When they were college students at UConn, Kyle Mayers ’13 (BUS) and Wally Namane ’13 (BUS), ’18 MBA both drove identical older, red BMW coupes. Friends used to confuse them as they zipped around campus, until one of them finally connected the two men on Facebook.
Mayers and Namane had a great deal in common. They were both ambitious, both car enthusiasts, both first-generation college students.
In 2019, they launched WheelPrice, an online marketplace that facilitates sales of new, used, and vintage wheels.
“There is something for everybody,’’ Mayers says. “We have wheels for every car from a Honda Civic to a Ferrari.’’
The automotive wheel business is thriving, and its potential is almost limitless. There are some 67 million car enthusiasts in the U.S. alone. Consumers across the globe spend $5 billion on wheels annually. On Facebook Marketplace alone, there are 620,000 wheels listed for sale.
Why is the business so popular, a non-car enthusiast might ask? Many people want to customize their cars as a form of self-expression, Mayers says, while others are seeking performance benefits.
WheelPrice Vying for $30,000 Entrepreneurship Prize
WheelPrice is one of five UConn-affiliated teams competing in the prestigious Wolff New Venture Competition on Oct. 1 in downtown Hartford. The competition will award more than $70,000 in prize money to the participants, with the first-place finisher receiving $30,000. The event is the School of Business’ pinnacle entrepreneurship challenge.
New this year, the event includes a startup showcase featuring 30 previously honored UConn entrepreneurs. Among them are: Levo International, a hydroponic farming organization whose mission is to address food shortages and insecurity; and Alevia Pharma, which treats mouth sores caused by chemotherapy and radiation. Event attendees will be able to purchase items from the startups that sell consumer products. Those entrepreneurs are eligible for separate in-kind prizes totaling $45,000.
WheelPrice Founders Addressed a Marketplace Void
After graduating from UConn, both Mayers and Namane joined rotational leadership programs; Mayers with Rexel and Namane with United Technologies.
“That gave us a lot of confidence and experience,’’ Namane says. “We felt more confident in our ability to execute outside the corporate space.’’
The business took root in 2013 when the pair was driving back from a BMW show. They were frustrated that the only way to buy used car parts was through car forums or on Craigslist. There was no way to filter or sort your interests, making a search very tedious. They knew customers wanted a better, easier experience. Six years later, when no one had developed a solution, they created WheelPrice.
“We both jumped on it. We both come from scrappy backgrounds. We weren’t going to let anything stop us,’’ Mayers says. They would work their full-time jobs and then spend the evenings creating WheelPrice. Conference calls were conducted in the wee hours of the morning. “We were grinding,’’ he says.
Today, with the contribution of alumnus, co-founder and creative director Kirk Vanderheijden ’15 (BUS) who runs the company’s creative marketing, WheelPrice is thriving. Their first customers were on the East Coast, but the startup soon grew to a national and now global following. The company has no warehouse, but serves as the middlemen between buyer and seller. As a result, the company has grown rapidly.
It is particularly valuable for collectors with high performance vehicles who can spend $5,000 to $10,000 on wheels. If they have a scarce model, the site is tremendously helpful.
“If you’re looking for specific wheels only made in 1973, you can’t just walk into a store and expect to find them. Here we have the products you want,’’ Namane says. They also assist customers with pricing and offer an auction block for rare items. They also offer a three-day guarantee, allowing the buyer to return the inventory if needed.
“I think the way we shine is that we have tech backgrounds and also understand the car community,’’ Namane says. “We don’t have as much money as our competitors, but we have a lot of heart.’’
Last July, they were invited to the prestigious Techstars Accelerator, and they left their corporate jobs and went to Atlanta for the 13-week incubator program.
Most recently, WheelPrice founders participated in the Connecticut Center for Entrepreneurship & Innovation’s Summer Fellowship Accelerator. The eight-week program was worthwhile, helping the company leadership expand its revenue stream and finding new ways to capitalize on B2B partnerships, Mayers says.
Their next step is to capitalize on disruptions and innovations. They are looking into augmented reality, allowing customers to see how the wheels will look on their vehicle before purchasing them, as well as enhanced fit technology, to make sure the wheels are sized properly for a car before purchase.
“Our vision focused around wheels but we eventually plan to expand into other product categories and eventually be the best marketplace for all car parts,’’ Namane says.
‘In the Business Space of Our Passion’
Both men credit UConn with providing the support they needed, through faculty, CCEI, and series of mentors.
“We always liked working hard and we’re proud of the work that we have done,’’ Mayers says. “We’re in the business space of our passion. It has been a phenomenal experience.’’
“I always wanted to be an entrepreneur,’’ Namane says. “My Dad owned a business and as an undergrad, I participated in UConn Startup Weekend, a 72-hour accelerator where aspiring entrepreneurs can experience startup life. We didn’t place, but the experience was invaluable.’’
“I’m proud of what we’ve done and of our hard work. Some weeks this is the best thing we’ve ever done and other weeks I ask, ‘Kyle, are we crazy?,’’’ he says, laughing.
The Wolff New Venture Competition will be held on Oct. 1 from 5:30 to 8:30 p.m. at the YG Club at Dunkin Park in Hartford. The event is free to attend, and all are welcome. Please pre-register at Wolff New Venture Competition.
The Competition is supported thanks to the generosity of the Wolff Family Fund for Strategic Entrepreneurship, as well as Revyrie, wiggin(x), Digital Surgeons, Santander, Sardilli Produce and Dairy, Prime Materials Recovery Inc., Webster Bank, Fiondella, Milone and LaSaracina CPAs, Baystate Financial, Mark and Jamie Summers, and Event Resources.
