09. Tradiespec

Revenue: $3.09 million
Growth: 115%
Founders: Tim Cullen, 30; Matt Deeks, 35
Head Office: Peakhurst, NSW
Employees: 11
Industry: Automotive
Website: https://www.tradiespec.com.au
Year Founded: 2019

How it started

Tim Cullen and Matt Deeks were watching tradies drive ute after ute past their workplace when they realised most of the vehicles had the same aftermarket additions.

Seeing a gap in the market for fit-for-purpose vehicle rental, they bought their first ute and set out to rent it, with their first customer coming through Gumtree.

When that customer never paid, Cullen and Deeks decided to develop a rent-to-own model sitting between a finance lease and an operating lease.

Growth

The model of a flexible rental with the option to own outright proved a hit, allowing tradies to procure vehicles for their businesses and employees.

Now Tradiespec has more than 250 utes and vans on road across Sydney, and has grown revenue by an average of 125% year-on-year over the past three years.

Where to next?

The company is working towards expanding interstate, having made the first steps into Brisbane and Melbourne.

The Cullen and Deeks plan on having 500 vehicles in their fleet by June 2023, and 2000 by 2028.

Sitting adjacent to larger vehicle leasing companies, they say their likely exit would be to sell up to one of them.