ValPark Mobile is the creation of award-winning web designer, Wayne Johnson. He is pitching Shark Tank on his application and system designed to help you pay for valet. Events such as nightclubs, restaurants, sporting events, and hotels have valet drivers who skim, a problem that ValPark Mobile solves.
Wayne Johnson coded and developed the entire ValPak Mobil system himself, putting up one hundred thousand dollars of his own money. He has a business partner who owns the largest valet parking company on the East coast.
ValPark Mobile has over 115 locations – Shark Tank Update
ValPark Mobile is currently in 115 locations covering Washington D.C., Maryland, and Virginia. The company beta tested in 33 locations generating $200,000 in business. They operate on a convenience fee of 8.5% which is going to 15% and a lot charge of $49.95 per location to the valet companies.
Season: 7 Episode 703
First Run: 10/09/2015
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Troy Carter
Company: ValPark Mobile
Entrepreneurs: Wayne Johnson
Ask: $ 300k for a 20% equity
If you know me, you know I love the automobile and automotive-related businesses. I like ValPark Mobile as an opportunity that focuses on the larger cities. People who drive in the big cities and need valet parking will see tremendous value in ValPark Mobile service; valet companies are going to like ValPark Mobile because they get visibility to new customers while protecting their revenues from employee theft.
I believe that the market may look small on a large scale but is an unrealized opportunity because valet up until now is typically a cash business. ValPark Mobile is bootstrapped coming into the Shark Tank and will continue to grow with or without outside investment. He has a solid business idea.
One problem I do see with ValPark Mobile is the lack of an active marketing strategy. Social media is not actively marketed, but the website is current and clean. The App is available on iTunes, and there is a review from 2017, which signifies the company is in business, but it would be interesting to know why they are no longer doing any media/marketing.
What do the Sharks say about ValPark Mobile?
Mark Cuban thinks ValPark Mobile is a good business for Wayne Johnson, but as an investor, he believes the market share is too small. There are not enough crumbs to make money as an investor in this business. He also said he thought Uber was a lousy idea and passed on the investment. Still, he is out.
Daymond Johnson sees opportunity in this deal, but he needs someone back in for the deal, and he would be okay with three hundred thousand dollars for twenty percent. Nobody else will come back in so Daymond goes out.
Kevin O'Leary doesn't see world domination with ValPark Mobile, so he is out.
Lori Greiner doesn't want to take 30% of the company to do this, so she is out.
Troy Carter asked how he is going to keep from the copycats moving into other cities. Troy doesn't see the opportunity as being big enough and goes out.