I had spoken to one of XPEL’s early investors when I was first researching Garware. He has been an investor since 2014 and is one of the key members of the MicroCapClub.
I emailed him again a few days ago to understand the developments in XPEL. Here is his reply-
According to him the new tech by Entrotech and factory-wrapped cars directly by the OEMs are not much of a threat to XPEL.
The most interesting insight is that Entrotech is the largest supplier to XPEL and XPEL was renegotiating with Entrotech and had been looking to diversify. Entrotech manufactures in the US itself. CNT corporation is a separate entity and not related to Entrotech. This means that Garware has a HUGE opportunity at hand to take away market share from Entrotech and CNT Corp. It looks like the PPF business has finally taken off.
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