24 HR Truck Services

24 HR Truck Services

A Delaware and New Jersey-based minority owned business

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Security Type
Other
Categories
Service Businesses
Min Investment
$10
Location
Newark, DE
Offering Date
January 27, 2021
Expected Close Date
March 16, 2021
Target Raise
$60.00K-$100.00K
Deal Notes

Security Type: Bond

Bond Duration: 60 months

Yield: 8.00%

Unit Par Value: $10.00

Total Unit Value: $12.17

Company Description

24 HR Truck Services is a Delaware and New Jersey-based minority owned business. A member of the New Jersey African American Chamber of Commerce, 24 HR Truck Services opened their doors in September of 2018 with the goal of innovating the transportation industry.  There are about 15.5 million trucks that operate in the U.S., not including trailers, buses, recreational vehicles, and heavy equipment vehicles. Most people are unaware that grocery stores would run out of food in just three days if long-haul truckers stopped driving. 24 HR Truck Services quickly realized that all parties participating in the transportation ecosystem (fleets, owner operators, mechanics, vendors, etc.) lose hundreds of millions of dollars due to unexpected roadside emergencies, driver management, lack of automation, and an inefficient way to connect to nationwide services. The systems that support road operations are severely fragmented.  Almost 71% of all goods in the USA are transported by trucks. Trucks are a vital part of the economy globally, and 41% of all trucking jobs are held by minorities, so 24 HR Truck Services looked at why there were no solutions for this problem. They decided to leverage mobile apps and dashboard integrations to create on-the-road linkage and support for drivers, mechanics, fleets, and other transportation vendors. No longer would independent drivers be stuck on the road or fleets not have reliable access to support across the country. No longer would mechanics be unable to find work and worry about showcasing their specialized skill set. The time saved, increased operational efficiencies, and seamless access to resources across the country contributes to a healthier infrastructure for both companies, fleets, drivers, and mechanics.

Use of Proceeds

24 HR Truck Services uses mobile applications that are customized for individual client uses and tied to unique dashboard experiences. Keeping up with the latest GPS mapping, sign on security, and COVID protocols is critical to business success. Their current dashboard has some of these features baked in, however they must maintain their competitive advantage by advancing their technology and providing the personal connections that they have established as their business standard. All of their technology is pressure tested to make sure that it is both practical and efficient for business and end users. As 24 HR Truck Services continues their business success, they must also expand staff to properly handle increased workload. This raise will meet these business goals.

The funds raised will go towards advancing their technology, the operational costs of expanding into new markets, and restructuring a portion of their existing debt.

  • 35% ($35,000)- Technology Advancements
  • 40% ($40,000)- Market Expansion
  • 25% ($25,000)- Restructuring Debt

Deal Notes

Security Type: Bond

Bond Duration: 60 months

Yield: 8.00%

Unit Par Value: $10.00

Total Unit Value: $12.17

Amount Raised : $0
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