Q1 REPORT: AmCoat Companies Continue Strong Growth Trend
DESTIN, FLA. (April 11, 2023) The first quarter of 2023 brought more good news for AmCoat, parent company of Rhino Shield® and Floor Shield®. The hi-tech coating company’s first quarter growth outpaced record growth from Q1 2022.
AmCoat grew by more than 21 percent over Q1 2022, a strong start to 2023, a year where AmCoat is putting additional focus on commercial business. Jerold Hall, AmCoat’s Vice President of Sales and Dealer Development talked about the company’s emphasis on expanding their dealer network.
“As we are intentionally growing our dealer network and putting an increased emphasis on commercial work, we’re serving more and more new customers,” said Hall. “And the word’s getting out about the premium features of Rhino Shield and Floor Shield — keeping customer demand high.”
Over the past year and a half, AmCoat has been working hard to put Rhino Shield and Floor Shield dealerships in place in areas previously not served.
In the last few months, new Floor Shield dealerships have been established in Dover, DE, Castle Rock, CO, Greensboro, NC, Dayton, OH and San Francisco, CA. In that same time, new Rhino Shield dealerships include Palm Beach and Broward Counties.
Terence Andre, AmCoat President and CEO said their focus on recruiting dealers is paying off.
“We knew if we could get the word out to business people and entrepreneurs and let them learn about the successes of our existing dealers, they would want that too,” said Andre. “The Rhino Shield dealer business model is based on a proven, formulaic approach that sets our dealers up for success.”
Andre said Rhino Shield and Floor Shield dealers earn greater profit for the premium coatings.
“As a premium coating, Rhino Shield and Floor Shield offers greater profit for dealers,” said Andre. “Our typical Rhino Shield dealer earns more than $1.5 million in gross revenue with gross profits in excess of 55 percent and net profit margins of between 15 and 20 percent.”
As Hall continues his quest to add new dealers across the U.S., he is targeting a specific type of potential dealer.
“We’re looking for dealers who can market and sell Rhino Shield in their region,” said Hall. “They would be operating a high-profit-margin dealership with full support from a storied national company with proven success — we still have many markets to serve and we’ll get to them one by one.”
AmCoat is expanding it Rhino Shield dealer distribution network over the next one to two years. Dealerships are available in Minneapolis, Las Vegas, Seattle, Portland, Salt Lake City, New York City, Omaha, Buffalo, Rochester, Los Angeles, Boise, Baltimore and Richmond. Businesspeople in those areas who are interested in learning more about starting up a Rhino Shield dealership should email firstname.lastname@example.org or call (850) 424-6805.