It’s easy to imagine why auto enthusiasts would be nostalgic for the Land Rover Defenders of the 1980s. The rugged look and strength of the four-wheel-drive vehicle conjures thoughts of off-road adventures, bouncing across steep, snowy terrains with relative ease — something the so-called “next-gen” trucks of today apparently can’t handle.
ECD Automotive Design Inc. (NASDAQ: ECDA) wants to bring back those cars of yesteryear but with a modern — and way more personal — touch.
Interested? It’s pricey — $25,000 just to start. But if you can’t afford to buy one of ECD’s cars, you can at least own a piece of the company now that it’s publicly traded.
What Happened: Kissimmee, Florida-based ECD just went public on the Nasdaq Global Market on Wednesday.
ECD GOES PUBLIC! Ringing a different bell for a different reason today at ECD, but this bell is extremely special
Watch here: 📸 https://t.co/Oy9TrJDGa4 pic.twitter.com/ZfLIRkNve8
— E.C.D. Auto Design (@ECDautodesign) December 13, 2023
The process, announced in March, saw EF Hutton Acquisition Corporation I (NASDAQ: EFHT), a special purpose acquisition company (SPAC), complete a deal with Humble Imports to become ECD Auto.
By Wednesday, Dec. 13, the ticker “ECDA” was emblazoned across the NASDAQ digital board in New York City’s Times Square.
According to CEO Scott Wallace, ECD touts “world-famous names” among its wealthy clientele, including celebrities and athletes. While he remained tight-lipped on who specifically subscribes to ECD’s services, Wallace told Benzinga that one out of five trucks is a repeat client.
In other words, customers keep coming back.
“We’re not a pompous brand, and we’re true to our roots,” Wallace said. “[Customers] see a c-suite of people that are just gear heads.”
These gear heads are also highly accommodating. Wallace describes it as a white glove service for car customization.
“There has to be more white glove [service] in the luxury sector, particularly automotive,” he said. “And that’s what we’ve we’ve done from day one.”
What started out as a whacky idea over drinks with brothers Tom and Elliott Humble (owners of East Coast Defender) became a reality when Wallace, a veteran financier and…
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