't do bodywork. We don't do, you know, other other elements, heavy repair. So that's where we're building marketplace of third parties that we could pull in into the the account and have them fix the windshields like

10:43>> Safelite as a partner there and then other services around the vehicle. But we'll do we're we're we'll do the kind of the the core of those services and be the Mhmm. The primary coordinator of those services.

Nathan Latka

10:54I mean, this also must fuel your m and a strategy. Right? If you wanna vertically integrate, you just talked about Tesla versus the other manufacturers. You wanna own that windshield repair company eventually. Right? Have you made acquisitions to date?

Scot Wingo

11:05>> We have. We've done about four acquisitions in in And am I

Nathan Latka

11:08bang on there, or am I am I Yeah.

Scot Wingo

11:09>> So there's a geography component. So we acquired a company last year called Pit Crew that got us into Tennessee. So Nashville, as I'm sure you're aware, is like Austin is in the Raleigh Durham I'm in. It's like one of these areas that has this huge net influx of people. So we wanted to be there. So that got us a geographic expansion. We have done acquisitions that have given us more vertical expansion as well into other other

11:29>> services.

W-2 Technicians and Contractor Marketplace

Nathan Latka

11:30Really interesting. Now you have decided to, to raise I think last we spoke, you had gone through a 10,000,000 series c. Was that right?

Scot Wingo

11:39>> Yeah. That was a tap up to a b. So we added we did a 20,000,000 series b, and we added a 10,000,000. We had kind of an inbound, opportunity there and added to that, and that was, you know, earlier this year we announced that.

Nathan Latka

11:52So okay, sir. Sorry. Say that again. So back in 2019, you did a 20,000,000 you did a 10,000,000 series b or 20,000,000?

Scot Wingo

11:57>> Okay. So we did, 30,000,000 series b that we had some chunks in it, but the last chunk was 10,000,000, and that was earlier this year.

Nathan Latka

12:06I see. I see. I see. Got it. Got it. Got it. What can you was that just like a strategic partner?

Scot Wingo

12:10>> It it was a larger firm that wanna do a large round, but we weren't quite ready for it. So we'd kinda split the baby as it were, and we were able to get them to put a little bit into that. And then hopefully, they'll lead our next round.

Nathan Latka

12:22Are you able to convince them to allow you to create a bunch of secondary opportunity for your early employees since you didn't need the money?

Scot Wingo

12:30>> Yeah. We'll see. You know, right, we're actually pretty young in our you know, because we've been growing so fast, most of our employees are pretty young in their vesting cycle.

12:40Mhmm.

12:40>> I'm in a position this is my fourth company where I don't really wanna do secondary. I'm I'm kinda doing the opposite. I'm investing into into things. Yep. So secondary hasn't been a huge consideration for us.

Nathan Latka

12:51Yeah. Interesting. What is the team size today?

Acquisitions and Vertical Integration Strategy

Scot Wingo

12:53>> So we have about 60 people in headquarters. So so in this model, we wanna keep our headquarters as kind of light as possible, because it's really overhead for the operations that go on. And out in the field, we have over, you know, hope you hope you're sitting down. We have over 500 technicians, that are, you know, running around doing those services. Yeah. It seems scary, but, you know, ChannelAdvisor got to be a thousand people at a

13:16>> 100,000,000 SaaS. So so it's just a different model, and you build systems and processes the same engines we would build for QBSRs, STRs, and all those BDRs and things that you, you know, we talk about in SaaS. We've just built those for how do you recruit, retain this this level of an employee and make them effective, but then use software to automate it all.

Nathan Latka

13:36Yep. These tech and these technicians are full time. Right?

Scot Wingo

13:39>> They are. They're w two. So they you know, the w two worker is an hourly employee. They are an employee, but they don't all get forty hours. So so let's say it starts raining buckets in Austin. We we basically send them home, and if they wanna get their hours, they'll have to work, you know you know, whatever state laws are or on the weekend or whatever like that. Yeah. And they're used to that. The hourly worker

Series B Fundraising and Capital Strategy

Scot Wingo

14:00>> is used to that model.

Nathan Latka

14:01Yeah. Now I believe last time we spoke, I asked you what the average revenue was for, you know, the Hertz. Right? The the the b two b part of your business. And I think you said something like $12,000 a year or 1,800 a month. Is that still about right?

Team Size: HQ and Field Technicians

Scot Wingo

14:15>> Yeah. So those have grown so just to give you an idea, you know, our we just crossed 50,000,000 ARR.

Nathan Latka

14:20So that's exciting. So That's very exciting, Scot. Congrats.

Scot Wingo

14:23>> The 4,166,000 is a you know, as people that have MRR, ARR, these numbers stick in your head, so we we crossed over that one. So 4,166,000, we crossed over that. So that's exciting to to do that.

Nathan Latka

14:36That's just you guys. That's that's that's in monthly recurring revenue is what he's referring to.

Scot Wingo

14:39>> Yeah. So so your question was these fleets, if you kinda took the revenue for fleets and divided it in, I think it's gone up considerably because some of them have gotten really, really big. So I would say it's more like a 120 k. So

Nathan Latka

14:54Yeah. A 120 k. Yeah. Interesting. So 120 k divided by the 50,000,000. Yeah. So so how many fleet how many total fleets are you working with right now?

Scot Wingo

15:01>> So you have to take the, you know, fifteen percent's consumer, so you have to 85% the 50 and then divide by that to get to the number.

Nathan Latka

15:11Yeah. Yeah. Yeah. Your my math my math tells me you're around 410 fleet customers, somewhere around there.

Scot Wingo

15:17>> That's right.

Nathan Latka

15:18Yeah. Yeah. Really compelling. How much of the market do you already own in The US? Like, are there more than 410 you can go get?

Scot Wingo

15:26>> There's a lot more. Yeah. So so the rental car, we're we're you know, the, if you just think about the companies, we're we're fully penetrated. But, you know, there's a land and expand inside of there. So there's services and then different geographies. So so just rental car could be 10 x of what it is today. That being said, we wanna diversify. So, you know, as we look at corporate fleets, think about how many companies have their

Market Opportunity and TAM

Scot Wingo

15:50>> own fleets. We work with AutoZone, Verizon, and Wegmans there. The Amazon DSP opportunity alone is probably a $200,000,000 opportunity, for the last mile stuff. Yeah. So it's it's a little the TAM here is, like, so honking big. It's it's yeah. We don't really it can be distracting to think about it. It's so big. It's kinda, like, overwhelming. So we just try to, every day, come into work and make customers happy and and poke into other areas

16:14>> that we wanna get into.

Nathan Latka

16:16Hey. This is I can tell you're having fun doing this. What when you're not when you're not building a Wingo or when you're not building this Spiffy, what are you doing? Is this Star Wars fan in the background? Is that what I'm seeing?

Scot Wingo

16:23>> It is. Yes. So I have three kids. So that's primary where I spend my time. But then my hobbies, I collect Star Wars stuff. And then, yeah, I'm a super geek. So then, you you're familiar with comic books. Well, there's original art behind comic books, so I collect, original art of comic books. That's a fun hobby of mine.

Nathan Latka

16:39Can you name one of the original art pieces you own?

Scot Wingo

16:41>> Yeah. So my favorite artist is this guy, Todd McFarlane. He came in and revitalized Spider Man, and then he left and started his own company. He was an entrepreneur, which is kind of interesting. So he started Image Comics and is the CEO of that. So I have a lot of the comic book art that that he did for both on Spider Man and in this this series called Spawn.

Nathan Latka

16:58Very cool. Well, Scot, this is a heck of a story. It's fun. I mean, you also have so many you didn't even talk about this, but, I mean, you sit on so much, like, transaction data here too. I mean, you could eventually get into sort of that model as well, and it's a percent of GMV. Right?

Scot Wingo

17:12>> Yeah. Where where I think this goes, and I'm a big study of Amazon, is we're developing this software stack that's pretty it's an ERP for running a mobile first like, you know, we think mobile first, meaning phone. I mean, like, mobile, like, stuff services come to you, digital services. I think where we go next is we're starting to license out our software. So Yeah. So so the stack we have built, we could not have built unless

17:34>> we had built the company. So that's that's where I get really excited is we're essentially a software company that that looks like a service business and has SaaS attributes to it. I think we've become a SaaS business.

Nathan Latka

17:47Yeah. Yeah. Yeah.

Software Licensing and Shopify for Services Vision

Scot Wingo

17:48>> So there's no reason your local plumber wouldn't use this software. We could be Shopify for digital services is where we're going.

Nathan Latka

17:53Totally. You can help them with the whole I mean, your franchise. Right? So the question like your Wendy's, right, you're giving them the software to run their own Wendy's. The only question then is how do they get the traffic to it, which maybe you're thinking about how to solve that as well? How to get the customers in?

Scot Wingo

18:04>> Yeah. The the thing about this is, this will make my SaaS friends very jealous is we we actually hardly do any marketing or sales. We have, like, a a five person sales team. Wild. Yeah. It's wild. So there's the there's a lot huge demand for what we're doing, and we spend more time matching our our capabilities and and capacity to that demand. So so we would give them those tools, and we have those tools, but it's

18:28>> actually they're they're such you know, the con the convenience oriented customer, be they b to b or consumer, is is so in demand for what we're doing that that we don't spend a ton of time on that side of it.

Nathan Latka

18:39Mhmm. Mhmm. Yeah. Interesting. Last question is is valuation related. So you just did this extra 10 millions or a top up. It sounds like you have a leverage here. I mean, are you guys gotta be flirting with a $400, $500, $600,000,000 valuation at this point. Right?

Valuation Discussion and Famous Five

Scot Wingo

18:51>> Yeah. Yeah. Again, this is my fourth company, and, I try not to get too far ahead of my skis. So so where we have argued is we're we're we're SaaS like, but we should you know, we don't we don't earn SaaS multiples.

Nathan Latka

19:04Yeah.

Scot Wingo

19:05>> So so we've been getting, you know, kinda like around a little around half to 60% of SaaS multiples, which I'm okay with because I've been in the other situation where, you know, you have this valuation that's really hard to grow with.

Nathan Latka

19:20So,

Scot Wingo

19:21>> that's that's cataclysmic, and I try to avoid them.

Nathan Latka

19:23Yeah. Well, 50% of a 40 x multiple, which was common, you know, six months ago, very different than a SaaS multi 50% of a SaaS multiple you're seeing today. So, obviously, valuations change, but we'll see. Yeah. Love what you're building. Let's wrap up here with the famous five. Number one, favorite book.

Scot Wingo

19:39>> Hard thing about hard things. I said this last time though, so I'm gonna

Nathan Latka

19:42>> No.

19:42You did good to great last time.

Scot Wingo

19:43>> Okay. Yeah.

Nathan Latka

19:45Yeah. I know you have variety here.

19:46This is good. Number two, is there a CEO you're following or studying?

Scot Wingo

19:50>> Elon's the easy answer.

19:54>> I really like Balaji and his kind of head exploding, thinking around, like, crypto nations and stuff like that. It's fun to think through through the the next ten years and what that looks like.

Nathan Latka

20:03Yeah. He's an interesting thinker there.

20:04Number I just think you just put out a a new book, network network something or other.

Scot Wingo

20:09>> Network state.

20:09>> Yeah. Network state. Yeah.

Nathan Latka

20:10Number three, what's your favorite online tool for building, for building Wingo or Spiffy? Sorry.

Scot Wingo

20:17>> I've been playing with Notion. Think that's kind of, you know, really exciting and kind of next generation way of doing things.

Nathan Latka

20:22I keep mixing up your last name with the company. You know, Wingo would be a great company name. I'm surprised you didn't just name it GetWingo.

Scot Wingo

20:28>> Yeah. There's an ego thing there. I'm not

Nathan Latka

20:31Fair. Fair. Fair. Yeah. You don't wanna see don't wanna build your cell, you have to sell your last name, you know. Number number four, how many hours of sleep do get every night?

Scot Wingo

20:38>> About six.

Nathan Latka

20:39Okay. And situation you mentioned, married, I think, three kids?

Scot Wingo

20:42>> Yep. Married, three kids.

Nathan Latka

20:43Married, three kids. Very cool. And, let's see. I guess I'm gonna guess you're 54 now. Right? Two birthdays? 53. Yep. You have a birthday coming up then. Ah, there we go. Very cool. 53. And, last question, something you wish you knew when you were 20.

Scot Wingo

21:02>> Buy Bitcoin.

Nathan Latka

21:03That's a good answer. Guys, SaaS executive, been there, done that, also loves collecting original comic book art, but now he's really helping and empowering and trying to build a software stack that will enable anyone that wants to deliver services to cars to start as the wedge anywhere in the world really do that with their software stack. He's built a company to build out that stack, really understand it, doing $50,000,000 in revenue across about four ten fleets.

21:23This is the Hertz of the world. He goes and, you know, replaces the oil change and does oil change at the Hertz fleets at the at the airport or does the windshield repair or windshield wipers. He currently owns at the company about 280 leased vehicles that he does around The US to do these this servicing. One third of his business is, again, through the fleet. You've got another part of the business, which are which are the

21:41Amazon DSP space, but, again, 85% of the total revenue b two b. If you wanna be a consumer and use them, you're gonna pay about a $100 for an oil change. So, Scot, thanks for taking us to the top.

Scot Wingo

21:49>> Thanks, Nathan. I need to bring you to all my pitches. You summarize faster than I do.

Nathan Latka

21:54Thanks, man.

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