Film Companies Celebrate Thanksgiving

Tomorrow is Thanksgiving, a day packed with family, football, and, of course, a copious supply of cooked and baked goods. As the holiday season begins, film companies prepare for an end-of-year push with rest and reflection on what they’re most thankful for.

Ricky Gomez says his company, Eclipse Window Tint and PPF in Sturgis, Mich., will be open both Thursday and Friday.

Open or Closed?

“We are closed Thursday and Friday to give our team that time to spend with their families,” says David Francis, owner of Finishing Touch Detailing and Paint Correction in Maryville, Tenn. “We are closed every major holiday because we believe a balance of work and home life is essential.”

Tyler Robinson, XPEL brand ambassador and installer at XPEL’s corporate shop in San Antonio, says he’s most thankful for the growth his location has seen over the last five years. “We are closed Thanksgiving and Black Friday,” he says. “It’s that time of the year when everyone needs to take a break, get together with family and be thankful for what we have and the future ahead.”

Jordan Cope, shop manager at Ciocca Corvette in Atlantic City, N.J., says his team will rest on Thanksgiving and return for Black Friday.

“I’m thankful to be in an industry that is growing with people willing to help each other,” Cope says. “We work in a tough industry where each of us runs into complications as installers, but there has never been a shortage of veterans willing to help and share information.”

Like Cope, Ryan Williams, owner of Bare Knuckles Automotive in LaGrange, Ga., is thankful for helping hands.

“This industry has been unlike a lot of industries I’ve been in,” Williams says. “There is always someone willing to give advice and help without expectation— and I try to do the same.”

Ricky Gomez of Eclipse Window Tint and PPF in Sturgis, Mich., chimed in, saying, “I firmly believe there are some great people out there who are willing to help when needed. Some of these groups on social media have changed the industry by showing their support to small guys like me who keep learning every day, and I’m grateful for them.”

Thanksgiving Favorites

Check out each film professional’s favorite Thanksgiving dishes below, and share yours in the comment section.

Ryan Williams, owner of Bare Knuckles Automotive in LaGrange, Ga. – “Dressing because it’s dressing—all of the carbs and flavor.”

Jordan Cope, shop manager at Ciocca Corvette in Atlantic City, N.J. – “I love all parts of my Thanksgiving dinner, and I’m a big turkey guy, but I always save some room for my holiday desserts. Pumpkin and pecan pies are family staples and the definite topper for our holiday.”

David Francis, owner of Finishing Touch Detailing and Paint Correction in Maryville, Tenn. – “My favorite Thanksgiving dish isn’t a dish at all—cold leftover turkey the day after. I grew up on the road; I played professional baseball for five years and travel ball my whole life. Leftovers are my preference always.”

Ricky Gomez of Eclipse Window Tint and PPF in Sturgis, Mich. – “I love roast turkey, with stuffing, mashed potatoes, corn—and we cannot forget the cranberry juice.”

Tyler Robinson, XPEL brand ambassador and installer at XPEL’s corporate shop in San Antonio – “My favorite thanksgiving dish would either be my mom’s baked corn or broccoli casserole.”

East Lin, president of 405 Motoring and Detail Union in Inglewood, Calif. – “Instead of a traditional turkey dinner, which I’ve yet to experience even though I grew up here, I typically celebrate Thanksgiving with a Chinese-style hot pot.”

All Gas, No Brakes

Finishing Touch Detailing and Paint Correction in Maryville, Tenn., will be closed Thursday and Friday.

“We will be open,” Gomez says. “Thanksgiving is one of the busiest holidays for entrepreneurs as it is the start of the craziest shopping frenzy of the year. As a small business owner, I believe this is a great opportunity for our shop to draw more traffic and position it to boost engagement and increase sales with things like gift certificates, Black Friday deals and bundle packages.”

East Lin, president of 405 Motoring and Detail Union in Inglewood, Calif., says business will cease during Thanksgiving and Black Friday.

“I’m thankful for a strong team in this labor market,” Lin says. “I have 20 dedicated technicians that make up the company.”

Happy Thanksgiving!

PPFMag wishes its readers a healthy and happy Thanksgiving and holiday season. Our entire team is thankful for your constant support.

XPEL Acquires Assets of Australian-Based Distributor

XPEL, a provider of protective films and coatings, announced the acquisition of the paint protection film business of Car Care Products Australia, a distributor of automotive protective films serving Australia. Car Care Products Australia will remain in business selling its non-paint protection film products.

Mat Moreau, senior vice president, Sales and Product of XPEL, states, “Australia is a great market for us and one we think we can develop greatly. We’re excited to begin serving our customers in Australia directly and to increase our investment in the market for their benefit.”

The company expects to add training, marketing and other local operational support in the coming months.

Coming and Going: Victory Capital Management Divests and BlackRock Increases Stake in XPEL

Victory Capital Management filed a 13F-HR form on August 1 disclosing ownership of zero shares of XPEL (US: XPEL) with total holdings valued at $0 USD as of June 30, 2022. Victory Capital Management had filed a previous 13F-HR on May 4, 2022 disclosing 5,286 shares of XPEL at a value of $229,000 USD. This represents a change in shares of -100.00 percent and a change in value of -100.00 percent during the quarter.

Global investment management firm Victory Capital Management’s sell-off follows several positive financial developments for protective films and coatings provider XPEL. American multinational investment management corporation BlackRock filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 2,917,123 shares of XPEL. This represents a 10.6% ownership stake in the company.

XPEL finds itself having a successful 2022, recently announcing results for the second quarter and six months ended June 30, 2022. Revenues increased 22.0% to $83.9 million in the second quarter; gross margin percentage improved to 39.3% in the first quarter, a new high for the company; and net income grew 16.8% to $11.9 million, or $0.43 per share, compared to $10.2 million, or $0.37 per share, in the same quarter of 2021.

“We’re pleased to have delivered strong second quarter results, especially in the face of continuing headwinds related to ongoing tight new car inventory, COVID-related impacts in China and the strengthening U.S. dollar,” says Ryan Pape, XPEL president and CEO. “We continued to see robust demand for our products and services across most of our regions. We remain confident in our ability to drive continued strong performance in the second half of 2022.”

For the six months ended June 30, 2022, revenues increased approximately $35.2 million or 29.1% to $155.8 million as compared to $120.6 million in the first six months of the prior year. Gross margin was 39.0% compared to 36.1% in the first half of 2021. Net income was $19.7 million, or $0.71 per basic and diluted share versus net income of $17.0 million, or $0.62 per basic and diluted share in the first six months of 2021.

Quarterly results follow news that XPEL has been selected as the exclusive supplier to Rivian Automotive for their new paint protection film (PPF) factory direct program.

BlackRock Reaches 10.6% Ownership of XPEL

American multinational investment management corporation BlackRock has filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 2,917,123 shares of XPEL. This represents 10.6% ownership of the protective films and coatings provider.

XPEL’s booth at the 2021 International Window Film Conference and Tint-Off™ (WFCT).

According to financial media website Investopedia, BlackRock is the biggest investment management company globally by some metrics. The company held more than $10.0 trillion in assets under management as of December 31, 2021.

XPEL finds itself having a successful 2022, previously announcing results for the Q1 that ended March 31, 2022. Revenues increased approximately $20.0 million or 38.6% to $71.9 million as compared to $51.9 million in the first quarter of the prior year. The gross margin was 38.6% compared to 35.3% in the first quarter of 2021. Operating expenses increased to $17.7 million, or 24.6% of sales, compared to $9.7 million or 18.8% of sales in the prior-year period. Net income was $7.8 million, or $0.28 per basic and diluted share versus net income of $6.8 million, or $0.25 per basic and diluted share, in the first quarter of 2021.

“We delivered a strong first quarter to begin 2022, despite ongoing challenges with new car inventory in the U.S. and impacts from COVID-related lockdowns in China,” says Ryan Pape, president and CEO. “We have taken actions to navigate a unique set of circumstances where we’re seeing strong retail demand with simultaneous new car inventory constraints. Despite this unusual environment, we believe we are well-positioned to deliver solid results in coming quarters.”

BlackRock’s investment preceded news last week that XPEL has been selected as the exclusive supplier to Rivian Automotive for their new paint protection film (PPF) factory direct program. By the terms of the agreement, Rivian Automotive will offer factory direct PPF options to its customers ordering their new R1T and R1S models beginning late 2022. Customers will be able to choose between two PPF option packages: front gloss paint guard or full body satin paint guard.

The paint guard packages have been developed cooperatively between XPEL and Rivian’s vehicle engineering and design teams to enhance the adventures of R1T and R1S owners, according to the release. XPEL will operate an installation facility in close proximity to Rivian’s Normal, Ill., assembly plant to ensure installation quality control.

“We’re pleased to have this opportunity to bring our proprietary design methodology and state-of-the-art paint protection films to Rivian customers as the exclusive supplier of factory direct PPF for their R1T and R1S vehicles,” says Tim Hartt, vice president – technical operations and OEM of XPEL. “We are the leader in advanced OEM level PPF solutions and we look forward to leveraging our experience as a tier one supplier working with premium automotive brands, to introduce XPEL products to Rivian and their customers.”

XPEL Selected as Exclusive Supplier to Rivian Automotive

XPEL, a global provider of protective films and coatings, announced that they have been selected as the exclusive supplier to Rivian Automotive for their new paint protection film (PPF) factory direct program.

By the terms of the agreement, Rivian Automotive will offer factory direct PPF options to its customers ordering their new R1T and R1S models beginning late 2022. Customers will be able to choose between two PPF option packages: front gloss paint guard or full body satin paint guard. The paint guard packages have been developed cooperatively between XPEL and Rivian’s vehicle engineering and design teams to enhance the adventures of R1T and R1S owners, according to the release. XPEL will operate an installation facility in close proximity to Rivian’s Normal, Ill., assembly plant to ensure installation quality control.

“We’re pleased to have this opportunity to bring our proprietary design methodology and state-of-the-art paint protection films to Rivian customers as the exclusive supplier of factory direct PPF for their R1T and R1S vehicles,” says Tim Hartt, vice president – technical operations and OEM of XPEL. “We are the leader in advanced OEM level PPF solutions and we look forward to leveraging our experience as a tier one supplier working with premium automotive brands, to introduce XPEL products to Rivian and their customers.”