XPEL, Inc.

XPEL, Inc. supplies protective films, coatings, and related services primarily to the automobile aftermarket, new car dealerships, and automobile original equipment manufacturers (OEMs). The majority of the company's revenue comes from its automotive products and services. The remaining revenue is generated from non-automotive products, including architectural window film and marine and flat surface protection films. XPEL started as a software company designing vehicle patterns for cut-to-fit protective film for headlights and painted automobile surfaces. In 2007, the company began selling automotive paint protection film products. Initial adoption of paint protection film was primarily by luxury car enthusiasts in the United States and Canada, served by independent installers. International demand began to build as awareness and adoption increased in the United States and Canada. Over the last few years, new car dealership interest grew due to exposure to the aftermarket installer network, and OEM interest increased through their exposure to new car dealerships selling the product. XPEL's strategy initially focused on serving and growing its network of independent installers in the US and Canada and selling products internationally through independent distributors, while building the XPEL brand. This service strategy was extended to new car dealerships and OEMs. While initial international market entry was primarily through indirect distribution, XPEL aims to sell directly to the majority of the top 25 car markets globally, which is part of its acquisition strategy. To this end, XPEL has acquired distributors in international markets including India, Thailand, Japan, and China.