TowTrax | Application Preview
TowTrax is seeking government grants to expand its operations and enhance its services. The funding will be allocated to hiring additional support staff, including accounting, network management, call support, and IT development. It will also cover costs for achieving SOC II Type 2 compliance and support ongoing marketing and business development initiatives.
In its business plan, TowTrax aims to significantly increase its market presence, expanding to over 300 markets within the next 1 to 2 years. The company intends to leverage various sources of volume, including B2B clients, search engine users, municipal towing, and over-the-road trucking, to connect them with a network of service providers. TowTrax aims to capture 1% of the Total Addressable Market (TAM) in the next 3 to 5 years, targeting annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of $8 million to $10 million.
The rationale for approving the funding centers on TowTrax's unique offering as a technology-enabled service that efficiently matches emergency roadside service opportunities with tow service providers. This approach not only generates significant income for the providers but also ensures a high-quality experience for motorists in need and cost savings for B2B partners.
TowTrax stands out in the market as it has no direct competitors using a similar app-based model for dispatching service providers. Its competitive advantage lies in its pioneering software and business model, which are unmatched in the industry. The company has encountered interest from other software providers looking to establish strategic partnerships, further validating the strength and effectiveness of TowTrax's unique approach.
-
General Information
Business Registration Number: TowTrax
Location: McKinney, TX, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: $1M to $10M
Annual Gross Expense: $1M to $10M
Open to Loans: YES
-
Funding Usage
With this funding we will hire additional support staff 9(i.e. accounting, network management, call support, and IT development staff). We will also fund SOC II Type 2 compliance, and ongoing marketing and business development efforts.
-
Business Plan
We will continue to grow our market footprint in the industry, growing over the next 1-to-2 year period to 300+ markets. We will distribute the volume from our B2B clients, search engine consumers (similar to UBER), municipality towing, and over-the-road trucking to our network of trusted users. We are targeting 1% of the TAM over the next 3 to 5 years which, in addition to SaaS fees, will produce annual EBITDA's of $8M to $10M TowTrax is a technology enabled service that distributes emergency roadside service (ERS) opportunities to tow service and roadside service providers, allowing them to generate considerable income in a very efficient manner. When this service occurs, related results include an industry best experience for the broken-down motorist, and cost savings for the B2B partner.
-
Self Identified Competition
No direct competitors conducting business in a similar fashion, utilizing app-based software to dispatch the service provider nearest a break-down location. Our software and team are unique in the industry. We have pioneered a marketplace and a business model that currently has no parallel. Through ongoing discussions with other software providers in our sector, we have discovered that their attempts to replicate our specific business model have not yielded success. In fact, one of these providers has approached us to explore a strategic partnership, recognizing the strength and effectiveness of our approach.
-
Contact Applicant
Subscribe to our Administrator Dashboard to gain full access to this application. Learn More
